Company Name: NCX AU
Announcement Date: 12/03/2018
Announcement Category: Contract/Partnership
Announcement Content:
Highlights
• Ookami signs strategic collaboration and development agreement with digital asset exchange National Currency eXchange (NCX)
• NCX will assist Ookami develop a software architecture and business analysis scope for the Akela securities investment platform to integrate digital asset payment solutions
• NCX to provide development services for the further development of the Akela platform
• Ookami has received commitments to raise $500,000 from strategic investors
Ookami Limited (ASX:OOK) (“OOK” or the Company”) has entered into a strategic collaboration and development agreement with digital asset exchange National Currency eXchange (NCX) (“Agreement”), which supersedes and extends the Collaboration Agreement between the parties (refer ASX announcement dated 13 February 2018).
Under the earlier agreement OOK and NCX were to collaborate and share the intellectual property of their respective technologies, with a view to developing a “preferred” client model allowing members to seamlessly utilise technology and product offerings within the Ookami ecosystem.
During the formative stages of the Collaboration Agreement both parties identified synergistic benefits in sharing their respective technologies, resources and know-how much further than originally contemplated. As a result, the new agreement was entered into which enabled them to advance these opportunities.
Commenting on the agreement with NCX, Ookami Non-Executive Chairman, Mr Faldi Ismail, said, “the parties have identified synergistic benefits in sharing their respective technologies, resources and know how, and consider this a ‘first step’ towards developing a stronger strategic relationship.”
“We are both committed to collaborating on other digital asset projects with the intention of working together on a preferred supplier basis.”
The key deliverables of the Agreement are:
• Payment Gateway: NCX will assist the Company to develop a software architecture and business analysis scope for the Payment Gateway, to be done within 3 months, and
• Development Services: separate to the Payment Gateway, NCX will provide development services to OOK for the further development of its intellectual property, including the Akela Platform and related project management services, for a period of 12 months.
Payment Gateway
As noted in the Company’s 13 February 2018 announcement, the parties have been exploring the development of an investment platform which envisages that once fully verified, clients will have access to a “digital wallet” allowing Akela to be the first securities investment platform to integrate digital asset payment solutions for use in traditional equity offerings (“Payment Gateway”).
Under the Agreement, NCX will assist the Company to develop a software architecture and business analysis scope for the Payment Gateway via a blockchain methodology, after which time the parties intend to collaborate on a jointly funded project to develop the Payment Gateway.
“With regulators around the world actively and rapidly considering and adopting new rules, laws and governance for companies and service providers involved in all aspects of the blockchain and digital asset marketplaces and offerings, Ookami is seeking to position itself as a leader in paving the way towards regulatory acceptance and endorsement of its robust KYC, AML and disclosure practices, through its proprietary technology platform Akela and its partnerships and investments in Brontech and NCX,” Mr Ismail added.
Consideration
The Company will pay NCX A$100,000 cash and issue 5,000,000 shares within 7 days of the Agreement.
Subject to the completion of the Payment Gateway software architecture and business analysis scope within 3 months, the Company will issue NCX a further 5,000,000 shares.
Investment in NCX
To strengthen the strategic relationship between the parties and to further align their interests, the Company has subscribed for US$200,000 worth of participating shares in NCX under NCX’s “Seed B” capital raising.
In addition, NCX has agreed to provide the Company with a 30 day option (the exercise of which is subject to any necessary regulatory or shareholder approvals) to subscribe for an additional US$1,000,000 worth of participating shares in NCX under NCX’s “Series A” capital raising.
Capital Raising
The Company is pleased to advise that it has received firm commitments from unrelated sophisticated and professional investors to raise $500,000 (before costs) through the issue of 11,111,111 fully paid ordinary shares (Shares) at an issue price of $0.045 per Share (Placement).
The Placement will be conducted without shareholder approval under the Company’s existing 15% placement capacity under ASX Listing Rule 7.1. Funds raised from the Placement will be used for general working capital purposes.
The Company has engaged Otsana Capital as lead manager for the Placement. Settlement of the Placement is currently scheduled to take place on or around 15 March 2018.
Outlook
As per the Company’s diversified investment and acquisition growth strategy outlined in its listing prospectus released on ASX in November 2015, the Directors of Ookami continue to consider technologies and solutions deemed complementary to the Ookami ecosystem, and are continuing to explore such opportunities brought about via their deep industry connections and are currently evaluating a number of additional complementary business acquisitions that may have the potential to create additional shareholder value. The Board considers the strengthening of the strategic relationship with NCX through the Agreement announced today as an important step in the development of its strategy. Further information on the Company’s growth strategy can be found in the latest investor presentation released on ASX today.
It is management’s view that blockchain technologies and the adoption of cryptocurrencies will continue
to become more mainstream as Governments, Tier 1 Companies and Regulators (such as the ASX’s
decision to move to a blockchain settlements solution) adopt the technology.
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For further information, please contact:
Corporate Advisors
Otsana Capital
108 Outram Street
West Perth WA 6005
Telephone: +61 8 9486 7244
www.otsana.com
National Currency eXchange (NCX)
NCX's vision is to be the worlds trusted digital asset exchange addressing many of the problems and risks evident in existing digital asset exchanges. NCX aims to promote a trusted, secure and robust digital asset exchange solution following “bank-like” checks and processes, adhering to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, including verification of customer ID prior to trading, whilst also providing exceptional customer service and user experience.
NCX's expertise lies in its ability to rapidly and securely utilise cutting edge technology development and infrastructure to greatly improve the current digital asset currency technology platform to add new features, rollout rapidly in multiple countries and maintain a secure and scalable operation.
NCX aims to operate a series of locally based crypto-currency exchange solutions in various jurisdictions commencing with Australia, Singapore and Hong Kong. Following the successful initial launch, NCX is poised to continue its global roll-out of locally based crypto-currency exchange solutions in Malaysia, Croatia and elsewhere.
About Brontech
Brontech is Sydney based company that is pioneering a blockchain backed platform for data exchange and identity management. The company is also building complementary proprietary applications to extract data from various sources and pack them into anonymized data products that are sold to corporations and SMEs as insights and research tools. In its diverse data product offering is also included the MyBron API that enables individuals and companies to exchange verified information in a Peer-to-Peer manner where the data is verified through the company’s proprietary identity verification protocol that pulls data from diverse set of sources.
Individuals and entities can find more information on Brontech’s products at www.bron.tech
About Akela
Akela’s proprietary financial services software and transaction management platform provides Australian Financial Services Licence (AFSL) holders a streamlined total management solution to capital raisings and distribution of public and private offerings. Akela is a unique ‘Service Platform’ with Peer-to-Peer (P2P) community, Business-to-Business (B2B), KYC) and compliance and data collection & analytics capabilities.
Individuals and entities can continue to register on the platform and gain access to current and future offerings at www.akela.vc
About Akela Mobile App
iOS and Android users have access to the Akela Platform mobile app via the App Store and Google Play. The app will be initially free for all users, but will require a membership with the Akela Platform to use. Once logged into the app, investors will be linked with their account. Your investment progress will be linked across any device that you log in from. The mobile app is another tool that the Akela Platform provides to give you the best investment experience on the web.
Announcement URL: https://www.asx.com.au/asxpdf/20180312/pdf/43sbxjl7ckgwgp.pdf
About NCX AU:
TRADE BITCOIN & ETHEREUM ONLINE USING A LOCALLY CONTROLLED EXCHANGE
Go to Company Profile for: NCX AU
Announcement Contact: [email protected]
