NELI TO BECOME FIRST CUSTOMER OF NEW AI UNDERWRITING RISK
PRODUCT ON COMPLETION OF DEVELOPMENT AND TESTING
TORONTO, ON / ACCESSWIRE / November 16, 2020 / DigiCrypts Blockchain Solutions Inc. o/a DIGIMAX GLOBAL SOLUTIONS (the "Company" or "DigiMax") (CSE:DIGI) is pleased to announce that on November 13, 2020 it has signed a Definitive Letter of Intent (the "LOI") with NELI International Incorporated ("NELI") to acquire, by way of private sale as described in Section 9.610 of the Uniform Commercial Code as in effect in the State of Texas, substantially all of the assets of Darwin Ecosystem, based in Texas, USA. See https://darwinecosystem.com/
NELI is an asset-based lender operating in both Canada and the United States of America. It offers a range of secured financing solutions including providing financing to technology partners.
This acquisition will accelerate the market introduction of both the Venture Capital application announced October 19, 2020 and the Cryptocurrency Trading application announced November 5, 2020. The technology will also advance development in other sectors that DataNavee, a wholly owned subsidiary of DigiMax, is involved in that have not yet been announced.
Darwin has developed Artificial Intelligence applications in several sectors that are closely aligned to DigiMax-DataNavee including crypto trading technology and AI based personality/candidate analysis technology. Darwin has also developed several Internet of Things (IoT) applications that assist users to send and receive critical data automatically.
The assets being acquired include substantially all intellectual property, pending patents, software and hardware applications, and ownership of all related domains and social media accounts.
NELI and DataNavee are also pleased to announce participation and cooperation in customizing DataNavee's AI-based based sales prediction software for the purposes of helping identify risk in underwriting corporate lending platforms and managing ongoing client relationships. As one of North Americas leading alternative business funding providers, NELI's domain expertise will be extremely valuable in assisting DataNavee in the development of the underwriting product. It is expected that the product will be launched in the first quarter of 2021 with NELI, on completion of successful development and testing, agreeing to become the first paying customer.
"The technology we are acquiring through NELI complements the products already being prepared for market by DataNavee," says DigiMax CEO, Chris Carl. "We are excited to work with NELI as a domain expert for a product that is expected to have a global appetite for all lenders to SME's."
"We believe in the future of AI and similar technology to assist companies such as ours in the making of better credit and underwriting decisions and assisting with ongoing monitoring of clients in a growingly complex lending environment," said NELI director, Sol Roter. "As a leader in this industry and lender to SME's, we are excited about the potential for innovation that our new relationship with DigiMax brings which is a further step that builds on the Darwin AI technology. Once completed, we expect the new resultant technologies and applications to be beneficial for us and other companies such as ours."
The LOI includes NELI receiving 5,000,000 shares of DigiMax and a 2-year warrant of 5,000,000 shares exercisable at 6 cents. The shares will be held in escrow and released 25% at closing, and 25% every 4 months thereafter. The closing is expected to be completed before November 30, 2020.
DigiMax is based in Toronto and is the first company in the Digital Security space to be both publicly listed (listed on the Canadian Securities Exchange-symbol: DIGI) and own a registered Dealer. Canada, DigiMax Capital Corp is an 'Exempt Market Dealer registered in Ontario.
The Company has a highly qualified management team with extensive experience in global financial and capital markets, combined with a rapidly expanding global presence through collaborative partnerships in the USA, Hong Kong, Indonesia, Malaysia, England, Singapore, Korea and Malta.
President & CEO
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SOURCE: DigiMax Global Solutions