Deed of Variation
Brisbane, Jan 3, 2019 AEST (ABN Newswire) - Byte Power Group Ltd (ASX:BPG) is pleased to advise that BPG and its subsidiary, Byte Power Pty Ltd ("BPPL"), along with Mr Alvin Phua have executed a Deed of Variation of the Settlement Agreement they signed with Soar Labs Pte Ltd on the 24th May 2018.
The terms of the variation are as follows:
- The parties agreed that Soar Labs Pte Ltd's obligation to pay US$579,800 in accordance with clause 2.1.3 of the Settlement Agreement shall be fulfilled by transfer of Ripple equivalent of US$579,800 (at the time of each relevant transfer), to BPPL's cryptocurrency wallet;
- The Parties agree that:
o On 9 November 2018, Soar Labs Pte Ltd transferred 1,181,063.441783156 Ripple (at a price of US$0.48938946 per Ripple) to BPPL's cryptocurrency wallet,
o On 23 November 2018, Soar Labs Pte Ltd transferred 4,478.05 Ripple (at a price of US$0.41 per Ripple) to BPPL's cryptocurrency wallet;
in satisfaction of Soar Labs Pte Ltd's payment obligation under clause 2.1.3 of the Settlement Agreement.
Of the US$579,800 payment obligation settled by the transfer of Ripple, US$232,323.67 related to the payment obligation Soar Labs Pte Ltd owed to BPG and BPPL and US$347,476.33 related to the payment obligation Soar Labs Pte Ltd owed to Mr Phua.
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.
Byte Power Group Limited