REPEAT - Interbit™ Provides an Update on CitizenOS Project With Xinova, LLC and Helix Applications Inc.
22 Julho 2019 - 10:25AM
INTERBIT LTD. (TSX Venture: IBIT) (the
“
Company”) is pleased to provide an update with
regards to the CitizenOS Project, which is a smart cities
initiative it joined with Xinova, LLC (“
Xinova”)
and Helix Applications Inc. (“
Helix”). As
described in the Company’s November 29, 2018 press release
announcing it had joined the CitizenOS venture (the
“
Venture”), the InterbitTM platform is expected to
serve as the software platform upon which the CitizenOS Project
will provide new infrastructure and the latest Interbit of Things
(IoT) technology solutions to cities and state groups in a citizen
privacy friendly manner.
The Venture has entered into a letter of intent
with Tomo Spaces Inc. (“Tomo”), developer of River
Market, located in New Westminster, British Columbia, regarding
collaboration in a pilot project involving data analysis and the
latest sensor technology. This project represents a
particularly exciting opportunity for the CitizenOS Project and
represents the first customer for the Venture. Launch of this
project is subject to execution of more definitive documentation
between the Venture and Tomo, which the parties are currently
working towards.
“Our team is excited to work with CitizenOS,”
says Mark Shieh, Director of Tomo. “These new tools will enable us
to see in depth how people use River Market as a community hub.
This new way of understanding social interactions will help us
cultivate more vibrant places.”
“As we develop the technical solutions that will
deploy the CitizenOS Project at large scale, it is important to
demonstrate value and operating principles in a more managed
smaller environment first,” said Chal Davidson, Venture Manager for
Xinova. “Partnering with Tomo in respect to its River Market will
be a wonderful opportunity for us. River Market is a microcosm of a
city and provides a controlled environment for our technology as we
learn to help cities understand how communities develop and make
better decisions with their citizens.”
Scott Maxwell, COO of the Company added,
“Projects, such as the one proposed with Tomo, will allow the
Company to receive the feedback and performance metrics it requires
to advance its development of the InterbitTM platform.”
The Venture also has ongoing discussions with a
number of other groups and cities in Asia, Europe and the United
States.
ABOUT RIVER MARKET
Located in the heart of New Westminster, River
Market offers more than 70,000 square feet of shopping, eating and
playing, all right next to the mighty Fraser River. Since 1892, New
Westminster has had a bustling market along the riverfront. First
opened in 1985 as Westminster Quay Public Market, this marketplace
pioneered a food-led revitalization to become a hub for community
life. Today, it showcases 25 of British Columbia’s best independent
restaurants, shops, and schools all under one roof.
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, CEOPhone:
+1-778-834-8417Email: investor@interbit.ioWebsite:
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, the timing,
negotiation and execution of more definitive documentation between
the Venture and Tomo, the launch of the pilot project with Tomo at
its River Market facility, 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.
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