VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/31/18 -- Venzee Technologies Inc. (TSX VENTURE: VENZ) ("Venzee" or the "Company") is pleased to announce a partnership with BTL Group Ltd (TSX VENTURE: BTL) ("BTL") that will bring together the Company's data transformation solution, Mesh, with BTL's blockchain development platform, Interbit.
Using artificial intelligence, Mesh is able to import, merge and transform data from existing systems before writing to blockchain networks, greatly simplifying the process of integrating blockchain networks with conventional databases.
Kate Hiscox, President of Venzee Technologies Inc., commented, "Since announcing Mesh, we have had interest from enterprise customers, including major retail and globally recognized banks who are looking to deploy blockchain as part of their data strategy. BTL offers a world-class permissioned blockchain solution that, combined with Mesh, means we can provide an end-to-end solution that helps companies achieve their blockchain goals more efficiently."
Interbit is a blockchain development platform. Designed to be developer friendly using today's most popular and proven tools and languages, developers are empowered to build enterprise-grade blockchain-based applications without having to learn new tools or languages.
"We are very excited about our partnership with Venzee, especially as we believe it will result in a number of client projects originating from Mesh and BTL. The projects we see often include multiple data sources from the same or different companies. This is where Mesh helps connect the dots by merging and transforming data before it's written directly to Interbit or any applications on the platform," stated Dominic McCann, CEO of BTL.
Increasing adoption of Blockchain-as-a-service, rising cryptocurrency market caps and ICO's are simplifying business processes. This immutability and newly created transparency is expected to propel the growth of the blockchain market to US$7,683 million by 2022 (source: https://www.prnewswire.com/news-releases/the-global-blockchain-market-size-is-expected-to-grow-to-usd-76837-million-by-2022-300575324.html).
Venzee and BTL have entered into a letter of intent in respect of their partnership, the terms of which will be set out in a definitive agreement.
Listed on the TSX Venture Exchange and operating from both Canada and the United Kingdom, BTL is an enterprise technology platform provider that is developing Interbit, a proprietary next-generation blockchain platform. Via Interbit, BTL can help companies greatly reduce risks and costs by securely streamlining existing IT infrastructures. BTL has successfully demonstrated how Interbit can innovate and transform existing business processes, for leading companies in the finance, energy, and gaming sectors. Interbit is a fast, private and scalable inter-connected blockchain platform.
Venzee is a SaaS company that launched in 2014 to help ecommerce vendors and retailers easily share product information in a US$23 trillion retail industry (source: Statista). Traditionally, this was done using spreadsheets which created a labor-intensive process that delayed products from reaching the marketplace. Venzee's technology, leveraging artificial intelligence to streamline product information exchange, allows thousands of vendors and retailers to seamlessly share information, avoiding delays and getting products to market faster than ever. The Company graduated from notable startup accelerator program 500 Startups and recently announced support for blockchain networks via its product Mesh.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the execution of the Company's growth strategy, the planned launch of Mesh and its key features, the terms of the partnership between Venzee and BTL and the entering into of a definitive agreement and the timeline for same, and the expected benefits of the partnership. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's filing statement dated December 12, 2017, which is available under the Company's SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. In addition, there can be no assurance that a definitive agreement for the partnership between Venzee and BTL will be entered into.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
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.