TORONTO, Aug. 12,
2024 /CNW/ - AGEDB Technology Ltd. (TSXV: AGET),
a leading provider of enterprise database solutions, is pleased to
announce the acquisition of several strategic patents. This
acquisition represents a significant milestone for AGEDB, further
solidifying its position at the forefront of innovation in data
processing and graph database technologies.
Key Highlights of the Acquisition:
- The acquisition involves three patents crucial to the
advancement of data processing and graph database
technologies.
- This strategic move aligns with AGEDB's commitment to providing
cutting-edge solutions and enhancing its technological
capabilities.
- Patents, acquired from AGEDB principal shareholder, Bitnine
Holdings, Inc., were previously only licensed to AGEDB.
- AGEDB will make three annual payments to Bitnine equal to 10%
of AGEDB annual revenue on first, second and third anniversaries to
own 100% of the patent rights replacing annual licensing only
royalties of 30% first year, 20% second year and 10% each year
thereafter, of revenue from use of the patents.
- Patents valued by independent third party valuator at
$7,390,000.
Impact on AGEDB Technology Ltd.:
The acquisition of these patents will significantly bolster
AGEDB's ability to develop innovative data processing and graph
database technologies. These advancements are expected to provide
enhanced solutions to AGEDB's customers, driving forward the
progress in enterprise database technology.
Statement from Leadership:
"We are excited about this acquisition and the significant value
it brings to our technological portfolio," said Young Seung Ko, CEO of AGEDB Technology Ltd.
"These patents represent substantial advancements in data
processing and graph database systems, and their integration will
enable us to offer even more robust and efficient solutions to our
clients."
MI 61-101 Related Party Transaction
Bitnine Holdings, Inc is a related party of AGEDB holding
19,500,000 shares of AGEDB representing 46.1% of the outstanding
shares. AGEDB independent directors reviewed and approved the
patent acquisitions as favourable to AGEDB compared to patent
licensing and royalty payments. AGEDB is relying upon the Fair
Market Value not more than 25% of Market Capitalization (s. 5.5 (a)
and s. 5.7 (a)) and Issuer Not Listed on Specified Markets (s. 5.5
(b)) exemptions from the formal valuation and minority approval
requirements of MI 61-101 Protection of Minority Security Holders
in Special Transactions.
Completion of the acquisition of the patents is subject to TSX
Venture Exchange acceptance.
About AGEDB Technology Ltd.:
AGEDB Technology Ltd. (TSXV: AGEDB) is a leading provider of
enterprise database solutions based in Toronto, Ontario. The company specializes in
advanced database technologies, including graph databases and data
processing systems, offering robust solutions to clients
worldwide.
Forward Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of words such as "expect", "anticipate",
"intend", "aim", "estimate", "objective", "ongoing", "may", "will",
"project", "should", "believe", "plans", "intends'' and similar
expressions are intended to identify forward-looking information or
statements. The forward-looking statements and information are
based on expectations and assumptions made by the Company. Although
the Company believes that the expectations and assumptions on which
such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because the Company can
give no assurance that they will prove to be correct.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. Numerous factors could materially affect such
forward-looking information including, changes in economic
conditions, industry trends, or the competitive landscape; rapid
advancements in technology; shifts in customer needs and
preferences; issues related to software development, system
integration, project delays, or failures in delivering high-quality
products can impact business performance; fluctuations in foreign
exchange rates and overall financial market conditions;
competition; intellectual property risks protecting intellectual
property, defending against infringement claims; the ability to
attract, retain, and motivate qualified personnel; availability of
qualified software engineers, software developments, pace of
technological change, impact of artificial intelligence (AI)
programs and software and state of the Company's financial
resources, among others.
Readers are cautioned that the foregoing list of factors is not
exhaustive. The forward-looking statements included in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements and information contained in this news
release are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
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 news release.
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SOURCE AGEDB Technology Ltd.