CurrencyWorks Selected by INVI to Build its Energy Management Blockchain
12/09/2020 | 09:15am EDT
Los Angeles, Dec. 09, 2020 (GLOBE NEWSWIRE) -- CurrencyWorks Inc. (“CurrencyWorks” or the “Company”) (TSXV and OTCQB: CWRK), a publicly-traded company that builds and operates FinTech platforms for Digital Currencies, Security Tokens and Digital Assets announced it has been selected by INVI to build and manage its energy management blockchain.
INVI is a an optimized multi-source energy generator providing the next generation of renewable energy by creating energy harvesting systems making use of various energy sources to power sensors and other products worldwide. INVI uses three main pillars to harvest electricity: vibrations, resonance and oscillation.
The blockchain platform that CurrencyWorks is building will provide the ability to track and audit energy usage of IoT devices and exchange relevant information via smart contracts with the eventual means of IoT devices being able to operate with their own automated digital currencies.
Technological innovations and increasing demands for connectivity have led to 30B connected devices today and 75B expected by 2025. The global IoT market is estimated to reach $11.1 trillion per year by 2025. (McKinsey)
Under the terms of the agreement the initial contract value is up to US$500,000.
“INVI has made amazing strides in harvesting ambient energy.” said Bruce Elliott, CurrencyWorks President. “The team at CurrencyWorks is excited to help drive innovation on the blockchain via smart contracts and eventually automated digital currencies.”
“As demand for renewable energy grows the INVI technology will help realize the goal of global energy sustainability,” said Patricia Trompeter, INVI COO. “An important part of this will be increased efficiencies in enabling the tracking and audit of IOT energy usage and data on the blockchain.”
CurrencyWorks Inc. (TSX: CWRK and OTCQB: CWRK) is a publicly-traded company that builds and operates FinTech platforms for Digital Currencies, Security Tokens and Digital Assets that reduce costs, increase transactions plus liquidity and drive user engagement.
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 technological innovations and increasing demands for connectivity are expected to increase connected devices to 75B by 2025 and the global IoT market is estimated to reach $11.1 trillion per year by 2025; that the initial contract value is US$234,000.00 and up to US$2M and this also includes possible multi-year operational support; that the team at CurrencyWorks is excited to help drive innovation on the blockchain via smart contracts and eventually automated digital currencies; and that the INVI technology will help realize the goal of global energy sustainability and an important part of this will be increased efficiencies in enabling the tracking and audit of IOT energy usage and data on the blockchain.
The material assumptions supporting these forward-looking statements include, among others, that there will be no material variations in current regulatory environments in which the Company or INVI 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.