As a follow up to yesterday’s article about the Eastman Kodak Company (NYSE:KODK), more information has been released detailing key aspects of the KODAKOne platform and the KODAKCoin, particularly that of the main investor behind the coin.
Global Blockchain Technologies Corp. (TSXV:BLOC) (OTC:BLKCF) has been revealed as the lead investor behind the KODAKCoin. With a $2 million investment, Global Blockchain subscribed for all 8 million KODAKCoins available during the pre-ICO Stage I. This is a move not out of line from Global Blockchain’s usual work, being an investment company focused on the blockchain sector. Global Blockchain is made up of an experienced team of early adopters of all the major cryptocurrencies.
Stage II of the pre-ICO begins today, January 10. The KODAKCoins being offered during this stage are being offered by WENN Digital, the result of the licensing partnership WENN has with Kodak. Kodak has much to celebrate at this time, the company being the first major NYSE-listed corporation to be a part of creating and implementing a cryptocurrency. The official ICO, outside of the pre-stages, will commence on January 31, 2018, and will be open to all accredited investors from the US, UK, and Canada. Kodak’s ICO is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering.
This is all in the name of art. The KODAKOne Image Rights Management Platform, along with the KODAKCoin, is aimed at providing photographers with a new revenue stream for their work and a secure platform by which to protect that work. With the help of blockchain technology, KODAKOne creates an encrypted, digital ledger of rights ownership for photographers. Photographers will be able to register new and past work and, from within the platform, they will be able to license out the registered work. By joining the platform, photographers will be able to participate in a new economy for photography, immediately receive payment at the time of sale for any of their work that gets licensed, and, in addition, photographers will receive a portion of the overall platform revenue. On the KODAKOne platform, photographers, both professional and amateur, will be able to sell their work and feel secure that their work isn’t being taken advantage of the way their work could be through more traditional selling venues.
Jan Denecke, the CEO of WENN Digital and co-founder and developer of KODAKOne and KODAKCoin, commented, “We are very pleased and excited to have Global Blockchain Technology Corp, a Crypto currency pioneer and a visionary in the ICO revolution as our lead investor in this historic ICO. They are an experienced group of investors who have a deep understanding of the crypto markets.”
Shidan Gouran, the President of Global Blockchain, stated, “The KodakOne ICO is very compelling and fills the need for managing and monetizing digital assets globally. Given the size of the marketplace, the people involved and technology partnership, this has the opportunity to be a very large and active community. Our deep industry roots and relationships have allowed us access this new ICO in short order, one of the first involving a significant brand name issuer that is widely recognized by the public.”
On the Toronto Stock Venture Exchange, Global Blockchain has experienced an increase in stock of nearly 30%. Currently, the stock is trading at $1.95, putting it up $0.43, or 28.29% from the previous closing price of $1.52.
Meanwhile, Kodak’s stock continues to grow on the New York Stock Exchange, the stock once again seeing a more-than-double growth rate. At the time of writing, the stock is trading for $12.055, putting it up $5.255, or 78%, from the previous closing price of $6.80. The stock is still actively on the move, so check back in with us on Friday as we do a review for how Kodak’s stock moved this week.
Check out Friday’s update.
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This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information 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 indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the Company’s goal of streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the cryptocurrency space with a view to becoming the first vertically integrated originator and manager of top-tier blockchains and digital currencies. The Company has no assets and its business plan is purely conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to (i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a basket of cryptocurrency assets and pre-ICO and ICO financings on favourable terms or at all, (iii) successfully create its own tokens and ICO’s, and (iv) execute on future M&A opportunities in the cryptocurrency space; receipt of required regulatory approvals; the availability of necessary financing; permitting and such other assumptions and factors as set out herein. Forward-looking information is 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 forward-looking information, including but not limited to: risks related to changes in cryptocurrency prices; the estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to cryptocurrencies and ICO’s; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Company’s business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
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Featured Image: kodak.com