SAN ANTONIO, TX, April 17, 2018 /CNW/ - Alternate Health Corp ("Alternate Health" or the "Company") (CSE:AHG) (OTCQB:AHGIF), an international leader in software solutions for the medical cannabis industry, today announced the launch of Zi App, an innovative mobile wallet payment processing solution built on proprietary blockchain and smart contract technology.
"Zi App is a game changer in the FinTech industry," says Dr. Michael Murphy, Chairman and CEO of Alternate Health. "By integrating Alternate Health's mobile payment engine and digital e-wallet with a state-of-the-art blockchain platform, we have created a groundbreaking alternative to high-priced merchant transaction processing—perfectly suited to any and all high-risk industries, including legal cannabis."
Benefits of the Zi App Blockchain Payment System:
- Low Cost Transactions: Zi App uses fixed-price, utility tokens to facilitate all transactions and offer merchant payment processing services at a much lower cost than traditional banks or payment service providers.
- Consumer Protection Compliance: Unlike cryptocurrencies, Zi App allows for chargebacks and reversals, which is a key feature for high-risk industries like online retailers, who are required to offer these services to comply with consumer protections laws.
- Dispute Protection: Zi App tracks all transaction data on a blockchain ledger, creating an immutable and secure record of transactions, with smart contracts that automatically initiate transactions when the terms of a digital agreement are met.
- Market Versatility: In addition to being an ideal fit for legal cannabis transactions, Zi App is an optimal solution for any high-risk industry, ranging from payday loans and network marketing to dating services and online gaming.
How Zi App Works:
The Zi App platform delivers payment processing services through a comprehensive, direct-to-bank merchant transaction system. For every transaction, a receipt is generated on the platform's blockchain distributed ledger, ensuring full security and transparency.
Alternate Health has developed Zi App as a 50/50 partnership with leading blockchain developer Support Your Buds LLC ("SYB"). Based on Alternate Health's payment engine and Support Your Buds LLC's proprietary smart contract and blockchain ledger technology, the Zi App system is powered by the Zi Utility Token. Unlike cryptocurrencies, Zi's have a fixed 1:1 value to U.S. dollars, protecting the system from the instability and speculation of digital assets like Bitcoin.
"We expect the legal cannabis companies along with other high-risk industries, to embrace Zi App as their preferred payment processing solution," says Jim Griffiths, Company Director and Sr. VP Finance, "This is revolutionary, disruptive technology and we have already established merchant partners who are eager to begin pilot testing a system that we believe will reinvent the rules of modern merchandising."
SYB is 75% controlled by a shareholder of the Company that owns directly and indirectly, approximately 12% of Alternate Health's outstanding shares. Additionally, Dr. Murphy, Chairman and CEO of Alternate Health is a 20% shareholder of SYB. The specific terms of the 50/50 partnership arrangement between Alternate Health and SYB are not yet finalized, but Dr. Murphy has disclosed his SYB shareholding to the Company and abstained from discussions and negotiations between the Company and SYB in relation to the Zi App.
About Alternate Health
Alternate Health Corp. (CSE: AHG, OTCQB: AHGIF) Alternate Health has established multiple arms-length operations within the medical cannabis industry, each of which drives consumers, data and strategic opportunities to the company's other verticals. This sophisticated cross-integration of the company's enterprises has positioned Alternate Health as one of the only cannabis companies that delivers consistent revenue and intellectual property without growing, manufacturing or distributing the cannabis plant. Through its software solutions, data analytics, and patented delivery systems, Alternate Health's goal is to be the global authority on scientific and clinical support for cannabis in regulated markets. Alternate Health is well positioned to reinvest internal operating cash flow in its platform over the long term, creating an attractive investment profile for its shareholders.
Alternate Health resides in the cannabis sector along with companies like GW Pharmaceuticals, AXIM Biotechnologies Inc., Canopy Growth Corporation, and Aphria Inc. Alternate Health is differentiated from other cannabis companies by its focus on ancillary services for patients, healthcare professionals and regulatory providers rather than selling a commodity. For more information about Alternate Health Corp., visit www.alternatehealth.ca.
About Support Your Buds LLC
Support Your Buds LLC is a leader in developing blockchain software solutions customized to the business needs of its clients. With an initial industry focus on finance and healthcare, Support Your Buds LLC uses its proprietary blockchain and smart contract platforms to build dynamic solutions that drive efficiencies in any market.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations, business prospects and financing plans, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements.
SOURCE Alternate Health Corp.