Liquid Avatar Launches Update Website to Introduce its SaaS Business Programs and Provides Update on Early Warrant Exercise and Incentive Share Program
Toronto, Canada – July 19, 2021 –Liquid Avatar Technologies Inc. (CSE:LQID / OTCQB:LQAVF / FRA:4T51) (“Liquid Avatar Technologies” or the “Company”), a global blockchain, digital identity, and fintech solutions company announces an update to its corporate website to better support the previous announcements of commencement of its US trading on the OTCQB, and its business to business (B2B) Software as a Service (SaaS) initiatives and its overall marketplace strategies as it starts to demonstrate its digital verifiable credentials solutions to support businesses in their efforts to create solutions that support a wide range of authentications based on identity, access and qualification.
Liquid Avatar Technologies has developed and has started testing its state-of-the-art digital identity tools and solutions. Underpinning all of these is the Liquid Avatar Verifiable Credentials Ecosystem (“LAVCE”) that can potentially easily, efficiently, and affordably meet the needs of the app industry, travel, education, entertainment and hospitality, government, the business community, healthcare institutions and organizations looking to replace outdated username and password initiatives as they adapt to a potential environment where identity, access and qualification are essential. The Company’s SaaS program will support a wide range of Apps and proprietary business applications, easily integrating with those existing platforms without an organization having to spend considerable resources on initiating blockchain technologies and supporting infrastructure.
As part of the LAVCE, the Company is also working on programs that will potentially streamline the verification process allowing wider and faster access to networks to increase efficiencies, especially important in larger venues.
“We have been very encouraged by the interest in our B2B, SaaS programs that support our client’s programs, both as Apps and as internal platforms to ensure that they can verify and validate their users,” said David Lucatch, CEO. “Our mission is to empower users to manage and control their digital identity and by supporting all facets of the industry to implement verifiable credentials program, we can make this process more streamlined and efficient and help both individuals and organizations potentially become more safe and secure in their use of identity, access and qualification data and credentials.”
With almost 20,000 downloads, the upcoming full rollout of the KABN Visa Card and over 600 vendors on board its KABN KASH program, the Liquid Avatar Mobile app leverages biometric and blockchain identification technology and is currently available to download from the Apple App Store and on Google Play with digital credentials and wallet testing underway. While still encouraging user growth, the Company is currently revamping some of its user interface tools, features and experiences (UI / UX) based on user feedback and testing of its initial 4 phase rollout and expects that the new version of the platform will be ready for delivery prior to the end of Q3.
The Company is expecting to make further announcements on B2B product delivery in the coming weeks that are aligned with its initiatives as a founding and steering committee of Cardea, a Linux Foundation Public Health project and as part of the Indicio Network. The Company is also a voting and steering committee member of the Trust over IP Foundation, supporting open standards in the development of Internet-scale trust, a member of the Good Health Pass collaborative, ID2020, Lumedic Exchange and the DIACC. As previously described in Company filings, the LAVCE contemplates state-of-the-art infrastructure that would be available for the holder, the issuer, and the verifier in ‘turn-key’ digital credentials solutions and that would support the introduction of solutions like COVID-19 testing and vaccine ‘passports’, education, access, qualification, and a host of other digital credentials powered by blockchain and identity technology.
The new website launch also coincides with upcoming initiatives by the Company’s subsidiary Oasis Digital Studios, its talent showcases and marketplace expansion programs that the Company expects to release in the coming weeks.
On June 10, 2021, the Company announced that it had received approval from the Canadian Securities Exchange to implement an early exercise warrant incentive program (the “Program”) designed to encourage the early exercise of the Company’s 34,215,573 outstanding common share purchase warrants with an exercise price of $0.20 per share with expiry dates ranging from November 10, 2021 to December 23, 2022 (the “Warrants”).
As this type of program is relatively new to warrant holders and the investment community, the process has required additional efforts on the part of all parties to ensure that the converting warrant holder receives both their warrant-based share and the new incentive fractional shares that represent a new issuance of securities by the Company. These factors, in combination with many financial firms still limited as to in-house resources and certain elements requiring additional resources of the Company’s transfer agent, have resulted in some delays for those wishing to take advantage of this program. As such, the Company, at its sole discretion, will continue to process, and accept further exercises under this program to the end of July. However, for those wishing to exercise for the incentive, it is advisable that they give the Company and its transfer agent, where applicable, notice by the end of business on July 29, 2021.
The Company expects to use the net proceeds received from this program to fund the continuing expansion and growth of its Liquid Avatar Mobile App, ongoing SaaS initiatives for verifiable credentials issuers and verifiers, revenue programs, and general working capital.
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About Liquid Avatar Technologies Inc. –www.liquidavatartechnologies.com
Liquid Avatar Technologies Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.
The Liquid Avatar Mobile App, available in the Apple App Store and Google Play is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.
The Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) is being built to support all participants in a digital credential ecosystem, including the Holder, Issuer and Verifier, using state-of-the-art blockchain and open standards technologies initially as a node on the Indicio Network. The Company is a voting and steering committee member of the Trust over IP Foundation, founding and steering committee member of Cardea, a Linux Foundation Public Health project, member of the Good Health Pass collaborative, ID2020, DIACC, The Linux Foundation and a founding member of the Lumedic Exchange.
The Company has a suite of early-stage revenue generating programs that support the Liquid Avatar Mobile App program, including KABN KASH, a cash back and reward program that has over 500 leading online merchants and coming soon, an integrated offering engine. In Canada, the Company also has the KABN Visa Card, a “challenger financial” platform that allows users to manage and control a range of financial services for traditional and digital currencies. The Company is currently exploring expansion of the KABN Visa Card program to other geographic regions, including the USA. The Company’s subsidiary, Oasis Digital Studios, is a creative and development agency that supports a wide range of artists, talent, and enterprises with Non-Fungible Token (NFT) solutions.
Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol “LQID” (CSE:LQID).
The Company also trades in the United States, on the OTCQB under the symbol “LQAVF” and in Frankfurt under the symbol “4T51”.
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Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but is not limited to, statements regarding the future launch of an integrated offering engine, statements regarding the future capabilities of LAVCE or the operation of an Indicio Network Node, statements suggesting LAVCE or an Indicio Network Node will be successfully launched and integrated into the Liquid Avatar platform, information concerning the timing for the launch of Liquid Avatar apps, the plans for future features of the Liquid Avatar apps, expected geographic expansion, the ability of the Company to generate revenues, roll out new programs and to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. With respect to (i) the future launch of an integrated offering engine, is based on the fact that the Company has substantially completed the current build of the platform as specified and that the Company believes that there are currently there no material outstanding items; (ii) statements regarding the future capabilities of LAVCE or an Indicio Network Node, the Company has assumed that the current blockchain technology and infrastructure will remain substantially unchanged, and that new technologies will need to be developed; (iii) statements suggesting LAVCE or an Indicio Network Node will be successfully launched and integrated into the Liquid Avatar platform, the Company has assumed that government, industry and market conditions will remain relatively focused on the testing and presentation of Covid testing, vaccination record presentation and other credential requirements for identity and access to venues, facilities, hospitality, education, healthcare, travel and other destinations; (iv) statements regarding the future capabilities with respect to verification services and the LAVCE, the Company has assumed that the current blockchain and in market verification technology and infrastructure will remain substantially unchanged, and that new technologies will need to be developed.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: failure to obtain necessary approvals from governments and other jurisdictional regulatory bodies; lack of sufficient capital to expand the Company’s geographic footprint or to add new features to the Company’s offerings, including to launch an integrated offering engine and to successfully complete the development of and launch and integrate LAVCE or an Indicio Network Node; changes in verification and validation methods and technologies, changes in general economic, business, and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.