SONOCOIN IS PLEASED TO ANNOUNCE A LETTER OF INTENT WITH BLUFOLIO VENTURE CAPITAL AG FOR STRATEGIC INVESTMENT
Geneva, Switzerland: June 12, 2019 — SonoCoin is pleased to announce today it has entered into a non-binding Letter of Intent (LOI) with Blufolio Venture Capital AG (Blufolio), one of the leading Swiss blockchain venture capital funds. The proposed investment structure will consist of a combination of equity and SonoCoins (SonoCoin’s digital coin). It is outlined as well that Blufolio, leveraging its founders’ expertise and network, will assist SonoCoin in its further business development initiatives and provide the company with strategy advisory and support.
Pursuant to the LOI, Pursuant to the LOI, the parties have agreed to use their best efforts to finalize the definitive investment structure, deal pricing, terms and strategic relationship between the two, to be defined within the definitive investment agreement.
Leonid Afanasyev, CEO of SonoCoin, commented: “We are very pleased to enter into this LOI with Blufolio, one of our key future partners. Blufolio has selected us among a big number of blockchain startups and we are thrilled to work with them on this strategic investment. The funding will help SonoCoin develop its technology platform further and establish its commercial ecosystem. This LOI represents the first milestone for SonoCoin’s fundraising and successful development”
SonoCoin is a digitally encrypted audio file that operates on a proprietary blockchain system, using the Proof-of-Stake (PoS) protocol to verify transactions. The SonoCoin audio file is a sound interpretation of a code that can be recognized and recorded by any device that reproduces sound. The SonoCoin solution is similar to Bitcoin’s peer-to-peer value transfer, with an improved and more user-friendly platform similar to PayPal. To reduce the cost for end-users, the service has been streamlined to a less complex lighter protocol. Operations and interfaces use a light version of the blockchain network, allowing for a decentralized operation with faster transactions. The framework also provides transaction flexibility across various popular peer-to-peer messaging platforms, social networks, and email.
Cautionary Note Regarding Forward-Looking Statements
The statements made in this press release may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of SonoCoin. The words “will”, “may”, “anticipate”, “intend”, “plan” and similar words and expressions are used to identify forward-looking information. The actual results of the specific items described in this release, and the Company’s operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of SonoCoin’s team as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, SonoCoin’s dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of SonoCoin. SonoCoin disclaims any obligation to update the information contained in any forward-looking statement unless required by applicable securities laws.