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Byte Power Group Updates On Final Settlement Payment From Soar Labs; Stock Suspended

  • May 29, 2019 09:45 PM AEST
  • Team Kalkine
Byte Power Group Updates On Final Settlement Payment From Soar Labs; Stock Suspended

The Byte Power Group Limited (ASX: BPG) is a diversified group which provides technology solutions. It is a vertically integrated IT services and product supplier. The company has a specific focus in Asian business opportunities. The company’s four major global businesses include big data, crypto currency, food and beverage and power management.

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BPG’s global businesses (Source: Company website)

Wimobilize is the company’s latest advanced technology solution, fit for government, banking, healthcare, telco and tourism industries. It has an advanced four levels of Hybrid Correlation, analysis engine, and Artificial Intel Profiling Algorithms integrated into it. This technology bears the potential to deliver the advanced innovative trading forum for the distribution of BPG’s honeycomb, Australian wine and organic honey.

On 29th May 2019, BPG updated on the settlement proceeds pending to its subsidiary Byte Power Pty Ltd, from Soar Labs per the Settlement Agreement with Soar Labs dated 24/05/2018.

BPPL’s Board had agreed to the transfer of 544,726.60 Ripple coins to settle US$0.2 million. This would be the final payment for settlement. The transfer would be from Soar Labs to BPPL’s chosen wallet address owed by Soar Labs to BPPL. Byte Power Pty Ltd had affirmed of receiving the ripple coins.

The remaining balance of $120,556.97 and the transfer of 801,392 soar coins would finally settle the agreement for good.

On 24th May 2018, the company updated on the development related to the previously announced (12 February 2019) news on the suspension of Soar Coins by Soar Labs Pte Ltd. BPG stated that the parties involved had amicably reached a settlement. As per the settlement, Soar labs was to transfer forty nine percent of its shares in BPPL to the company. Apart from this, it had to pay US$1.7 million and transfer a total of 5 million soar coins to BPPL, the company and Mr Alvin Phua.

BPG released its quarterly cash flow statement for the period ending 31st March 2019. The highlights of this are discussed below:

  • Net cash used in operating activities amounted to A$190k.
  • Net cash from investing activities was A$64k.
  • Net cash from financing activities was reported at A$63k.
  • Cash and its equivalents at the end of the month were A$17k.
  • Estimated cash outflows for next month are A$94k.

The company commenced a Cryptocurrency Exchange business of Byte Power Pty Ltd on 13th January 2019. As of 31st March 2019, there were a total of 1.906k users who had registered themselves with the Exchange. Out of this, 181 users had met the KYC requisites.

Besides this, an airdrop program was launched which offered free tokens to the new users, after their registration. As on 31st March 2019, a total of 81,500 tokens had been issued to users.

Share Price Information:

The shares of BPG continue to remain suspended. They last traded on 22nd December 2017 at A$0.009 and have been in suspension ever since; due to the voluntary request of the company. The request was made due to ASX’s review of both Listings Rules 11.1.2 and 11.1.3, as applicable to the company.


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