SoLVBL Solutions Inc. Enters into Software Development and Licensing Agreement with New Foundation Technologies Corp. for Non-Fungible Token (NFT)
The Agreement comes with an advance six figure payment from New Foundation to SoLVBL.
Toronto, Ontario--(Newsfile Corp. - June 3, 2021) - SoLVBL Solutions Inc. (CSE: SOLV) ("SoLVBL" or the "Company"), an innovative cybersecurity company that provides proprietary SaaS based data authentication, is pleased to announce that it has agreed to the terms of a technology licensing and software development agreement with New Foundation Technologies Corp. ("New Foundation"). The Agreement comes with an advance six figure payment from New Foundation to SoLVBL. The licensed patent-pending technology, known as Q by SoLVBLTM, will be utilized as a tool for creating immutable and verifiable non-fungible tokens ("NFTs") utilizing advanced cryptography for product authentication.
Further to a request for proposal ("RFP") from New Foundation and the subsequent announcement on May 13, 2021 of the selection of SoLVBL by New Foundation to provide the technical solution to creating NFTs, the parties entered into negotiations as to the terms of the definitive agreement. Today's announcement is the culmination of the discussions and negotiations between the parties.
"We are pleased that New Foundation has chosen to license Q by SoLVBLTM, our flagship product, for its NFT products and has entrusted our Company to develop its NFT products". In addition, Q by SoLVBLTM can be deployed as either a cloud-based, on premise, or hybrid solution." said Raymond Pomroy, CEO of SoLVBL. This is the first revenue generating agreement for SoLVBL, with work slated to commence with New Foundation later this year. To ensure that New Foundation secured this deal with SoLVBL, it has advanced a six-figure payment to SoLVBL. Raymond Pomroy further noted, "this is an exciting development for SoLVBL. We have been keenly targeting the financial and governmental sectors for our technology, and this new segment that we have not looked in to, demonstrates to us, and to the larger entities we are currently speaking with, that this technology is a potential game changer and now verified by an external company and now a client."
Vicky Arora, New Foundation's Director of Licensing, said, "The impact of the collaboration between New Foundation and SoLVBL and the utilization of SoLVBL's intellectual property is often best realized when it is brought to market by technological leaders like SoLVBL. Not only does technology licensing support our growth plans, but it allows our customers in the U.S.; Europe and our new Asian markets, the opportunity to produce NFT products supported by this technology. One of the big reasons we chose Q by SoLVBLTM during the RFP process was that it has the ability to create immutable and verifiable elements of NFTs, at incredible speeds and scalability and can be viewed as a powerful tool for items such as NFTs so as to provide them to the market confidently, effectively and efficiently."
About New Foundation Technologies Corp.
New Foundation is a USA based technology investment company with offices in Los Angeles, USA and its European office in London, U.K. New Foundation's mission-driven teams are dedicated to creating non-fungible tokens (NFT) for arts, digital arts, gaming, real estate, sports, fashion, and media & entertainment. Through its global partnerships, the company works across various geographic and cultural sectors.
For more information, please visit nftech.info.
About SoLVBL Solutions Inc.
SoLVBL is an innovative cybersecurity company. The Company's mission is to empower, better, faster decisions by developing a universal standard for establishing digital record authenticity. The lead product Q by SoLVBL™, is a proprietary software of the Company, designed to be easy to use and adopt, economically priced and provide digital record authentication at an unprecedented speed. Q by SoLVBL™ allows organizations to establish trust in their data. The Company is currently pursuing the following verticals: chain of custody for digital evidence; including, NG-911, data used in the financial sector, medical applications and critical IoT infrastructures.
For more information, please visit SoLVBL.com
For further information, please contact:
SoLVBL Solutions Inc.
Raymond Pomroy,CEO
15 Toronto Street, Suite 602
Toronto, Ontario, M5C2E3
E: [email protected]
T: 905.510.7982
Forward-Looking Statements
The CSE has neither approved nor disapproved the contents of this press release.
NEITHER THE CSE NOR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the ability of the Company to successfully achieve its business objectives, including, the implementation and success of Q by SoLVBLTM, and expectations for other economic, business and/or competitive, factors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, SoLVBL assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
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