TORONTO, June 09, 2021 (GLOBE NEWSWIRE) -- Totenpass Inc., a 60% owned subsidiary of Goldmoney Inc. (TSX:XAU), is pleased to announce its proprietary gold storage drive technology has been selected by Galactic Legacy Labs (“GLL”) as the backbone for its space commercialization ventures.
GLL is a space focused technology company founded by Lori Taylor, Nova Spivack, and Chris Habachy. GLL will be sending an indestructible time capsule to the Moon with the data of 1 million “earth ambassadors” on the robotic Nova-C lander, built by Intuitive Machines. The moon lander will launch atop SpaceX’s Falcon 9 in the first quarter of 2022.
The Totenpass is a permanent digital storage drive made of solid gold. Led by Bruce Ha, formerly the head of optical media research at Kodak, Totenpass has been developing a novel approach to digital data storage by embracing recent developments in light optics and the unique properties of the element gold.
After three years of research and development, Totenpass is preparing to launch this disruptive technology in beta in July 2021. While the main activity of Totenpass will be consumer facing, an Enterprise division was established in Q1 2021 to address the backup and archival storage needs of private corporations and governmental organizations. The material science advancements achieved by the Totenpass team not only make this technology the best way to store digital information physically, once and forever, but also make this technology the perfect medium for sending information to space. This is because gold’s elemental properties resist both radiation and the harsh conditions inherent to space exploration.
GLL has an ambitious plan to commercialize several space related ventures over the coming years. The first venture will allow everyday people to send their digital information to the moon. GLL has established an exclusive relationship with Intuitive Machines and has reserved Payload capacity on the SpaceX Falcon 9 launch slated to depart in the first quarter of 2022.
As part of the agreement between Totenpass and GLL, Totenpass will earn an 18% stake in GLL and be paid an annual license fee of $125,000 USD in the first year, rising to $500,000 USD in the third year. In addition, Goldmoney Inc. will be making a C$750,000 investment in exchange for a 2.5% stake in GLL.
“We are pleased to see that Totenpass has already found its first enterprise application in the nascent space industry. We did not originally conceive of this use case for Totenpass but recognize the technological superiority of our invention for this specific application. This agreement provides an initial validation of our business concept while also being an indication of the long-term economic potential inherent to this business. We believe that in the coming years, private citizens, corporations, and governmental organisations will increasingly require a method to backup and store their precious digital information once and forever. Our technology offers the most effective means to preserve precious bits offline providing true ownership of one’s data and reducing one’s dependence on the internet and external energy sources. We are excited to be launching Totenpass in beta to consumers in the coming months and will be updating shareholders on further commercial developments as they materialize.” Said Roy Sebag, Co-Founder of Totenpass Inc. and CEO of Goldmoney Inc.
“I am excited for our partnership with GLL which extends the reach and impact of our technology to the new frontier of space exploration. This project achieves two of my visions, to expand humanity's knowledge to the stars and to create a time machine for generations long into the future. This is because Totenpass is the only storage medium known to withstand both space and time.” said Bruce Ha, Co-Founder of Totenpass Inc.
“We are proud to announce our partnership with Totenpass Inc., one of the world’s leading storage companies with proprietary IP and technology.” Chris further comments, “We believe our exclusive partnership with Totenpass will support the storage, delivery, and preservation of GLL’s data into space for millions, if not billions of years,” said Chris Habachy, Co-CEO of GLL.
About Goldmoney Inc.
Goldmoney Inc. (TSX: XAU) is a precious metal focused financial technology company. Through its ownership of various operating subsidiaries, the company is engaged in precious metal sales to its clients, including arranging delivery and storage of precious metals for its clients, coin retailing, and lending. Goldmoney clients located in over 150 countries hold approximately $2.6 billion in precious metal assets. The company’s operating subsidiaries include: Goldmoney.com, SchiffGold.com and Goldmoney Lend & Borrow. In addition to the Company’s principal business segments, the Company holds a significant interest in Menē Inc., which crafts pure 24-karat gold and platinum investment jewelry that is sold by gram weight and Totenpass Inc. which has developed a proprietary gold storage drive. Through these businesses and other investment activities, Goldmoney gains long-term exposure to precious metals. For more information about Goldmoney, visit goldmoney.com.
Media and Investor Relations inquiries:
Mark Olsen
VP Finance
Goldmoney Inc.
ir@goldmoney.com
+1 647 250 7098
Steve Fray
Chief Financial Officer
Goldmoney Inc.
Forward-Looking Statements
This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “may”, “potential” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.
Forward-looking information in this release includes, but is not limited to, statements with respect to: the business plans and objectives of GLL; service times for transactions on the Goldmoney network; growth of the Company’s business, expected results of operations, and the market for the Company’s products and services and competitive conditions. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the ability of GLL to implement its business plans on terms as announced or at all; the ability of GLL to convert the potential in the pursued business opportunities to tangible benefits for GLL or its shareholders; the Company’s operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; the ability to identify opportunities for growth internally and through acquisitions and strategic relationships on terms which are economic or at all; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.