VANCOUVER, British Columbia, July 26, 2018 (GLOBE NEWSWIRE) -- AXS Blockchain Solutions Inc. ("AXS Blockchain") (CSE:BAXS) (FRA:C0B), a leader in developing blockchain business solutions is pleased to announce that it has acquired all of the outstanding share capital of Chainlinks Lab Inc. ("Chainlinks") for a total consideration of CAD $4,000,000. Chainlinks is a privately held technology company based in British Columbia that focuses on the integration of blockchain-based systems with artificial intelligence (AI) technology within existing legacy businesses.
Chainlinks' focus is to implement blockchain solutions in telecommunications, logistics, payment, and billing systems to make these markets more efficient, secure, and traceable, and enterprise ready. With this acquisition, AXS Blockchain will have access to new markets, established blockchain and AI development teams across Vancouver, Burnaby, Kelowna and Denver, as well as current and future and product roadmaps.
Ashik Karim, Founder and CEO of Chainlinks commented, "I've spent the last two decades working with enterprise clients to select and implement large-scale software platforms to maximize return and minimize risks. Clients have approached me over the last year to find clear, realistic and valuable uses for blockchain. With all the marketing and hype, Chainlinks was born with the mandate to identify and deliver on real business use cases that fulfill the promises of enterprise blockchain."
Chainlinks is in the final development phase of a platform called "1Shift Logistics". The platform aims to solve the fragmented marketplace of suppliers that still use outdated legacy systems that require a manual workforce for routine and simple tasks. The lack of real-time transparency and visibility along with human error for low-level repetitive tasks can be solved with 1Shift Logistics. Initial trials will commence in December 2018, with beta testing estimated to start in January 2019.
The 1Shift Logistics platform is expected to include the following features:
- Real-time custom tracking with integrated updates and alerts based on trusted and shared data between all parties
- An integrated tracker, shipper, carrier and 3PL verification service with economies of scale to reduce low-value work that can be automated
- Sharing of real-time auditable data to all parties
- Customized dashboards for tracking, freight payment, rates, KPI and financial metrics and budgeting
- AI-driven analytics tailored to all parties to improve decision making and mitigate preventable delays - both tactical and strategic
- Live market rates and transparent bidding process
- Smart documents system that houses verified, shared data around critical compliance documents and certificates
"The acquisition of Chainlinks allows AXS Blockchain to dive deep in the trillion dollar logistics industry. With the advent of blockchain, AI cognitive search and smart contracts there is a great opportunity to simplify, streamline and create transparency in the supply chain. Utilizing a mix of these technologies in a revolutionary eco-system can solve real-time tracking and tracing issues, live escalation updates to mitigate downtime and simpler payment settlements to name a few," commented AXS Blockchain CEO, Mo Ahmad.
No finders' fees are payable in connection with the acquisition of Chainlinks, and AXS Blockchain has not assumed any long-term debt obligations as a result of the acquisition.
AXS Blockchain also announces that Jonathan Malach has resigned from the board of directors to pursue other ventures. The board thanks Mr. Malach for his recent service.
About AXS Blockchain Solutions Inc.
AXS Blockchain is a blockchain solution provider that acquires and develops businesses devoted to enhancing the future of blockchain. Leveraging an extensive network of product development communities and digital media, AXS Blockchain builds and creates partnerships with blockchain technology startups, that turn simple, innovative ideas into businesses supercharging the industry.
For further information, contact Bronson Peever at 604.351.2085 or investor@AXSblockchain.com.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the purchase of Chainlinks by AXS Blockchain, the nature of the business of Chainlinks, and other factors or information. Such statements represent AXS Blockchain's current views with respect to future events and are necessarily based upon a number of assumptions and estimate that, while considered reasonable by AXS Blockchain, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. AXS Blockchain does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.