Tickers: XTSX:LTX
Tags: Oil & Gas, Media, Technology
Calgary, Alberta / TheNewswire / March 22, 2018 - Labrador Technologies Inc. ("Labrador" or the "Corporation") (TSXV: "LTX") announces that it plans to proceed with an Initial Token Offering ("ITO"), subject to receipt of applicable regulatory approvals, with the assistance of its strategic partner, Bacancy Technology ("Bacancy"). ITO participants will receive utility tokens that will provide users with access to products and/or services. This ITO will utilize the proprietary map-based financial reporting and visualization software designed by Labrador.
The project is centred on the cannabis business vertical, displayed in "mock-up" as cannaTriever on the www.welltriever.com website since April 2017. "I am very impressed to see how compatible the current Labrador software is to a decentralized cannabis blockchain project," says Daniel Westby, Founder of Bitminers Canada. "Software of this magnitude takes years to develop and a lot of upfront capital - having it already functioning for years and so easily adaptable to the vision of Ron's new project makes me excited to see this come to life!"
In early 2016, Labrador announced its intention to move beyond the Oil & Gas sector with its generic, map-based visualization software and identified the cannabis sector as a compelling opportunity. Initially, cannabis Licenced Producers will be the focus. Bacancy will develop the proprietary cannabis database and provide critical blockchain and smart contract expertise in this enterprise.
About Labrador Technologies
Labrador Technologies is a Calgary, Alberta based software development firm providing map-based solutions for industries seeking a visual interpretation of financial reporting.
For more information contact:
Kelby Price
T: 403-613-2511
E: info@labradortechnologies.com
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and Cautionary Statements
This news release contains forward-looking statements relating to successful formation, financing and regulatory approval of an ITO. These forward-looking statements may include opinions, assumptions, estimates and management's assessment of future plans and operations. Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "should," "plan," and similar expressions suggesting future outcomes, and include statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. The forward-looking statements are based on various assumptions including expectations regarding the nature and successful completion of an ITO; the ability to obtain regulatory approvals (including stock exchange approvals, as applicable) to complete an ITO; market for the tokens and underlying products and/or services; negotiation of agreements with Bacancy and other partners on favourable terms; timing and terms of legalization and provincial regulation of the cannabis industry; adaptability of our technology to meet cannabis industry-specific needs; the outlook for the cannabis industry in general; estimated amounts and timing of capital expenditures; assumptions concerning the timing of regulatory approvals; the state of the economy; results of operations; business prospects and opportunities; future exchange and interest rates; the Corporation's ability to obtain personnel in a timely manner to carry out the ITO and related activities; and the ability of the Corporation to access capital and credit. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: inability to obtain regulatory approval (including stock exchange approvals, as applicable) to complete an ITO; inability to obtain regulatory approval that would permit secondary trading of tokens issued pursuant to an ITO; risks associated with regulation of the cannabis industry in Canada and globally; loss of markets; price volatility; quality and utility of data; competition; inability to negotiate acceptable terms with current and future lenders and/or equity providers; inability to obtain requisite approvals of various stakeholders; inability to retain services; incorrect assessment of the value of and/or failure to realize the anticipated benefits of acquisitions or partnerships; general economic conditions; delays resulting from inability to satisfy various ITO closing conditions; failure to meet credit facility covenants, if any; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Labrador believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Labrador does not undertake any obligation to publicly update or revise any forward-looking statements.
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