TORONTO, June 05, 2018 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (DM.V) (D4G.F) is pleased to announce that its JV company, Graph Blockchain Limited (“GBC”), completed the first phase of the prototype for KB Life Insurance (“KB”), and received the initial payment from IBM.
GBC provides an update on the progress of the prototype solution for KB, which was referred in partnership with IBM Global Asia, acknowledging that it has surpassed a completion milestone earlier in the month, with the prototype passing several development test points with no discernible issues. This project milestone triggered an initial 50% payment of the total agreement amount of approximately $350,000 CAD. As of the date of this press release, approximately $200,000 CAD has been received by GBC.
“I’m very proud of our project management and development teams for keeping our timeline commitments to our clients and ensuring the project is on track. Passing critical test points was a key indication of the progress, which solidified our client’s confidence in our solution through the milestone payment for the contract,” says Peter Kim, President and COO of Graph.
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 enhance performance and present the verified and authenticated data in unique ways.
About Datametrex AI Ltd
Datametrex AI Limited is a technology focused company with exposure to four exciting verticals. Big Data, collecting data from retail point of sales environments. Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com). Implementing Blockchain technology for secure Data Transfers through its joint venture company, Graph Blockchain (www.graphblockchain.com). Industrial scale Cryptocurrency Mining through its wholly owned subsidiary, Ronin Blockchain Corp (www.roninblockchain.com).
Additional information on Datametrex is available at: www.datametrex.com
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For further information, please contact:
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 contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements regarding the timing and completion of any blockchain related activities as the subsidiary is newly incorporated and has no current operations. Forward-looking information is not a guarantee of future performance or results, since it involves risks and uncertainties. There is no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in forward-looking statements. Some of the factors on which the forward-looking statements are premised include (but are not limited to) the lack of material changes to general economic, market and business conditions. Except as required by law, the Corporation does not assume and expressly renounces any obligation to update any forward-looking information, which is only applicable on the date on which it is given.