OTTAWA and SINGAPORE,
Nov. 12, 2018 /CNW/ - Leonovus
Inc., ("Leonovus" or the "Company") (TSXV: LTV) (OTC:
LVNSF) at a press conference in Singapore, announced the release of Ver 1.0 of
the Galaxa Whitepaper. The news conference in Singapore aligned with Leonovus' participation
in the Canadian Trade Mission to the Singapore Fintech
Festival. Singapore is a
major global blockchain hub.
"We are proud to release this first version of the Galaxa
whitepaper and invite feedback from the global blockchain community
to help us reflect on, and improve, the architecture and document.
We expect several iterations of the whitepaper before the close of
financing. The whitepaper is available for downloading on the
Galaxa website - galaxa.com," said Michael
Gaffney, Chairman and CEO.
The Galaxa project is an important strategic initiative for
Leonovus. The current cloud storage and compute market is an
oligopoly and Galaxa intends to challenge this market
concentration. Gartner predicts 30%+ compounded annual growth
rates for enterprise cloud data storage and cloud compute. The
Galaxa blockchain platform incorporates the patented distributed
storage and compute technology, benefiting from USD 26 million in research investment by
Leonovus. It is the first blockchain-enabled,
enterprise-class, Anything as a Service (XaaS), distributed storage
and compute marketplace. A native cryptocurrency called GAAX is the
payment system. Galaxa will introduce a new blockchain architecture
designed to accelerate the global development and implementation of
XaaS offerings by independent developers that share a worldwide
network of enterprise-grade distributed data storage and
distributed compute assets.
In 2008, Bitcoin was the first major use of a blockchain. In
2015, Ethereum improved the blockchain with the introduction of the
Smart Contract. In 2020, Leonovus believes, that Galaxa Smart
Services becomes the next blockchain evolution. Before Galaxa
Smart Services, the blockchain methodology of using programming
languages such as Solidity, Java, and Python to program smart
contracts required customers to incur costs in time and money to
develop, test and run their interactions with participants on the
blockchain. These costs can be prohibitive for many services, and
do not work well with normal enterprise business practices.
Smart Services allows developers to use the Galaxa blockchain
and build applications for the web-based, XaaS Galaxa marketplace
using high-level natural language constructs and open web APIs. The
system eliminates the need for complex smart contract coding and
logistics. Galaxa will address the challenges faced by developers
and enterprises that want to adopt and gain the benefit of cloud
and blockchain technology in an effective, efficient and secure
data marketplace, without requiring the skills of a Ph.D. in
cryptography.
To finance the Galaxa project, Leonovus plans to complete a
Security Token Offering ("STO") by issuing a security called a
Simple Agreement for a Future Token ("SAFT") as previously
announced on September 4, 2018.
Leonovus is applying to the regulators and the stock exchange to
make the GAAX SAFT a tradable security on the TSX Venture Exchange.
In eighteen to twenty-four months after the close of the financing,
the SAFT will convert into the GAAX tokens. The marketplace will
charge a small service fee percentage in GAAX to vendors and this
service fee will be distributed to GAAX owners and system
moderators. GAAX tokens will also be a security. Galaxa will
pay regular distributions of GAAX to the token owners. Details
about the distributions are in the whitepaper. The Company believes
that GAAX is the first cryptographic token designed for the
exchange of value between a corporate information technology buyer,
an application service provider, and a storage/compute
infrastructure supplier.
"Galaxa is much more than most typical ICOs or STOs in that it
will incorporate the Leonovus Smart Services blockchain innovation,
along with a global enterprise-class marketplace that embeds
Leonovus' hyper-secure software-defined cloud storage technology
which is in production today. The marketplace provides a platform
for thousands of cloud services developers who are locked out of
the current market because of the oligopoly. This is also great
news for the enterprise as there will be more choice for cloud
service products and less cloud vendor lock-in," said Gaffney.
The planned STO will include a public offering of SAFTs in
Canada and a private placement
offering of SAFTs to accredited investors in Canada and to equivalent investors in other
jurisdictions in compliance with applicable securities laws of
those jurisdictions. There can be no assurance that the Canadian
securities administrators will provide a final receipt for the
prospectus and there can be no assurance that the TSXV will accept
the SAFTs for trading. Following the issue of SAFTs to investors,
no GAAX tokens will be issued pursuant to the SAFTs unless and
until the Company successfully develops, builds, and launches the
Galaxa marketplace. The launch date is planned to occur within
eighteen to twenty-four months after the close of financings. The
ability to trade the GAAX tokens will be subject to applicable
securities and other laws and exchange rules at that time.
About Leonovus
Leonovus is a cloud solutions software developer of a blockchain
enabled software-defined object storage solution. Designed with the
IT manager in mind, Leonovus' patented algorithms encrypts, shreds
and spreads data across a network of on-premises, hybrid or
multi-cloud storage nodes – allowing for the most secure yet
internally accessible form of object-based data storage that
provides GRC across the entire solution. The advanced
geo-distributed architecture minimizes latency, optimizes
geo-availability, reduces remote backup costs and meets data
sovereignty requirements. With its software and hardware
agnostic design, Leonovus provides petabyte scalability
and allows the enterprise to utilize its existing idle storage
resources, extend the useable lifespan of depreciated resources and
improve the enterprise's overall ROI. To learn more, please
visit www.leonovus.com.
This press release may contain forward-looking statements and
information, which may involve risks and uncertainties. The results
or events predicted in these statements may differ materially from
actual results or events. Factors that might cause a difference
include, but are not limited to, competitive developments, risks
associated with Leonovus' growth, the state of the financial
markets, regulatory risks and other factors. There can be no
assurance or guarantees that any statements of forward-looking
information contained in this release will prove to be accurate.
Actual results and future events could differ materially from those
anticipated in such statements. These and all subsequent written
and oral statements containing forward-looking information are
based on the estimates and opinions of management on the dates they
are made and expressly qualified in their entirety by this notice.
Unless otherwise required by applicable securities laws, Leonovus
disclaims any intention or obligation to update or revise any
forward-looking statements, whether because of new information,
future events or otherwise. Readers should not place undue
reliance on any statements of forward-looking information that
speak only as of the date of this release. Further information on
Leonovus' public filings, including its most recent audited
consolidated financial statements, are available at
www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Leonovus Inc.
