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.