Update on Settlement Proceeds from Soar Labs Pte Ltd
Brisbane, May 27, 2019 AEST (ABN Newswire) - Byte Power Group Ltd (ASX:BPG) provides an update on the 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.
Pursuant to the Settlement Agreement, Soar Labs was due to pay BPPL the balance of the settlement funds totaling US$320,556.97 and 801,392 soar coins on or before 24th May 2019 to finalise the settlement. This final settlement payment was not received by BPPL. The Board of Byte Power Pty Ltd is considering its position in relation to this matter.
About Byte Power Group Limited
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.