- DMG Blockseer Japan has entered into a 5-year licensing agreement with a Japanese National Investigation Agency
- The Japan Agency will use Blockseer technology to investigate and prosecute crimes relating to Bitcoin and Ethereum transactions, thefts, heists, and money laundering
- Japan is the first major country to regulate cryptocurrency and as such, Japan is the ideal market for DMG Blockseer’s data analytic and forensic software products
VANCOUVER, British Columbia, Oct. 18, 2019 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (DMGI.V) (DMGGF:OTC US) (6AX.F) (“DMG” or the “Company”), a diversified blockchain and technology company, is pleased to announce that DMG Blockseer Japan has entered into a 5-year software licensing agreement with a Japanese National Investigation Agency.
Japan is one of the first countries to regulate cryptocurrency. Since April 2017, exchanges and other businesses involved in crypto are regulated by the Japanese Payment Services Act and report annually to the Financial Services Agency. Notable thefts and frauds in Japan include Mt Gox and Coincheck, the latter of which DMG Blockseer Japan was able to investigate and subsequently identify the wallets in which a large portion of the remaining stolen bitcoin are currently held.
Adrian Glover, Director of DMG Blockseer Japan commented, “Blockseer is one of two data analytics products we’ve been developing for several years. Blockseer is a state-of-the-art blockchain explorer that assists in conducting investigations, while Walletscore is an anti-money laundering tool, primarily used to determine the risk level of transacting with a given wallet. We established DMG Blockseer Japan Corporation as a joint venture company with JCIS in order to market and sell Walletscore and Blockseer into the Japanese market. We are thrilled that a Japanese National Investigation Agency has selected Blockseer for their forensic and investigative work.”
JCIS’s Naoji Kozuka added, “We are proud that one of the Japanese national agencies has selected a 5-year Walletscore and Blockseer license over the competition. We are continuing our efforts to on-board cryptocurrency exchanges along with audit and compliance institutions.”
By gaining the trust and credibility from government agencies, DMG intends to enter into additional agreements with crypto-exchanges, other companies, and law enforcement agencies in Japan and worldwide.
DMG is also pleased to announce that it has retained Hybrid Financial Ltd. (“Hybrid”) to provide investor relations and marketing services to the Company. Hybrid has been engaged to heighten market and brand awareness for DMG and to broaden the Company's reach within the investment community.
The marketing and investor relations agreement with Hybrid has an initial term of six months from the date of TSX Venture Exchange (“TSXV”) approval and may be renewed by the parties in accordance with the agreement.
Hybrid will be paid a monthly fee of $7,500 plus applicable taxes and will be granted stock options to acquire up to 600,000 common shares of DMG at a price of $0.115 per share for a period of five years, vesting in stages over a period of 12 months in equal portions every three months, in accordance with the Company’s stock option plan and the policies of the TSXV. In accordance with the terms of the agreement, Hybrid will be paid additional fees equal to dollar amount of stock options that it exercises.
Hybrid is arm’s length to the Company and all services provided by Hybrid will comply with applicable securities laws and the policies of the TSXV.
The engagement of Hybrid remains subject to the approval of the TSXV.
About Hybrid Financial Ltd.
Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid Financial has offices in Toronto and Montreal.
About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations: John Martin
Toll Free: 1-888-702-0258
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, other potential transactions, statements that address the engagement of Hybrid and the approval by the TSXV, acquisition of customers, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
The securities of DMG are considered highly speculative due to the nature of DMG’s business.
Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.