TORONTO, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (DM.V) (D4G.F) and its San Francisco based joint venture partner Bitnine Global Inc. (“Bitnine”) are pleased to announce the closing of a non-brokered private placement (the “Financing”) for Graph Blockchain Limited (“Graph” or the “Joint Venture”). As a result of increased demand for the Financing, Graph increased the size of the offering from $1,000,000 to approximately $3,500,000. Pursuant to the terms of the Financing, an aggregate of 35,253,764 common shares in the capital of Graph were issued at a price of $0.10 per common share.
The use of proceeds from the Financing will provide Graph with the funding to continue to build its “Graph Blockchain” solutions for corporations and government agencies. Graph is developing a prototype for a utility company to analyze electric vehicle charging stations. Graph is also developing the blockchain component dedicated to the medical cannabis industry.
The graph database and blockchain technology being developed by the Joint Venture provides a unique way of organizing, analyzing and displaying blockchain transactional data in real-time. The Graph Database technology being developed by the Joint Venture processes blockchain data up to 1,000 times faster than traditional methods from 7 transactions per second (“TPS”) to 7,000 TPS. It is believed to be one of the most effective technologies to store, manage and present blockchain transactions specifically in peer-to-peer networks making it ideal for fintech, banking and other mission critical environments.
“We have deep domain expertise in Graph Databases and its inherent value in analyzing and presenting data much faster than traditional table based data structures. Bringing this process to the various private and public blockchain platforms is the mission and mandate of the JV, where we can increase performance of the blockchain and data presentation layer considerably,” says CheolSun Kang, CEO of Bitnine.
“Having to upsize this Financing is a great vote of confidence for the Joint Venture. We look forward to moving forward with our planned spin-out of Graph as previously announced. Graph Blockchain technology is truly compelling for the industry, by not only improving transactional blockchain performance but by presenting data through graphs which is more effective than traditional relational databases,” said Andrew Ryu, CEO and Chairman of the Company.
About Graph Blockchain
Graph Blockchain is a joint venture formed between Datametrex and Bitnine. The JV mandate is to bring the value of graph database technology to the blockchain environment where there is a great need to speed performance and present the verified and authenticated data more effectively. Datametrex through Nexalogy and Bitnine graph technology will add tremendous value to blockchain processing and the presentation of its data.
About Bitnine Inc.
Bitnine is a San Francisco based leader of graph business solutions. Bitnine transcends big data problems by creating solutions that are consistently evolving. Bitnine was founded on principles of collaboration, innovation, science and creativity. Bitnine specializes in Graph Database technology solutions for key and unique data analysis.
About the Company
Datametrex AI Limited is focused on the collection of retail sales data, providing Government Agencies and Fortune 500 corporations with Artificial Intelligence solutions and implementing Blockchain technology for secure Data Transfers and Cryptocurrency Mining.
Additional information on Datametrex is available at: www.datametrex.com.
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Jeffrey Stevens – President & COO
Phone: (647) 400-8494
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company`s belief regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control.
Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
The forward-looking information contained herein includes, but is not limited to, statements regarding the terms, timing and completion of the proposed spin-out of Graph. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Accordingly, readers should not place undue reliance on any forward-looking information or statements contained in this press release.
The forward-looking information contained in this press release is made as of the date hereof, and the Company does not undertake to update any forward-looking information that is contained or referenced herein, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. All subsequent written and oral forward looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in its entirety by this notice.