CALGARY, Alberta and LONDON, Jan. 09, 2020 (GLOBE NEWSWIRE) — INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) is pleased to announce that it has filed national phase applications in China for all six of its Patent Cooperation Treaty applications (see the Company’s November 29, 2019 press release), the first step in the patent process in China. Substantive examination requests have been made for all such filings.
The Company believes that pursuing patent protection in China for the technologies it is seeking to develop is a crucial part of its patent strategy moving forward, as the focus of the intellectual property world increasingly shifts towards Asia, with China’s State Intellectual Property Office (SIPO) receiving a record 1.54 million patent applications in 2018, or nearly half the global total1.
Furthermore, seeking patent protection in China for our technologies seems ever more important since Chinese leader Xi Jinping called for an acceleration of blockchain development in China at a Politburo study session in October.
The next step in the process will be official confirmation from the Examination Department of SIPO in China of receipt of our applications, after which examiners in that department will conduct a preliminary examination of each of our patent applications.
In addition, in the United States, the Company has filed expedited examination requests for its Hypervisor, Hyperconvergence and Payload Layer applications. As previously announced, the Company has already filed an expedited examination request in the United States for its Chainception patent application, and expects initial feedback in early 2020.
The Company continues to work with Xinova, LLC on a review and audit regarding the functionality and development of the Interbit™ platform. In conjunction with this, the Board is reviewing all strategic options and expects to provide an update to shareholders in Q1 2020.
The Company is also in the process of winding up all UK subsidiaries, given the departure of UK based employees.
ABOUT THE COMPANY
The Company owns and is developing proprietary technologies and is listed on the TSX Venture Exchange.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release are forward-looking statements, which include, the timing, development, launch and success of the Company’s technologies and products (including, without limitation, successful development and commercialization of the Interbit™ platform), timing of receipt of feedback in respect of patent application examinations, successful receipt of patents in connection with the Company’s patent applications, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of the Company’s technologies and products, as well as those risk factors discussed or referred to in the Company’s annual Management’s Discussion and Analysis for the year ended December 31, 2018 available at www.sedar.com, many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.