OTTAWA, Sept. 4, 2018 /CNW/ - Leonovus Inc.,
("Leonovus" or the "Company") (TSXV: LTV) announced today an update
to its initial December 21, 2017 news
release regarding plans for the launch of an Initial Coin Offering
("ICO") for securities in the form of a contract called a Simple
Agreement for a Future Token ("SAFT"). The Company plans to release
the first draft of the GALAXA Whitepaper before the end of October
and launch the ICO before the end of 2018.
The SAFT will convert into tokens called GAAX, which is the
underlying cryptocurrency for the Anything as a Service ("XaaS")
marketplace called "GALAXA". The Company is in discussions
with the Launchpad team of the Ontario Securities Commission
("OSC") for its support and the support of other Canadian
securities administrators in developing GALAXA to ensure that the
offering and issuance of GALAXA SAFTs are carried out in compliance
with Canadian securities laws. The Company is also in discussions
with the TSX Venture Exchange ("TSXV") with a view to listing the
GAAX SAFTs for trading.
"Leonovus is applying to the regulators and the stock exchange
to make the GAAX SAFT a publicly tradable security on the TSX
Venture Exchange. If approved, unlike most cryptocurrencies, the
GAAX SAFT will become a regulated security with the requirement for
continuous public disclosure. This transparency exceeds the
disclosure to investors compared to most other cryptocurrencies,"
said Michael Gaffney, Chairman and
CEO.
The current cloud storage and compute marketplace is an
oligopoly and GALAXA intends to challenge this market
concentration. Gartner predicts 40%+ compounded growth rates for
enterprise data storage and compute. GALAXA's blockchain technology
is designed to manage this growth either in the cloud or
on-premises and provide an open platform for developers to add new
enterprise products/services.
The GALAXA protocol introduces a new blockchain architecture
designed to accelerate the global development and implementation of
XaaS offerings by independent developers that share a worldwide
network of enterprise-grade distributed data storage and
distributed compute assets.
Unlike the proposed technology of many ICO's, much of the core
technology for GALAXA is already designed, developed and deployed
by Leonovus. Since it began operations in 2011, the Company has
invested $26 million in the
development of its geo-distributed software-defined storage and
distributed compute software. Large portions of this technology are
already in trials with Leonovus customers. This software is the
essential foundation technology for GALAXA. Leonovus will provide
free, perpetual licenses to GALAXA for this software, which should
accelerate the development of XaaS applications by independent
entrepreneurial developers.
The GALAXA hybrid blockchain protocol provides the governance,
risk management and compliance required by large enterprises as
they need to extend standard IT controls into distributed cloud
applications.
The Company believes that GAAX is the first cryptography
designed for the exchange of value between a corporate information
technology buyer, an application service provider, and a
storage/compute infrastructure supplier. The GALAXA ICO is a
solution for the enterprise market - unlike most consumer-focused
ICO's.
Enterprise-class customers need a mechanism to discover, verify
and use distributed services, be they cloud-based or on-premises,
which meets their requirements for flexibility, efficiency,
capability, security and compliance. Similarly, the providers of
these enterprise-class XaaS in the GALAXA Marketplace, need a
cost-effective mechanism to make their services available,
including verified capabilities and quality of service, for a broad
vendor-neutral set of customers across multiple verticals and
target markets. GALAXA ensures that the exchange of services
and payments is simple, efficient and verified with a Proof of
Provided Service consensus algorithm and scales to millions of
transactions per second.
"The development of many new global software products and
services requires the use of a token or coin as the measure of
value for services delivered or services bought. Distributed
everything, at the edge, will become the norm. Without the use
of a token, operating and monitoring distributed storage and
computing by humans is not economically feasible. However, as
larger public and private corporations look for blockchain-based
applications and services, they will expect regulation as trust is
critical for these organizations. Leonovus intends to be at
the forefront of global, trusted, tokenized applications," said
Gaffney.
It is expected that the planned ICO will include a public
offering of SAFTs in Canada and a
private placement offering of SAFTs to accredited investors in
Canada and to equivalent investors
in other jurisdictions in compliance with applicable securities
laws of those jurisdictions. There can be no assurance that the
Canadian securities administrators will provide a final receipt for
the prospectus and there can be no assurance that the TSXV will
accept the SAFTs for trading. Following the issue of SAFTs to
investors, no GAAX Tokens will be issued pursuant to the SAFTs
unless and until the Company successfully develops, builds, and
launches the GALAXA Marketplace. The launch date is planned to
occur within eighteen to twenty-four months after the close of
financings. The ability to trade the GAAX Tokens will be subject to
applicable securities and other laws and exchange rules at that
time.
About Leonovus
Leonovus is a cloud solutions software developer of a blockchain
enabled software-defined object storage solution. Designed with the
IT manager in mind, Leonovus' patented algorithms encrypts, shreds
and spreads data across a network of on-premises, hybrid or
multi-cloud storage nodes – allowing for the most secure yet
internally accessible form of object-based data storage that
provides GRC across the entire solution. The advanced
geo-distributed architecture minimizes latency, optimizes
geo-availability, reduces remote backup costs and meets data
sovereignty requirements. With its software and hardware
agnostic design, Leonovus provides Petabyte scalability
and allows the enterprise to utilize its existing idle storage
resources, extend the useable lifespan of depreciated resources and
improve the enterprise's overall ROI. To learn more, please
visit www.leonovus.com.
This press release may contain forward-looking statements and
information, which may involve risks and uncertainties. The
results or events predicted in these statements may differ
materially from actual results or events. Factors that might cause
a difference include, but are not limited to, competitive
developments, risks associated with Leonovus' growth, the state of
the financial markets, regulatory risks and other
factors. There can be no assurance or guarantees that any
statements of forward-looking information contained in this release
will prove to be accurate. Actual results and future events
could differ materially from those anticipated in such
statements. These and all subsequent written and oral
statements containing forward-looking information are based on the
estimates and opinions of management on the dates they are made and
expressly qualified in their entirety by this notice. Unless
otherwise required by applicable securities laws, Leonovus
disclaims any intention or obligation to update or revise any
forward-looking statements, whether because of new information,
future events or otherwise. Readers should not place undue
reliance on any statements of forward-looking information that
speak only as of the date of this release. Further information on
Leonovus' public filings, including its most recent audited
consolidated financial statements, are available at
www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Leonovus Inc.