Nubeva Announces Future Token Offering

Nubeva Technologies (TSXV:NBVA) announced that its board of directors have determined to proceed with the completion of an initial token offering under the laws of Singapore subject to receiving the approval of TSX Venture Exchange.

As quoted in the press release:

The Token Offering will be undertaken in order to develop a best-of-breed cloud-based security network using Nubeva’s Blockchain Routing IP platform to enable a broad consumer base to purchase these cloud-based security services (the “Token Network“).  The establishment of the Token Network will be an extension by Nubeva of its cloud-based security services to a broader customer base that Nubeva believes are presently unable to access cloud-based security services due to cost.  The Token Offering will be undertaken by a Singapore entity that Nubeva has incorporated to establish the Token Network and issue the Tokens (the “Token Issuer“).

As an initial step in the Token Offering, the Token Issuer plans to complete an initial offering (the “Initial Pre-Sale“) of rights to receive future tokens (the “Future Token Interests“).  The objective of the initial sale of Future Token Interests will be to raise approximately US$3.0 million.  The proceeds of this Initial Pre-Sale will be used to fund costs associated with the Token Offering and to enable the Token Issuer to purchase from Nubeva a limited purpose open source license for its Blockchain Routing IP software in connection with the development of the Token Network.  If completed and if the Token Offering Proceeds, the Future Token Interests will automatically convert into Tokens for no additional consideration upon the launch of the Token Network.

Nubeva also contemplates that a second pre-sale of future token interests will be completed in advance of the Token Offering.  The objective of the Second Pre-Sale will be to raise funds to provide for development of the Token Network.  All development of the Token Network will be completed under service agreements under which Nubeva would be paid fees in exchange for the completion of the development work.

Completion of the Initial Pre-Sale, the Second Pre-Sale and the Token Offering will each be subject to the approval of the TSX Venture Exchange.  In addition, the ability of Nubeva to proceed will be conditional upon being able to ensure compliance with applicable laws, including applicable securities laws of the United States and Canada.  There is no assurance that these conditions will be satisfied.  In addition, there is no assurance that any of the planned offerings will be successful in raising any funds to complete the development of the Token Network.

Nubeva’s Chief Executive Officer, Randy Chou, said, “We are extremely excited to be at the forefront of this technology. If successful, the establishment of the Token Network will enable us to expand our base technology to deliver best-of-breed cloud-based security for a wider customer set, which is something we have always intended to do.  We believe the launch of the tokens has the potential to open up a significant market for Nubeva and accelerate our growth outside North America.”

No Future Token Interests or Tokens may be sold or issued, directly or indirectly, to any United States person (as defined by Section 7701(a)(30) of the Code), or any resident of the United States or Canada. In addition, any Future Token Interests or Tokens that may be issued may not may be sold, held or transferred to any person who is resident of the United States or Canada at any time in the future, or at all.  None of the Future Token Interests or Tokens have been or will be registered under the United States Securities Act of 1933, as amended, or qualified by a prospectus filed with securities regulatory authorities in Canada. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction where such offer or sale is prohibited or unlawful.

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