SAN JOSE, Calif., April 24, 2018 /CNW/ -- Nubeva Technologies Ltd. ("Nubeva" or the "Company") (TSXV: NBVA), today announced that its board of directors has determined to proceed with completion of an initial token offering (the "Token Offering") under the laws of Singapore subject to receiving the approval of the TSX Venture Exchange.
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"). The establishment of the Token Network will be an extension by Nubeva of its cloud-based security services to a broader customer base that Nubeva believes are presently unable to access cloud-based security services due to cost. The Token Offering will be undertaken by a Singapore entity that Nubeva has incorporated to establish the Token Network and issue the Tokens (the "Token Issuer").
As an initial step in the Token Offering, the Token Issuer plans to complete an initial offering (the "Initial Pre-Sale") of rights to receive future tokens (the "Future Token Interests"). The objective of the initial sale of Future Token Interests will be to raise approximately US$3.0 million. The proceeds of this Initial Pre-Sale will be used to fund costs associated with the Token Offering and to enable the Token Issuer to purchase from Nubeva a limited purpose open source license for its Blockchain Routing IP software in connection with 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.
Nubeva also contemplates that a second pre-sale of future token interests will be completed in advance of the Token Offering. The objective of the Second Pre-Sale will be to raise funds to provide for development of the Token Network. All development of the Token Network will be completed under service agreements under which Nubeva would be paid fees in exchange for the completion of the development work.
Completion of the Initial Pre-Sale, the Second Pre-Sale and the Token Offering will each be subject to the approval of the TSX Venture Exchange. 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.
Nubeva's Chief Executive Officer, Randy Chou, said, "We are extremely excited to be at the forefront of this technology. If successful, the establishment of the Token Network will enable us to expand our base technology to deliver best-of-breed cloud-based security for a wider customer set, which is something we have always intended to do. We believe the launch of the tokens has the potential to open up a significant market for Nubeva and accelerate our growth outside North America."
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 may be sold, held or transferred to any person who is resident of 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.
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. develops SaaS software and services that enables enterprises to run best of breed cybersecurity in public clouds 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.
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 shared transportation 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 not assurance that the Initial Pre-Sale, the Second Pre-Sale 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.
SOURCE Nubeva Technologies Ltd.
For further information: Marcel Valentin, Investor Relations; Marcel@SophicCapital.com; 647-697-0498, https://www.nubeva.com