Interbittm Provides Patent and Strategic Review Update
INTERBITTM PROVIDES PATENT AND STRATEGIC REVIEW UPDATE
Canada / London, UK January 9, 2020
INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) is pleased to announce that it has filed
national phase applications in China for all six of its Patent Cooperation Treaty applications (see
the Company’s November 29, 2019 press release), the first step in the patent process in China.
Substantive examination requests have been made for all such filings.
The Company believes that pursuing patent protection in China for the technologies it is seeking
to develop is a crucial part of its patent strategy moving forward, as the focus of the intellectual
property world increasingly shifts towards Asia, with China’s State Intellectual Property Office
(SIPO) receiving a record 1.54 million patent applications in 2018, or nearly half the global total1.
Furthermore, seeking patent protection in China for our technologies seems ever more important
since Chinese leader Xi Jinping called for an acceleration of blockchain development in China at
a Politburo study session in October.
The next step in the process will be official confirmation from the Examination Department of SIPO
in China of receipt of our applications, after which examiners in that department will conduct a
preliminary examination of each of our patent applications.
In addition, in the United States, the Company has filed expedited examination requests for its
Hypervisor, Hyperconvergence and Payload Layer applications. As previously announced, the
Company has already filed an expedited examination request in the United States for its
Chainception patent application, and expects initial feedback in early 2020.
STRATEGIC REVIEW
The Company continues to work with Xinova, LLC on a review and audit regarding the
functionality and development of the Interbit TM platform. In conjunction with this, the Board is
reviewing all strategic options and expects to provide an update to shareholders in Q1 2020.
The Company is also in the process of winding up all UK subsidiaries, given the departure of UK
based employees.
ABOUT THE COMPANY
The Company owns and is developing proprietary technologies and is listed on the TSX Venture
Exchange.
1 https://fortune.com/longform/asia-patents-china-us/
TM
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For further information please contact:
Brian Hinchcliffe, CEO
Phone: +1-914-815-2773
Email: [email protected]
Website: www.interbit.io
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release are forward-looking statements, which include, 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.