Catenae Innovation Plc: Onsite - Contract Signed
21 Enero 2019 - 01:00AM
UK Regulatory
TIDMCTEA
CATENAE INNOVATION PLC
("Catenae" or the "Company")
OnSite - Contract Signed
Catenae (AIM:CTEA), the AIM quoted provider of digital media and
technology announces it has signed its first agreements for OnSite with
Firedoor Guardian Limited ("FDG"), a provider of building management and
inspection services to the construction industry.
OnSite integrates the Company's blockchain technology, Sequestrum, which
was launched in December 2018. The agreements have an aggregate value
of GBP50,000 which will be invoiced immediately.
The agreements include a licence agreement and a support agreement. The
agreements have provision for pricing of additional volume related
transactions that may occur during the term of the contract.
FDG wishes to create an immutable database of their inspection records
and audit information as required under the BS9999 and The Regulatory
Reform (Fire Safety) Order 2005 and as recommended in the independent
review of Building Regulations and Fire Safety report led by Dame Judith
Hackett following the Grenfell Tower fire.
OnSite utilises the latest mobile and cloud technologies and integrates
Catenae's distributed ledger technology which provides clients with the
ability to store critical and regulatory reports in an immutable form
within the Sequestrum repository providing auditable proof of both the
existence of the report as well as its original content. OnSite
provides the ability for companies to manage and schedule their
workforce and provides a universal inspection and reporting tool that
has been adapted to meet the regulatory reporting standards for this
industry.
The integration of Sequestrum provides full 'Proof of Work' by ensuring
that inspection reports are stored in an immutable form directly from
the mobile input device, recording the geo-coordinates of the device and
centralised time stamping as meta data for full auditability.
Guy Meyer, a director of the Company is also a non-executive director
and shareholder in FDG, consequently the entering into the agreements is
being deemed a related party transaction (the "Transaction") under the
AIM Rules for Companies. The directors independent of the Transaction,
having consulted with the Company's nominated adviser, believe that the
terms of the transaction are fair and reasonable insofar as shareholders
are concerned.
Tony Sanders, CEO, said:
"We are pleased to sign this initial agreement for our new product
OnSite so soon after the product launch in December 2018, this follows
extensive testing and proof of concept programme with the client. Being
able to show blockchain technology being used in a 'real world'
application was key to the Company accepting the opportunity to present
its solutions at the UK Investor City Forum event on 21(st) January
2019, as there are not many opportunities to see blockchain technology
working beyond conceptual applications. We hope to be making further
announcements shortly."
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014. The person who arranged for release
of this announcement on behalf of the Company was Tony Sanders (Chief
Executive Officer).
For further information:
Catenae Innovation Plc Tel: 020 7929 7826
Tony Sanders
Cairn Financial Advisers LLP, Nominated Adviser Tel: 020 7213 0880
Liam Murray / Jo Turner
Alexander David Securities Limited, Broker Tel: 020 7448 9820
David Scott / James Dewhurst
(END) Dow Jones Newswires
January 21, 2019 02:00 ET (07:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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