- SoLVBL Solutions (SOLV) has agreed to a technology licensing and software development agreement with New Foundation Technologies Corp.
- The licensed patent-pending technology, known as Q by SoLVBLTM, will be utilized to create immutable and verifiable non-fungible tokens (NFT)
- New Foundation Technologies Corp. is a US-based technology investment company
- New Foundation is dedicated to creating NFTs for arts, digital arts, gaming, real estate, sports, fashion, and media & entertainment
- SoLVBL Solutions Inc. is a cybersecurity company
- SoLVBL Solutions (SOLV) is unchanged, trading at C$0.09 per share at 11 am ET
SoLVBL Solutions (SOLV) has agreed to a technology licensing and software development agreement with New Foundation Technologies Corp.
The agreement comes with an advance six-figure payment from New Foundation to SoLVBL.
The licensed patent-pending technology, known as Q by SoLVBLTM, will be utilized to create immutable and verifiable non-fungible tokens (NFT) utilizing advanced cryptography for product authentication.
Further to an RFP from New Foundation and the subsequent selection of SoLVBL by New Foundation, the parties entered into negotiations as to the terms of the definitive agreement. Today’s announcement is the culmination of the discussions and negotiations between the parties.
“We are pleased that New Foundation has chosen to license Q by SoLVBLTM, our flagship product, for its NFT products and has entrusted our company to develop its NFT products”.
In addition, Q by SoLVBLTM can be deployed as either a cloud-based, on-premise, or hybrid solution.” said Raymond Pomroy, CEO of SoLVBL. This is the first revenue-generating agreement for SoLVBL, with work slated to commence with New Foundation later this year.
To secure this deal with SoLVBL, New Foundation advanced a six-figure payment to SoLVBL.
Raymond Pomroy further noted,
“This is an exciting development for SoLVBL. We have been keenly targeting the financial and governmental sectors for our technology, and this new segment that we have not looked in to, demonstrates to us, and to the larger entities we are currently speaking with, that this technology is a potential game changer and now verified by an external company and now a client.”
Vicky Arora, New Foundation’s Director of Licensing, said,
“The impact of the collaboration between New Foundation and SoLVBL and the utilization of SoLVBL’s intellectual property is often best realized when it is brought to market by technological leaders like SoLVBL. Not only does technology licensing support our growth plans, but it allows our customers in the U.S.; Europe and our new Asian markets, the opportunity to produce NFT products supported by this technology. One of the big reasons we chose Q by SoLVBLTM was that it has the ability to create immutable and verifiable elements of NFTs, at incredible speeds and scalability and can be viewed as a powerful tool for items such as NFTs so as to provide them to the market confidently, effectively and efficiently.”
New Foundation Technologies Corp. is a US-based technology investment company with offices in Los Angeles, USA and its European office in London, U.K.
New Foundation is dedicated to creating non-fungible tokens (NFT) for arts, digital arts, gaming, real estate, sports, fashion, and media & entertainment.
SoLVBL is an innovative cybersecurity company. The company’s mission is to empower, better, faster decisions by developing a universal standard for establishing digital record authenticity. The lead product Q by SoLVBL™ is a proprietary software platform designed to be easy to use and adopt, economically priced and provide digital record authentication at an unprecedented speed.
SoLVBL Solutions (SOLV) is unchanged, trading at C$0.09 per share at 11 am ET.