Leonovus Publishes Galaxa Whitepaper

Singapore and Ottawa, Ontario (ots/PRNewswire) -

Leonovus Inc., ("Leonovus" or the "Company") (TSXV: LTV)(OTC:
LVNSF) at a press conference in Singapore, announced the release of
Ver 1.0 of the Galaxa Whitepaper. The news conference in Singapore
aligned with Leonovus' participation in the Canadian Trade Mission to
the Singapore Fintech Festival
(https://fintechfestival.sg/festival-line-up/conference/) . Singapore
is a major global blockchain hub.

"We are proud to release this first version of the Galaxa
whitepaper and invite feedback from the global blockchain community
to help us reflect on, and improve, the architecture and document. We
expect several iterations of the whitepaper before the close of
financing. The whitepaper is available for downloading on the Galaxa
website - galaxa.com (http://www.galaxa.com/)," said Michael Gaffney,
Chairman and CEO.

The Galaxa project is an important strategic initiative for
Leonovus. The current cloud storage and compute market is an
oligopoly and Galaxa intends to challenge this market concentration.
Gartner predicts 30%+ compounded annual growth rates for enterprise
cloud data storage and cloud compute. The Galaxa blockchain platform
incorporates the patented distributed storage and compute technology,
benefiting from USD 26 million in research investment by Leonovus. It
is the first blockchain-enabled, enterprise-class, Anything as a
Service (XaaS), distributed storage and compute marketplace. A native
cryptocurrency called GAAX is the payment system. Galaxa will
introduce a new blockchain architecture designed to accelerate the
global development and implementation of XaaS offerings by
independent developers that share a worldwide network of
enterprise-grade distributed data storage and distributed compute
assets.

In 2008, Bitcoin was the first major use of a blockchain. In 2015,
Ethereum improved the blockchain with the introduction of the Smart
Contract. In 2020, Leonovus believes, that Galaxa Smart Services
becomes the next blockchain evolution. Before Galaxa Smart Services,
the blockchain methodology of using programming languages such as
Solidity, Java, and Python to program smart contracts required
customers to incur costs in time and money to develop, test and run
their interactions with participants on the blockchain. These costs
can be prohibitive for many services, and do not work well with
normal enterprise business practices.

Smart Services allows developers to use the Galaxa blockchain and
build applications for the web-based, XaaS Galaxa marketplace using
high-level natural language constructs and open web APIs. The system
eliminates the need for complex smart contract coding and logistics.
Galaxa will address the challenges faced by developers and
enterprises that want to adopt and gain the benefit of cloud and
blockchain technology in an effective, efficient and secure data
marketplace, without requiring the skills of a Ph.D. in cryptography.

To finance the Galaxa project, Leonovus plans to complete a
Security Token Offering ("STO") by issuing a security called a Simple
Agreement for a Future Token ("SAFT") as previously announced on
September 4, 2018. Leonovus is applying to the regulators and the
stock exchange to make the GAAX SAFT a tradable security on the TSX
Venture Exchange. In eighteen to twenty-four months after the close
of the financing, the SAFT will convert into the GAAX tokens. The
marketplace will charge a small service fee percentage in GAAX to
vendors and this service fee will be distributed to GAAX owners and
system moderators. GAAX tokens will also be a security. Galaxa will
pay regular distributions of GAAX to the token owners. Details about
the distributions are in the whitepaper. The Company believes that
GAAX is the first cryptographic token designed for the exchange of
value between a corporate information technology buyer, an
application service provider, and a storage/compute infrastructure
supplier.

"Galaxa is much more than most typical ICOs or STOs in that it
will incorporate the Leonovus Smart Services blockchain innovation,
along with a global enterprise-class marketplace that embeds
Leonovus' hyper-secure software-defined cloud storage technology
which is in production today. The marketplace provides a platform for
thousands of cloud services developers who are locked out of the
current market because of the oligopoly. This is also great news for
the enterprise as there will be more choice for cloud service
products and less cloud vendor lock-in," said Gaffney.

The planned STO will include a public offering of SAFTs in Canada
and a private placement offering of SAFTs to accredited investors in
Canada and to equivalent investors in other jurisdictions in
compliance with applicable securities laws of those jurisdictions.
There can be no assurance that the Canadian securities administrators
will provide a final receipt for the prospectus and there can be no
assurance that the TSXV will accept the SAFTs for trading. Following
the issue of SAFTs to investors, no GAAX tokens will be issued
pursuant to the SAFTs unless and until the Company successfully
develops, builds, and launches the Galaxa marketplace. The launch
date is planned to occur within eighteen to twenty-four months after
the close of financings. The ability to trade the GAAX tokens will be
subject to applicable securities and other laws and exchange rules at
that time.

About Leonovus

Leonovus is a cloud solutions software developer of a blockchain
enabled software-defined object storage solution. Designed with the
IT manager in mind, Leonovus' patented algorithms encrypts, shreds
and spreads data across a network of on-premises, hybrid or
multi-cloud storage nodes - allowing for the most secure yet
internally accessible form of object-based data storage that provides
GRC across the entire solution. The advanced geo-distributed
architecture minimizes latency, optimizes geo-availability, reduces
remote backup costs and meets data sovereignty requirements. With its
software and hardware agnostic design, Leonovus provides petabyte
scalability and allows the enterprise to utilize its existing idle
storage resources, extend the useable lifespan of depreciated
resources and improve the enterprise's overall ROI. To learn more,
please visit http://www.leonovus.com .

This press release may contain forward-looking statements and
information, which may involve risks and uncertainties. The results
or events predicted in these statements may differ materially from
actual results or events. Factors that might cause a difference
include, but are not limited to, competitive developments, risks
associated with Leonovus' growth, the state of the financial markets,
regulatory risks and other factors. There can be no assurance or
guarantees that any statements of forward-looking information
contained in this release will prove to be accurate. Actual results
and future events could differ materially from those anticipated in
such statements. These and all subsequent written and oral statements
containing forward-looking information are based on the estimates and
opinions of management on the dates they are made and expressly
qualified in their entirety by this notice. Unless otherwise required
by applicable securities laws, Leonovus disclaims any intention or
obligation to update or revise any forward-looking statements,
whether because of new information, future events or otherwise.
Readers should not place undue reliance on any statements of
forward-looking information that speak only as of the date of this
release. Further information on Leonovus' public filings, including
its most recent audited consolidated financial statements, are
available at http://www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

ots Originaltext: Leonovus Inc.
Im Internet recherchierbar: http://www.presseportal.de

Contact:
info@leonovus.com
Investor Relations:
George Aizpurua
gaizpurua@firstcanadiancapital.com
Christopher Benk
cbenk@leonovus.com
+1 (408)703-1458

Original-Content von: Leonovus Inc., übermittelt durch news aktuell