Interbittm Provides Corporate Update Canada
INTERBITTM PROVIDES CORPORATE UPDATE
Canada / London, UK September 24, 2019
INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) announces that further to its strategy to
focus exclusively on the development of the InterbitTM platform (the “Platform”) and testing of its
performance, it has concluded that it is necessary to engage third parties to review and audit the
Platform code. During this time, the Company will seek to minimize additional development
expenses. The Company will be seeking assessments regarding Platform code and design and
improvements to its functionality, stability and performance such that the Platform could be
competitively deployed in a commercial scenario. To this end the Company will be seeking to take
advantage of the Service Agreement it currently has in place with Xinova, LLC (see the
Company’s July 11, 2019 press release) to obtain their expert guidance on these matters. While
such third party reviews take place, the Company will halt any further material development of the
Platform.
During this period of Platform review, the Company will also be taking the opportunity to review
and reassess its internal technical and operational capabilities, as well the markets in which it
seeks to operate.
Finally, as per the Company’s patent strategy (see the Company’s July 18, 2019 press release),
the Company has filed an expedited examination request for its “Chainception” patent application
in the United States. “Chainception” refers to the process of hosting a new blockchain using an
existing blockchain node. The Company expects initial feedback within the next 90 days.
ABOUT THE COMPANY
The Company is a technology platform provider listed on the TSX Venture Exchange and
operating from both Canada and the UK with offices in Calgary and London.
For further information please contact:
Dominic McCann, CEO
Phone: +1-778-834-8417
Email: [email protected]
Website: www.interbit.io
TM
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release are forward-looking statements, which include, the identification
of suitable third parties to review the InterbitTM platform, timing and receipt of adequate feedback
from third parties in respect of their review of the Interbit TM platform, further development of the
Company’s business relationships and business and the timing, development, launch and
success of the Company’s technologies and products (including, without limitation, successful
development and commercialization of the Interbit TM platform), timing of receipt of feedback in
respect of patent application examinations, successful receipt of patents in connection with the
Company’s patent applications, and other matters. Forward-looking statements consist of
statements that are not purely historical, including any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such information can generally be identified by
the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”,
“believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not
to place undue reliance on forward-looking statements, as there can be no assurance that the
plans, intentions or expectations upon which they are based will occur. By their nature, forward-
looking statements involve numerous assumptions, known and unknown risks and uncertainties,
both general and specific, that contribute to the possibility that the predictions, estimates,
forecasts, projections and other forward-looking statements will not occur. These assumptions,
risks and uncertainties include, among other things, the state of the economy in general and
capital markets in particular, the development of competitive technologies, the marketplace
acceptance of the Company’s technologies and products, as well as those risk factors discussed
or referred to in the Company's annual Management's Discussion and Analysis for the year ended
December 31, 2018 available at www.sedar.com, many of which are beyond the control of the
Company. Forward-looking statements contained in this press release are expressly qualified by
this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this
press release. Except as required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Additionally, the Company undertakes no obligation to
comment on the expectations of, or statements made by, third parties in respect of the matters
discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.