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Byte Power Group Ltd (ASX:BPG) provides a further update on the final settlement proceeds due to Byte Power Pty Ltd ("BPPL") from Soar Labs Pte Ltd ("Soar Labs") as per the Settlement Agreement with Soar Labs Pte Ltd dated 24th May 2018.

The Board of BPPL has agreed to the transfer of 544,726.60 Ripple coins from Soar Labs Pte Ltd to BPPL's nominated wallet address to settle US$200,000 of the final settlement payment owing by Soar Labs Pte Ltd to BPPL. BPPL has confirmed receipt of these Ripple coins in their nominated wallet. The balance remaining to finalise the settlement is US$120,556.97 and the transfer of 801,392 soar coins. The Board of Byte Power Pty Ltd is considering its position in relation to this matter.

About Byte Power Group Limited

Byte Power Group Limited (ASX:BPG) is a diversified technology solutions group with a particular emphasis on securing Asian business opportunities.

Through Wimobilize, the Group has a new cutting edge technology solution, a proprietary Advance Hybrid Artificial Intelligence Big Data Technology Platform consisting of 31 Advance Analysis Engines, 4 levels of Hybrid Correlation and Al Profiling Algorithms customised for governmental, healthcare, banking, telco and tourism industries. This proprietary Big Data technology platform elevated the AI Predictive Analysis and deep insight intelligence to a new paradigm, applicable to any market segment.

This Wimobilize Big Data technology powered e-commerce ecosystem will provide the next generation innovative trading platform for distributing the Company's Australian wine, organic honey and honeycomb.



Michael Wee
Company Secretary
Byte Power Group Limited
T: +61-7-3620-1688

Link: Soar Labs settlement

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