Goldmoney Inc. (TSX:XAU) (US:XAUMF) (“Goldmoney” or the
“Company”), a precious metal financial service and technology
company, is releasing additional information about its 55% owned
subsidiary Totenpass Inc. which has been under confidential
development since 2017.
Totenpass Inc. is a Canadian corporation which has been
developing a permanent digital storage drive constructed from solid
gold that requires no energy and has no movable parts. Digital data
is written onto the drive by way of a proprietary light-diffraction
process which imprints images, documents, and other files that can
be stored as either human readable without the aid of computers or
machine-readable with the employ of a smartphone.
This technology allows for the permanent storage of precious
digital data, thereby eliminating any future dependence on the
internet and the vast amounts of energy required presently to store
content. By consequence, this technology will empower both
individuals and corporations to decentralize, preserve and fully
control their precious digital data once and forever.
The company was founded by Goldmoney CEO Roy Sebag, Bruce Ha,
formerly director of optical media at Kodak, and Goldmoney CTO
Alessandro Premoli. Goldmoney has made a series of investments in
the company since 2017 and currently owns a majority of the
outstanding shares. The rest of the shares are held by Bruce Ha and
other employees. Mr. Sebag does not own any shares directly but
only via his ownership of Goldmoney.
Totenpass White paper
A 22 page white paper has been published providing further
information about the technology:
https://www.totenpass.com/pdf/Totenpass-Whitepaper-January-2021.pdf
Statement from Roy Sebag, Chairman and Chief Executive
Officer:
Recent geopolitical events have inspired Goldmoney to provide a
formal update to our shareholders about Totenpass Inc., a
technology business we have been building since 2017. Goldmoney
founded Totenpass to address a problem that we at Goldmoney have
identified as of great concern, perhaps even more so than the risks
we have historically focused on relating to the financial system
and fiat currency: The risk that the internet and thus our precious
digital information is becoming increasingly centralized.
I considered whether this trend represented not only a major
inversion of the general direction in the decentralization of
knowledge since the Gutenberg printing press and feel that the
person behind the machine is being severed from the control and
ownership of their precious data. This centralization reminds me of
the kinds of systemic risks I identified within the global
financial system leading up to the global financial crisis of 2008.
Consequently, we sought to invent a technology that would empower
global citizens to regain control over their digital data thereby
preserving the precious data which they find meaningful once and
forever in a permanent physical form factor.
We hope to be in a position to launch Totenpass in beta before
the end of 2021 but it is important to stress that this timeline
may change. While the business model is relatively simple – sell
physical storage drives via an online e-commerce model –the
technology is novel and rather complex with some challenges still
remaining ahead of us. While we have successfully designed a
working prototype and built out a manufacturing and distribution
facility in Rochester, NY by acquiring the former space and
equipment occupied by Kodak R&D, there are still some technical
milestones which must be met before we are able to launch a
comprehensive working model. In part, this was why we have resisted
discussing this venture but as I mentioned above, recent events
inspired us to accelerate our work and we think shareholders should
be made aware of the solution we are working on to what we believe
to be a profound problem. It is also important to mention that
Totenpass is fully funded through launch and that all capital
expenditures thus far have been supported from ongoing cash flows
and expensed. Finally, I do not intend to take on the CEO role for
this business.
Statement from Bruce Ha Co-Founder of Totenpass Inc.:
Several years ago, I was asked to create one of the most
ambitious permanent archives in history, a library for the moon. It
would contain 30 million pages of information documenting Earth and
humanity. In it were volumes of information including the English
Wikipedia and countless stories and photos of humanity's
accomplishments and knowledge.
The media was made from nickel which is impervious to solar
radiation as well as being able to withstand the harsh climate of
space and the moon. I worked with the space team to develop the
payload integration package housing the library and subsequently
was on the team working with NASA and Stephen Wolfram on the
forensics of the subsequent crash landing.
Although nickel has tremendous preservation characteristics,
there is another element that is even better and more permanent,
gold. When Roy Sebag approached me with the idea of preserving
precious information on this precious metal, I thought it was a
perfect match due to its natural properties but as an engineer and
scientist I could not quite see how this could be done
economically. This was a view I knew most engineers shared and was
why as a general rule, gold and other precious metals are eschewed
in material science research and development. It was Roy and his
partners unique understanding of the precious metal which allowed
us to surmount these challenges which I believe have precluded gold
from being the pre-eminent data storage material.
Our partnership evolved into the formation of a company and a
working prototype of a permanent digital storage drive. With this
invention, no information can ever be lost to the ravages of time.
We share the same passion and concern for information that is
getting exponentially ephemeral. Collectively, we will create a new
paradigm that reintroduces permanence and physical control of
personal information.
Today most of the world’s knowledge and thus our societal legacy
is stored on digital devices that, over a short period of time,
will disappear if they are not regenerated or backed up. Digital
encryption has gotten so sophisticated that if a chunk of the
bitstream is damaged, information is lost forever (assuming a
reader is available to retrieve the information in a few decades).
Even the cloud is controlled by someone else and is relegated to
just bits on spinning discs that will eventually stop functioning
and need to be replaced.
Everyone has a story and collectively those stories make history
and comprise a legacy for humanity. We find comfort in the stories
of our faith, our country, our heroes, our knowledge of math and
science, our arts and music, our family, and our passion. The
Totenpass technology we have been developing will preserve these
most important moments, these memories, and this knowledge once and
forever in a physical form factor.
About Goldmoney Inc.
Goldmoney Inc. (TSX: XAU) is a precious metal focused global
business. Through its ownership of various operating subsidiaries,
the company is engaged in precious metal sales to its clients,
including arranging delivery and storage of precious metals for its
clients, coin retailing, and lending. Goldmoney clients located in
over 150 countries hold nearly $3 billion in precious metal assets.
The company’s operating subsidiaries include: Goldmoney.com,
SchiffGold.com and Goldmoney Lend & Borrow. In addition to the
Company’s principal business segments, the Company holds
significant equity interests in Menē Inc., which crafts pure
24-karat gold and platinum investment jewelry that is sold by gram
weight and Totenpass Inc. which is developing a permanent digital
storage drive constructed of solid gold. Through these businesses
and other investment activities, Goldmoney gains long-term exposure
to precious metals. For more information about Goldmoney, visit
goldmoney.com.
Forward-Looking Statements
This news release contains or refers to certain forward-looking
information. Forward-looking information can often be identified by
forward-looking words such as “anticipate”, “believe”, “expect”,
“plan”, “intend”, “estimate”, “may”, “potential” and “will” or
similar words suggesting future outcomes, or other expectations,
beliefs, plans, objectives, assumptions, intentions or statements
about future events or performance. All information other than
information regarding historical fact, which addresses activities,
events or developments that the Goldmoney Inc. believes, expects or
anticipates will or may occur in the future, is forward-looking
information. Forward-looking information does not constitute
historical fact but reflects the current expectations the Company
regarding future results or events based on information that is
currently available. 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, forecasts, projections and other
forward-looking information will not occur. Such forward-looking
information in this release speak only as of the date hereof.
Forward-looking information in this release includes, but is not
limited to, statements with respect to: the potential for the
development and commercialization of Totenpass Inc.; service times
for transactions on the Goldmoney network; growth of the Company’s
business, expected results of operations, and the market for the
Company’s products and services and competitive conditions. This
forward-looking information is based on reasonable assumptions and
estimates of management of the Company at the time it was made, and
involves known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. Such factors include, among others:
the inability to develop and commercialize the products of
Totenpass Inc. on the basis as contemplated or at all; the
Company’s operating history; future capital needs and uncertainty
of additional financing; fluctuations in the market price of the
Company’s common shares; the effect of government regulation and
compliance on the Company and the industry; legal and regulatory
change and uncertainty; jurisdictional factors associated with
international operations; foreign restrictions on the Company’s
operations; product development and rapid technological change;
dependence on technical infrastructure; protection of intellectual
property; use and storage of personal information and compliance
with privacy laws; network security risks; risk of system failure
or inadequacy; the Company’s ability to manage rapid growth;
competition; the ability to identify opportunities for growth
internally and through acquisitions and strategic relationships on
terms which are economic or at all; effectiveness of the Company’s
risk management and internal controls; use of the Company’s
services for improper or illegal purposes; uninsured and
underinsured losses; theft & risk of physical harm to
personnel; precious metal trading risks; volatility of precious
metals prices & public interest in precious metals investment;
an inability to predict and counteract the effects of COVID-19 on
the business of the Company, including but not limited to the
effects of COVID-19 and other infectious diseases presenting as
major health issues on the price of precious metals, capital market
conditions, restriction on labour and international travel and
supply chains; and those risks set out in the Company’s most
recently filed annual information form, available on SEDAR.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be
other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking information. The Company undertakes no obligation
to update or revise any forward-looking information, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210114005813/en/
Media and Investor Relations inquiries:
Renee Wei Director of Global Communications Goldmoney
Inc. renee.wei@goldmoney.com
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