Interbittm Provides Project and Patent Strategy Update
INTERBITTM PROVIDES PROJECT AND PATENT STRATEGY UPDATE
For Immediate Release
Canada / London, UK April 25, 2019
INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) provides the following update on its
corporate workforce re-focus, the product development of InterbitTM, its technology platform, and
the Company’s patenting strategy. The Company began development of its third generation multi-
chain Interbit TM platform to overcome the limitations of the single blockchain platforms it
experienced in earlier pilot projects and has in development a Version 2 and a Version 3 of the
InterbitTM platform.
Since closing its principal Canadian office in December 2018, the Company has directed all
programming activity to a team of third party developers and engineers based in Eastern Europe.
In addition to the pure programming being carried out by those developers, this redirection of
resources has permitted testing of the Company’s founding strategy technologies to commence
(especially facilitating data transfer between blockchains (“Chain Joining”)), and the plan is for
all features outlined in the Company’s six provisional patent applications to be tested.
Due to the product advances and challenges that Interbit has undergone since January of this
year, the Company has now decided to focus exclusively on the development of Version 2 with
an emphasis on its Hypervisor architecture and associated construction due to the increased
interest in blockchain-enabled virtualization. Initially the Company believed the first quarter and
half of the year would be directed towards advancing Version 2 and the megachain capability
targeted for Version 3 of the InterbitTM platform. However, it now believes immediate commercial
focus should be on further development and completion of Version 2 such that it can be offered
to the market, as well as advancing all patents. Additional work on Version 3 will therefore be
postponed.
“In order to achieve the level of performance required of a virtualization technology for the
InterbitTM blockchain platform it is necessary to maintain an absolute focus on advancing key
performance metrics”, stated Scott Maxwell, COO of the Company. “In order to do this,
functionality of Version 2 of the Interbit TM platform is to be subjected to testing in the lab
environment we now have, with Version 3 of the Interbit TM platform and megachain following in
due course. This marks a long overdue shift to a pure software performance focus, which linked
with the programming and testing workforce in place, should also lead to monthly expenditures
being more efficient and more frequent updates to shareholders on the status of the Interbit TM
platform.”
Patent Filings
The Company has prepared and filed 6 provisional patent applications for its Interbit TM platform
over the last 18 months. The first two patent applications, which were filed in October 2017, were
directed at Chain Joining and blockchain virtualization (“Hypervisor”). Subsequently, in April
2018, the Company filed three additional patent applications directed at: (i) storing a large, binary
TM
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object in conjunction with a blockchain, (ii) hosting a new blockchain using an existing blockchain
node, and (iii) performing an action requested by a blockchain.
In September 2018 the Company filed an additional patent application directed at performing
hyperconvergence using blockchains (“Hyperconvergence”), which leverages the technology
described in the Company’s Chain Joining and Hypervisor applications. The Hyperconvergence
application reflects the strategic importance of leveraging blockchain virtualization to the
Company. The shift towards virtualization generally started roughly 20 years ago with server and
network virtualization, and the Company believes this trend will continue with large scale
virtualization of blockchains in a multi-chain software architecture.
In October 2018, the Company filed two international Patent Cooperation Treaty (“ PCT”)
applications for Chain Joining and the Hypervisor, respectively. The Company filed three
additional PCT applications in April 2019 based on the provisional patent applications filed in April
2018 and intends to shortly file a PCT application for Hyperconvergence. The Company has
received initial patentability opinions for the Chain Joining and Hypervisor PCT applications, and
expects to receive initial patentability opinions for the remaining three PCT applications within 4
months. The Company will review those opinions as it formulates and executes on its patent
strategy with national filings in targeted markets in North America, Europe, and Asia.
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: +1 855 256 5246
Email: [email protected]
Website: www.interbit.io
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release are forward-looking statements, which include 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 InterbitTM platform (whether that be Version
2 and/or Version 3)), 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,
2017 available at www.sedar.com, many of which are beyond the control of the Company.
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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.