19:30:10 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



GreenBank Capital Inc (2)
Symbol GBC
Shares Issued 60,718,979
Close 2022-04-12 C$ 0.455
Market Cap C$ 27,627,135
Recent Sedar Documents

GreenBank portfolio company signs LOI for ID holding

2022-04-12 13:21 ET - News Release

Mr. Terry Pullen reports

GREENBANK PORTFOLIO COMPANY STAMINIER'S SUBSIDIARY ENTERS LOI TO BACK INNOVATIVE IDENTITY TECH FIRM "IDENTIFY"

GreenBank Capital Inc. has learned that the Substantia Group, the business advisory firm wholly owned by Staminier Ltd., has signed a condition-dependent letter of intent (LOI) to purchase a significant shareholding in Identify (ID), a cloud-based, blockchain-backed security and identification platform. As previously disclosed, GreenBank Capital owns 19 per cent of Staminier, Substantia's parent company. Substantia is a United Kingdom-based business consultancy offering clients a wide range of outsourced advisory services, and is led by Terry Pullen, concurrently also chief executive officer of GreenBank.

ID seeks to simplify, streamline and radically improve the management, storage and sharing of security and KYC (know your client) identification documents across all sectors, including finance and banking, health care and medical records, travel documentation, insurance, housing and utilities, and legal, among others. It is anticipated that the application will drastically improve ease of access and storage of required documentation in the compliance process, helping businesses and individuals comply with identification, certification, laws and regulatory requirements.

Samsher Singh, founder of Identify, said: "I believe that Identify has the potential to truly revolutionize the way businesses, governments and organizations interact with identification. Using blockchain infrastructure, Identify will be able to support our clients by providing a complete end-to-end solution to fit any business. The team at the Substantia Group have a great collaborative approach, providing a clear route to market, a network to leverage and the funding to propel Identify to become a global market leader in this space."

The investment will take the form of a convertible loan facility to be drawn down across several tranches. Completion of the transaction is dependent upon several factors, some of which include ID fully incorporating as a U.K. company, commercial viability testing of the concept, and assurance of market novelty and exclusivity.

This financing is intended to propel the ID platform from prealpha stage into the next stage of its development, ultimately leading to the full end-to-end product build. Identify management expects its platform to reach beta stage later in 2022, at which point it would become ready for initial market testing. It is presently expected that a release-to-market-stage product will be available by March, 2023.

Converting identification and certification documents into non-fungible tokens (NFTs), ID's platform will then store these digital assets in a cloud-based folder through blockchain technology, creating smart contracts which in turn will generate a trust score of both the individual/individuals and the documents themselves. ID's management believes that the security and verification ramifications of the finished product are unparalleled at the present time.

It is expected that the documentation that will be securely stored on ID's platform include personal items such as driving licences, birth certificates, housing deeds and passports, as well as occupational licences integral to many people's livelihoods. For example, the medical profession requires some of the highest levels of certification compliance today. As just one example, in the U.K., this certification can include General Medical Council or nursing and midwifery licensing to practise, as well as safeguarding, right to work, indemnity insurance and many more. Other countries have a similarly lengthy list of certifications which require proper tracking. Once the ID platform is successfully completed, such a revolutionary development in collating and securely managing these types of vital documentation has the potential to significantly improve processes and efficiencies in the medical sector, as well as patient and clinical safety, and ID's technology will be potentially applicable in numerous other sectors as well.

Mr. Pullen, CEO of Substantia Group, said: "Substantia have been incredibly impressed with the proposition and product design that Identify has showcased. Blockchain for digital identity and credentials is rapidly becoming one of the most critical step changes in security and compliance, and Identify's platform has the potential to become a market leader. Harnessing the enormous potential of blockchain and digital tokenization, Samsher and his team really have created a truly revolutionary product concept, and Substantia looks forward to working with him in the future to make this a reality."

About GreenBank Capital Inc.

GreenBank is a next-generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability. Its management are based in Toronto, Dallas and London, and are used to working across borders remotely. Its model of remote working, dynamic space and flexible contracts -- rather than large, fixed costs -- establishes GreenBank as a global merchant bank for the future, both during and after COVID-19.

GreenBank is listed on the Canadian Securities Exchange, the Frankfurt Boerse and on the OTC Markets in the United States. GreenBank invests in undervalued exponential growth companies focused on building consistent capital appreciation for its shareholders.

© 2024 Canjex Publishing Ltd. All rights reserved.