DataDot Technology Limited (ASX: DDT) today provided an update on the ongoing analysis published by Beston Global Food Company Limited with respect to the possible merger of Beston Technologies Pty Ltd and DataDot Technologies.
The analysis comes as a part of “Framework Agreement” that Beston Global Food Company (BFC) has established with DataDot Technology Limited to work on the business model for a possible merger, including the development of strategic customer opportunities and validation of Beston Technologies’ software-as-a-service (SaaS) revenue model.
This prospective merger underscores the BFC’s forward plan to divest its technology business, Beston Technologies (BT), and to focus on its core business as a food and beverage company.
As part of the work program undertaken by BT under the Framework Agreement, BT has, in recent months, commissioned an independent review of its technology by the technology consulting company, Readify Pty Ltd. The independent review conducted by Readify Pty Ltd has concluded that the Beston Technology Platform utilises fit-for-purpose technologies and presents functionality via attractive, easy to use interfaces on appropriate device form-factors. It provides a powerful model to market, based on its ability to enable food trust in existing systems such as ERP systems and established Ecommerce Platforms.
The platform has also been approved by the investigator for its ability to solve verification and authenticity of the ‘actual food product’ whilst in the hands of the consumer rather than relying on traditional manual data capture techniques as per its emerging competitors.
Beston Technologies has recently been awarded a Blockchain Patent in the United States for managing and providing the provenance of a product, including food. The Patent covers a methodology for providing identification and anticounterfeiting as a product moves along the supply chain from its source phase, through the transformation phase and undergoes the transportation phase.
In simple terms, the Beston Technology platform is about providing “product integrity” versus the “data integrity” approach of competitive systems. While Beston Technologies has developed the Blockchain specifically for food and beverages, the Patent “applies to products of any types.” The awarding of the US Patent brings the total number of registered patents held by Beston Technologies to 12.
The report further read that the analysis work still continues and no decision is expected to be made by either BFC or DDT in relation to the proposal before 30 June 2019.
BFC stated that the technology developed within BT has developed to the stage where it can be made available for use by other food companies, as well as companies in other consumer product-based industries, in Australia and elsewhere. Moreover, the review has reportedly identified a number of areas for enhancements, particularly in relation to cybersecurity protections, which are now said to be in the process of being implemented.
DDT stock last traded at $0.007 with a market capitalisation of $5.67 million. Over the past 12 months, the stock has witnessed a positive price change of 16.67% including a massive upsurge of 133.33% in the past three months.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.