VANCOUVER, British Columbia, May 15, 2018 (GLOBE NEWSWIRE) -- As a founder of Silota Research and Development, Inc. (“Silota”), Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (VSQTF) (6F6.F) will, subject to all requisite regulatory approvals, obtain 12.5% of all issued and outstanding shares of the blockchain technology start-up. It will also provide a convertible note of $60,000 to mark the successful incubation of Silota and help set the stage for the launch of the Covalent Terminal, a premier data analytics suite designed to maximize transparency and accountability in cryptocurrency and token offerings.
“We are very pleased to have Silota and their remarkable blockchain technology team become a part of the Victory Square family,” said Shafin Diamond Tejani, CEO of Victory Square, which has worked with the management team of Silota to enhance their offering and put in place the requisite conditions for sustainable scaled growth.
"The Covalent Terminal is going to bring breadth and coverage of blockchain data to crypto investors, traders, and regulators akin to how information and analytics companies such as Bloomberg and Thompson Reuters bring transparency to financial markets,” added Tejani.
Silota is set to launch the first-of-its-kind Covalent Terminal, which features a wide array of modules that are tailored specifically to corporations issuing tokens and for the regulatory and compliance segments of the rapidly-growing cryptocurrency market. The founders of Silota, CEO Ganesh Swami and CTO Levi Aul have a combined expertise of 25 years building, scaling and bringing to market forward-thinking products. They previously built the first business Bitcoin exchange in Canada and co-invented the fastest algorithms for protein-simulation modeling.
"Our Silota team is thrilled that Victory Square has partnered with us to realize our vision of a decentralized future," said Silota CEO Ganesh Swami. "Corporations with token offerings are raising tens of millions of dollars from retail investors, but unlike publicly-listed companies there are no accountability or reporting requirements. Our partnership with Victory Square and their large network will support us in becoming a major driver for the increased market efficiency that is necessary for the widespread adoption of cryptocurrencies."
Currently, Covalent Terminal is able to understand and track 70,000 smart contracts along with 500 million contract executions across seven different blockchains like Ethereum and Bitcoin.
“For corporations, the Covalent Terminal lets them track the health metrics and user adoption of their issued tokens,” said Silota CTO Levi Aul. “For regulators, the Covalent Terminal allows them to track source of funds, disbursement of funds raised, and with the classification of security and utility tokens.”
For further information about the Company, please contact:
Investor Relations Contact - Prit Singh
Media Contact - Howard Blank, Director
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square Technologies is a blockchain-focused venture builder that funds and empowers entrepreneurs to implement innovative blockchain solutions. Victory Square portfolio companies are disrupting every sector of the global economy including Virtual Reality, Artificial Intelligence, Personalized Health, Gaming and Film. Victory Square has a proven process for identifying game-changing entrepreneurs and providing them with the partners, mentorship and support necessary to accelerate their growth and help them scale globally. For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance by any company in which the Company has an equity interest, the impact of any such company’s performance on the Company, the strategic direction of the Company, and its goal of broadening its portfolio of interests in innovative companies. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical fact contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.