(via TheNewswire)
Montreal - TheNewswire - January 31, 2020 - ZeU Crypto Networks, Inc. (CSE:ZEU) (CNSX:ZEU.CN)is pleased to announce that it has entered into a binding term sheet with Dalgo, Inc. a New York AI Specialist & Data Trading Exchange Developer, that establish the guidelines of a co-development, platform integration and licensed commercialisation of its new symmetric asynchronous generative encryption or SAGE, a ground-breaking post-quantum encryption algorithm.
Dalgo is a US private company that operates a data and algorithm secure exchange bridge allowing data custodians to interact with external algorithm vendors while ensuring privacy of both data and algorithms. Their suite of solutions is compliant with industry privacy regulations, such as GDPR, HIPAA (Healthcare), CCPA, while also shielding companies from the potentially destructive liability exposures resulting from misuse of sensitive data by AI providers.
The Company is led by John Purvis, a successful tech entrepreneur formerly senior vice president of global sales and marketing for services at Oracle Corporation. Throughout his career Mr. Purvis has led billions of dollars in sales of complex software in and around data management. Other core Dalgo executives involved in the join initiative are Patrick Poirier, Dalgo's CTO and Artificial Intelligence specialist and Dr. Prahlad Menon, Dalgo's Chief A.I. Officer.
The binding term sheet executed with Dalgo calls for the signature of a series of long form agreements within 45 days. Dalgo will be integrated in the stage 2 development of the MulaMail data trading platform and in the SaaS Patient HealthCare data auction module development. More importantly, Dalgo will integrate ZeU's encryption technology into its own suite of solutions and will allocate resources to allow the tech to participate in the 2020 cycle of the US Federal Procurement Process including but not limited, to the DoD Procurement Cycle.
ZeU will also subscribe to 10% of the outstanding common shares of Dalgo by issuing a CAD $300,000, 3-year, 10% Convertible debenture with a conversion floor price of CAD $1.00. The interests and capital can be repaid in shares at the discretion of ZeU. The securities issued will be under a regulatory hold period.
ZeU is currently exploring options to expand SAGE to a series of applications. The Company is presently testing SAGE for signature file authentication. It is also looking into using SAGE as a blockchain-distributed certificate authority. The company will continue its efforts to license the technology to integrators on a shared royalty model.
ON BEHALF OF THE BOARD OF DIRECTORS
"Frank Dumas"
Frank Dumas
President & CEO
About ZeU
ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art blockchain protocol, providing the foundation for the next-generation of crypto networks. Thanks to its high level of sophistication, ZeU's technology maximizes transparency, security and scalability as well as big data management. ZeU's strategy is to monetize blockchain transactions in diverse sectors such as payment, gaming, data, and healthcare.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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