VANCOUVER, British Columbia, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Upco International Inc. (CSE:UPCO) (UCCPF) (U06.F) (“Upco”) is pleased to announce significant improvements in its existing platform and Telecom service offering, through the successful integration of advanced blockchain technologies in the areas of invoice management (accounts payable and receivable) and Short Message Service (SMS) communications. These enhancements are an important element of Upco’s vision to leverage the benefits of blockchain technology in the areas of data security and auditability (time stamped and immutable data), while providing a service that is high performance and extensible. This strategy emphasizes trust and certainty in the enterprise-level data framework that supports Upco’s business, and which ultimately benefits customers, and financial and legal stakeholders.
Application of blockchain technology to accounts payable and receivable data enables Upco to offer highly secured and auditable services to major financial services providers and other enterprise customers, while also improving retail service. Enhanced data management maintains a forensic record of changes to associated data, while yielding significant improvements in areas such as invoice/payment reconciliation (confirmation and verification), receivables notification, Borrowing Base Certificates, and month-end processes for availability / purchase price reconciliations.
Application of blockchain technology to SMS communications maintains forensic records of dates, content, delivery time, reading time and sender and receiver information, should this information be required for legal purposes. Changes will also benefit service-relevant processes such as registrant authentication, upgrade authorization, user re-activation, and transaction authentication.
With these improvements, Upco has further demonstrated its ability to successfully apply blockchain technologies to business scenarios where forensic control, and storage and distribution of immutable data are required. This expertise represents an important foundation in the staged delivery of a full-featured international invoice / payment / exchange / transfer service (outlined in Upco’s February 2 News Release). Fully deployed, this service will enable users to send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments.
Upco also announces that it has issued 120,000 common shares in its capital at a deemed price of $0.25 per share to arm’s length parties in settlement of $30,000 in debt. The shares are subject to a statutory 4-month hold and are so legended.
About Upco International Inc.
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco E-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to securely share account information with their clients.
Please visit www.upcointernational.com for further information.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release.
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “will” “may” "believe", "expect", "anticipate", "intend", "estimate", “development”, “forthcoming”, "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements.