VANCOUVER, Feb. 27, 2018 /CNW/ - Good Life Networks Inc. ("GLN", or the "Company"), (TSX-V: GOOD), a Vancouver-based programmatic advertising technology company is pleased to announce that the US Patent Office ("USPO") has granted patent pending for its accounts receivable ("AR") blockchain application.
GLN's blockchain application is designed to accelerate the account receivable pay cycle for publishers (websites). Whereas programmatic advertising transactions can be completed in seconds, accounts receivables are typically paid on 90-day and 180-day cycles, tying up billions of dollars of working capital across the digital publishing industry. GLN's AR blockchain solution helps to ensure prompt payments to publishers without requiring third-party intermediaries such as factoring agents. This blockchain application has the potential to transform the entire AR ecosystem within the digital advertising industry and may have many beneficial applications to other sectors with mismatched AR cycles.
"This is part of our aggressive patent strategy and we are pleased that we have been granted our second patent pending from the USPO." said CEO Jesse Dylan.
The Company also announces that a total of 5,525,000 incentive stock options have been granted to certain directors, officers and consultants of the Company pursuant to the Company's stock option plan. The options are exercisable for a period of five years at a price of $0.25 per share.
The GLN Story
Good Life Networks technology allows advertisers to reach their target audience quicker and more cost effectively.
"With the two patents pending, GLN is looking to exploit the paradigm created through the commercialization of blockchain technology to securitize the revenue from AR available in the advertising industry."
This year, Magna, the research arm of media buying firm IPG Mediabrands expects digital ad spending to grow to $237 billion, outpacing the Television ad spend by 50 Billion dollars, thanks in part to one-off events such as the Olympics and the U.S. mid-term elections.
GLN recently closed a $9.2 million subscription financing prior to closing its qualifying transaction and trades on the TSX-V under the stock symbol GOOD.
Forward Looking Statements:
Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs regarding future events of management of GLN. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to the Company's blockchain patent application. These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Important factors that may cause actual results to vary include without limitation, risks relating to the timing and receipt of approvals with respect to the blockchain patent application; delays in the receipt of requisite approvals and changes in general economic conditions or conditions in the financial markets. In making the forward‐looking statements in this news release, the Company has applied several material assumptions, including without limitation the receipt of necessary approvals. GLN does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in GLN's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Good Life Networks Inc.
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