SAN FRANCISCO, Sept. 18, 2017 /PRNewswire/ -- SyncFab Co. ("SyncFab" or "the Company"), a leading regional supply-chain management and business-to-business procurement platform for precision parts production, today announced its Utility Token Sale (Token Sale) campaign to launch its ERC20 Ethereum MFG token and to introduce blockchain technology to achieve better operational efficiency on its fast-growing network. Using the forthcoming utility token on SyncFab's eco-system, supply-chain purchase managers, CNC machine shops and third-party design firms will be able to more conveniently source domestic manufacturing and conduct secure transactions using smart contracts on the blockchain.
Olshan Frome Wolosky LLP acts as legal counsel to SyncFab.
The Token Sale event will start on October 16th. For more info on the MFG token sale, visit https://blockchain.syncfab.com.
In connection, the Company also announced the launch of its redesigned state-of-the-art SyncFab platform featuring mobile access, optimized page load time, robust search function, more streamlined order flow, digital inspection report, and online payment.
Founder and CEO of SyncFab, Jeremy Goodwin, commented, "With the launch of the MFG token, we aim to blaze a trail in smart manufacturing and procurement to make economies-of-scale manufacturing more accessible and affordable to all. As we are committed to efficiency and security, the robust functions of smart contract on our new blockchain service will enable our customers to shorten their negotiations with suppliers and better manage their supply chains. Through our automated peer-to-peer platform, SyncFab is also solving a major problem for manufacturers with limited marketing budgets and underutilized capacities."
"The future of smart manufacturing is data-optimized precision parts manufacturing. Different from Alibaba's services of connecting global buyers with low-cost traditional manufacturers in China, SyncFab is catering to the burgeoning smart manufacturing market in the US and Europe. The value proposition of SyncFab is that, by connecting supply-chain purchase managers with those underutilized smart manufacturers with advanced CNC machine shops, many domestic advanced factories are becoming more accessible and productive and procurement costs are lowered," Goodwin concluded.
Founded and headquartered in Silicon Valley in 2013, SyncFab is an active provider of best-in-class low-cost solutions to supply chain buyers and domestic manufacturers. SyncFab began as an online Design-For-Manufacturability platform and later evolved to a business-to-business supply-chain and IIoT Machine Learning Data mobilization platform matching industrial parts purchasers with a growing network of machine shops and advanced manufacturing facilities mapped by who is local and who is clean - an ISO 50001 US DOE certification for efficient energy management. SyncFab's state-of-the-art B2B ecosystem enables sustainable local advanced manufacturing economy by allowing buyers to procure, manage and track parts production online, making local production more desirable and profitable and making procurement bidding process more transparent through the power of the internet, blockchain and online payment. SyncFab's customers include top 50 industrial manufacturers in the Northern California area. SyncFab collaborates with federal and municipal government initiatives in public-private partnerships to advance civic innovation and economic development.