Canada and LONDON, Sept. 24, 2019 (GLOBE NEWSWIRE) -- INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) announces that further to its strategy to focus exclusively on the development of the InterbitTM platform (the “Platform”) and testing of its performance, it has concluded that it is necessary to engage third parties to review and audit the Platform code. During this time, the Company will seek to minimize additional development expenses. The Company will be seeking assessments regarding Platform code and design and improvements to its functionality, stability and performance such that the Platform could be competitively deployed in a commercial scenario. To this end the Company will be seeking to take advantage of the Service Agreement it currently has in place with Xinova, LLC (see the Company’s July 11, 2019 press release) to obtain their expert guidance on these matters. While such third party reviews take place, the Company will halt any further material development of the Platform.
During this period of Platform review, the Company will also be taking the opportunity to review and reassess its internal technical and operational capabilities, as well the markets in which it seeks to operate.
Finally, as per the Company’s patent strategy (see the Company’s July 18, 2019 press release), the Company has filed an expedited examination request for its “Chainception” patent application in the United States. “Chainception” refers to the process of hosting a new blockchain using an existing blockchain node. The Company expects initial feedback within the next 90 days.
ABOUT THE COMPANY
The Company is a technology platform provider listed on the TSX Venture Exchange and operating from both Canada and the UK with offices in Calgary and London.
For further information please contact:
Dominic McCann, CEO
Phone: +1-778-834-8417
Email: investor@interbit.io
Website: www.interbit.io
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release are forward-looking statements, which include, the identification of suitable third parties to review the InterbitTM platform, timing and receipt of adequate feedback from third parties in respect of their review of the InterbitTM platform, further development of the Company’s business relationships and business and the timing, development, launch and success of the Company’s technologies and products (including, without limitation, successful development and commercialization of the InterbitTM platform), timing of receipt of feedback in respect of patent application examinations, successful receipt of patents in connection with the Company’s patent applications, and other matters. 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. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of the Company’s technologies and products, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis for the year ended December 31, 2018 available at www.sedar.com, many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press 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 release.