CurrencyWorks, Odyssey Trust and the Canadian Securities Exchange (CSE) Announce a Security Token Reporting System
12/16/2020 | 09:15am EDT
Toronto, Ontario and Los Angeles CA, Dec. 16, 2020 (GLOBE NEWSWIRE) -- CurrencyWorks Inc. (“CWRK” or “CurrencyWorks”) (TSXV and OTCQB: CWRK), builds and operates FinTech Platforms as a Service for digital currencies, security tokens and digital assets, today announced the development of a security token reporting system that can be immediately deployed to drive value for public issuers. The blockchain platform has been developed through a partnership between CurrencyWorks, the Canadian Securities Exchange (the “CSE”) and Odyssey Trust Company (“Odyssey Trust”).
A unique security token can be associated with each issuer on the CSE that opts into the platform, enabling Odyssey Trust to provide issuers with deeper reporting information and enhanced transfer agent services. The blockchain reporting system will run parallel to the existing clearing and settlement services for CSE issuers.
CurrencyWorks will provide various integration services, as well as Testnet and smart contract platforms. These will be used to test and validate the process of issuing security tokens.
Cameron Chell, Chairman of CurrencyWorks, stated: “Security tokens are gaining increasing acceptance in jurisdictions around the world, providing issuers and investors with an innovative way to create value and liquidity. We are pleased to partner with Odyssey Trust and the CSE to launch this system.”
Bruce Elliott, President of CurrencyWorks, said: "This exciting announcement highlights the tremendous value inherent in security tokens. We see security token offerings as an ideal vehicle for resource companies seeking to raise capital by utilizing their reserves, or future sales, without diluting their current equity. They should also be appealing to companies in the pharmaceutical and technology industries as well as any company with a recurring revenue model.”
Richard Carleton, CEO of the CSE, said: “The CSE is committed to leading international exchange markets in the listing and trading of regulated security tokens, and we are pleased to be collaborating with CurrencyWorks and Odyssey Trust to support the infrastructure enabling security token offerings in Canada. We have seen tremendous interest in security tokens among both existing and potential CSE issuers.”
Jenna Kaye, CEO of Odyssey Trust, added: “We believe this innovative platform is capable of delivering improved liquidity, greater market access, and long-term efficiencies.”
The Canadian Securities Exchange is a rapidly growing stock exchange focused on working with entrepreneurs to access the public capital markets in Canada and internationally. The Exchange’s efficient operating model, advanced technology, and low fee structure help companies of all sizes minimize their cost of capital and maximize access to liquidity.
The CSE fosters positive working relationships with issuers, providing superior responsiveness to their specific needs. It offers investors in Canada and abroad access to a multi-sector stable of growth companies through a liquid, reliable, and highly regulated trading platform. The Exchange strongly supports entrepreneurship and has established itself as a leading hub for discourse in the entrepreneurial community. For more information please visit: www.thecse.com
About Odyssey Trust
Odyssey Trust is a full-service transfer agent and trust company with offices in Vancouver and Calgary, and co-agent offices in Toronto, Ontario and Denver, Colorado. Odyssey has over 400 clients and has managed complex trust transactions in excess of $3 billion. As an independent trust company, we deliver personal, customized solutions for our clients, backed by one of the most experienced teams in the business. For more information please visit: www.odysseytrust.com.
Disclaimer for Forward-Looking Statements
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things,: that CurrencyWorks sees security token offerings as an ideal vehicle for resource companies seeking to raise capital by utilizing their reserves, or future sales, without diluting their current equity and they should also be appealing to companies in the mining, pharmaceutical and technology industries as well as any company with a recurring revenue model; and the belief that the platform is capable of delivering improved liquidity, greater market access, and long-term efficiencies.
The material assumptions supporting these forward-looking statements include, among others, that there will be no material variations in current regulatory environments in which CurrencyWorks Inc. (the “Company”), CSE or Odyssey Trust operates; the perceived benefits from the Company’s blockchain solutions will be as expected; and the Company will be able to obtain any necessary financing on acceptable terms. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company will be unable to efficiently build the blockchain solutions; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the blockchain solutions; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs as a result of working on the blockchian solutions; the risk that the blockchain solutions may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the blockchain solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain solutions; and other general risks involved in the blockchain solutions.
Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Neither 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 release.