Toronto, Ontario--(Newsfile Corp. - June 3, 2021) - SoLVBL Solutions Inc. (CSE: SOLV) ("SoLVBL" or the "Company"), an innovative cybersecurity company that provides proprietary SaaS based data authentication, is pleased to announce that it has agreed to the terms of a technology licensing and software development agreement with New Foundation Technologies Corp. ("New Foundation"). The Agreement comes with an advance six figure payment from New Foundation to SoLVBL. The licensed patent-pending technology, known as Q by SoLVBLTM, will be utilized as a tool for creating immutable and verifiable non-fungible tokens ("NFTs") utilizing advanced cryptography for product authentication.
Further to a request for proposal ("RFP") from New Foundation and the subsequent announcement on May 13, 2021 of the selection of SoLVBL by New Foundation to provide the technical solution to creating NFTs, the parties entered into negotiations as to the terms of the definitive agreement. Today's announcement is the culmination of the discussions and negotiations between the parties.
"We are pleased that New Foundation has chosen to license Q by SoLVBLTM, our flagship product, for its NFT products and has entrusted our Company to develop its NFT products". In addition, Q by SoLVBLTM can be deployed as either a cloud-based, on premise, or hybrid solution." said Raymond Pomroy, CEO of SoLVBL. This is the first revenue generating agreement for SoLVBL, with work slated to commence with New Foundation later this year. To ensure that New Foundation secured this deal with SoLVBL, it has advanced a six-figure payment to SoLVBL. Raymond Pomroy further noted, "this is an exciting development for SoLVBL. We have been keenly targeting the financial and governmental sectors for our technology, and this new segment that we have not looked in to, demonstrates to us, and to the larger entities we are currently speaking with, that this technology is a potential game changer and now verified by an external company and now a client."
Vicky Arora, New Foundation's Director of Licensing, said, "The impact of the collaboration between New Foundation and SoLVBL and the utilization of SoLVBL's intellectual property is often best realized when it is brought to market by technological leaders like SoLVBL. Not only does technology licensing support our growth plans, but it allows our customers in the U.S.; Europe and our new Asian markets, the opportunity to produce NFT products supported by this technology. One of the big reasons we chose Q by SoLVBLTM during the RFP process was that it has the ability to create immutable and verifiable elements of NFTs, at incredible speeds and scalability and can be viewed as a powerful tool for items such as NFTs so as to provide them to the market confidently, effectively and efficiently."
About New Foundation Technologies Corp.
New Foundation is a USA based technology investment company with offices in Los Angeles, USA and its European office in London, U.K. New Foundation's mission-driven teams are dedicated to creating non-fungible tokens (NFT) for arts, digital arts, gaming, real estate, sports, fashion, and media & entertainment. Through its global partnerships, the company works across various geographic and cultural sectors.
For more information, please visit nftech.info.
About SoLVBL Solutions Inc.
SoLVBL is an innovative cybersecurity company. The Company's mission is to empower, better, faster decisions by developing a universal standard for establishing digital record authenticity. The lead product Q by SoLVBL™, is a proprietary software of the Company, designed to be easy to use and adopt, economically priced and provide digital record authentication at an unprecedented speed. Q by SoLVBL™ allows organizations to establish trust in their data. The Company is currently pursuing the following verticals: chain of custody for digital evidence; including, NG-911, data used in the financial sector, medical applications and critical IoT infrastructures.
For more information, please visit SoLVBL.com
For further information, please contact:
SoLVBL Solutions Inc.
15 Toronto Street, Suite 602
Toronto, Ontario, M5C2E3
The CSE has neither approved nor disapproved the contents of this press release.
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