SEOUL, South Korea, July 16, 2018 /CNW/ -- Nubeva Technologies Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA, OTC: NBVAF), is pleased to announce that its wholly owned subsidiary, CBR Project Pte. Ltd. ("CBR Project") has commenced its offering (the "Pre-Sales") of rights to receive, for no additional consideration, future tokens ("Future Token Interests") as the initial step of its previously announced planned offering of CST cybersecurity service tokens (the "Token Offering"). The Token Offering will be undertaken in order to develop a best-of-breed cloud-based security network using Nubeva's Blockchain Routing IP platform to enable a broad consumer base to purchase these cloud-based security services (the "Token Network").
Nubeva CEO Randy Chou said, "Due to strong interest, we have decided to proceed beyond the initial phase of raising US $3 million and commence our second phase leading up to the Token Offering."
Nubeva has incorporated CBR Project, located in Singapore, to establish the Token Network and issue Cybersecurity Service Tokens. The use of proceeds of the Pre-Sales, originally announced on April 24, 2018, will be used to fund costs associated with the Token Offering, to enable the CBR Project to fund its purchase from Nubeva a limited purpose open source license for its Blockchain Routing IP software and to complete development of the Token Network. Nubeva made their Blockchain routing IP software available in April 2018, in connection with the development of the Token Network.
Speaking on July 13 from the Korean Blockchain Summit in Seoul where the CBR project received standout recognition, Chief Marketing Officer, Steve Perkins, stated, "We are enthusiastic about the Token Network's potential to provide an important cybersecurity technology and cybersecurity consumption and distribution model to meet market demand outside of North America for cyber security securities. By combining Nubeva's Stratus Edge Security Platform with the Token Network, we believe we will be able to provide enterprises with a means to run best-of breed security in the public cloud while simultaneously enabling access to, and application of security services in a frictionless and economic manner. The Token Network gives us the potential to bring this capability to a wider market outside of North America where we believe there is significant unmet demand."
About the Token Network
The Token Network, is planned to be a decentralized, transparent digital cybersecurity network powered by Nubeva blockchain technology to provide security protection on-demand, as-a-service. Nubeva's blockchain routing simplifies and standardizes the connections among users, systems and devices with security services transparently and seamlessly inserted into the cloud network. It is anticipated that Cybersecurity Service Tokens ("CST" or the "Tokens") will be used to obtain access to these cybersecurity services. CSTs are expected to provide a stable cooperative funding base for pre-building best-of-breed security services and capabilities that can then be used on a per-user or device basis.
Summary: Nubeva subsidiary, CBR Project Pte. Ltd., has started its Cybersecurity service token Pre-Sale offering. Individuals and organizations outside the US and Canada are eligible to participate in this new and innovative token Pre-Sale, subject to meeting eligibility requirements under local securities laws.
- Nubeva's Chief Marketing Officer, Steve Perkins, announced from Seoul, Korea today, "The Token Network is expected to transform the cybersecurity technology consumption and distribution model, enabling access to and the application of the best-of-breed security services in an on- demand, frictionless and economic manner to a wider market outside North America."
- Nubeva is sponsoring and presenting at the Korea Blockchain Summit and the Beyond Blocks Summit.
- Nubeva subsidiary, CBR Project Pte. Ltd., has started pre-sales of its Cybersecurity service token offering for individuals and organizations outside North America.
- The Cybersecurity Service Token Network is a decentralized, transparent digital cybersecurity network powered by Nubeva blockchain technology. It is planned to provide security protection on-demand, as-a-service.
- Nubeva's blockchain routing IP simplifies and standardizes the connections among users, systems and devices. It facilitates security services to be transparently and seamlessly inserted into a user's cloud network.
About CBR Project PTE Ltd.
CBR Project, a wholly owned subsidiary of Nubeva Technologies Ltd. Located in Singapore, plans to create a new, international cybersecurity ecosystem marketplace of security providers, researchers, support resources and ultimately customers ("The Network") built on a foundation of CBR-based security solutions. For the Network, the CBR Project plans to introduce a new currency – Cybersecurity Service Tokens or CST. CSTs are expected to form a trusted, branded currency to attract and engage customers, solution providers, research and support resources. The CBR Project intends to form a highly networked, focused and leveraged system that effectively crowdsources better security solutions and services, at scale. In doing so, the CBR Project believes it can achieve its vision and end goal of "best of breed security to everyone at affordable costs."
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. develops Software-as-a-Service ("SaaS") software and services that enable enterprises to run best-of-breed cybersecurity in public cloud environments. Nubeva's products provide enhanced visibility and control over network traffic and simplified automation and operation that is essential to run top-tier security technologies and services in the cloud easily and at low costs. With Nubeva, organizations can leverage existing policies, technologies and operations and accelerate their move to the cloud with confidence. San Jose, CA-headquartered Nubeva is committed to the vision of dramatically broader and lower cost availability of the world's best security to confront the rising cyber-crime threat. Visit www.nubeva.com for more information.
About the Token Offering
The Pre-Sales and the Token Offering will be completed under the laws of Singapore and will be subject to receiving the approval of the TSX Venture Exchange. Residents of Canada and the United States, and persons otherwise subject to Canadian and United States securities laws, are not eligible to participate in either the Pre-Sale of Offering or the Token Offering. In addition, the ability of Nubeva to proceed will be conditional upon being able to ensure compliance with applicable laws, including applicable securities laws of the United States and Canada. There is no assurance that these conditions will be satisfied. In addition, there is no assurance that any of the planned offerings will be successful in raising any funds to complete the development of the Token Network. If completed and if the Token Offering Proceeds, the Future Token Interests will automatically convert into Tokens for no additional consideration upon the launch of the Token Network.
No Future Token Interests or Tokens may be sold or issued, directly or indirectly, to any United States person (as defined by Section 7701(a)(30) of the Code), or any resident of the United States or Canada. In addition, any Future Token Interests or Tokens that may be issued may not be sold, held or transferred to any person who is a resident in the United States or Canada at any time in the future, or at all. None of the Future Token Interests or Tokens have been or will be registered under the United States Securities Act of 1933, as amended, or qualified by a prospectus filed with securities regulatory authorities in Canada. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction where such offer or sale is prohibited or unlawful.
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the cybersecurity industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Specifically, there is no assurance that the Pre-Sale Offering or the Token Offering will be completed or as to the amount of proceeds that will be raised. In addition, there is no assurance that the required regulatory approvals can be obtained. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
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.
For further information, please contact:
Nubeva Technologies Ltd.
Chief Marketing Officer
Marcel Valentin, Investor Relations
SOURCE Nubeva Technologies Ltd.