SANFORD, Mich., April 05, 2018 (GLOBE NEWSWIRE) — HPIL HOLDING (the “Company”) (OTC Pink:HPIL) filed an 8K with the Securities and Exchange Commission (SEC) on March 29, 2018 regarding the acquisition of a Crypto Coin (Cryptocurrency) mining license for the technology under the United States Patent and Trademark Office (USPTO) for a “Browser Based Crypto Currency Miner” (USPTO Provisional Patent number 62614253). A preliminary press release was also issued on March 30th, 2018. The Company announced the signing of an agreement with Virtual Solutions Ventures LLC for technology developed under its provisional patent for a browser based coin mining license. Initially the Company chose the Monero coin for its licensing. It is also discussing the prospect of mining other cryptocurrencies including the Bitcoin. The technology allows the mining of a cryptocurrency using a basic browser.
“Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto.
“As of September 2017, over a thousand cryptocurrency specifications exist; most are similar to and derive from the first fully implemented decentralized cryptocurrency – bitcoin. Within cryptocurrency systems the safety, integrity and balance of ledgers is maintained by a community of mutually distrustful parties referred to as miners: members of the general public using their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular timestamping scheme. Miners have a financial incentive to maintain the security of a cryptocurrency ledger.
“Most cryptocurrencies are designed to gradually decrease production of currency, placing an ultimate cap on the total amount of currency that will ever be in circulation, mimicking precious metals. Compared with ordinary currencies held by financial institutions or kept as cash on hand, cryptocurrencies can be more difficult for seizure by law enforcement. This difficulty is derived from leveraging cryptographic technologies.” – (Source: n.d. in Wikipedia.).
It should be noted that the US Securities and Exchange Commission has made several cautionary statements regarding Cryptocurrencies and Coin offerings and the technologies associated with them. A statement from the SEC Chairman Mr. Jay Clayton can be found here https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11. The Company aims to ensure that it is compliant with all SEC regulations on the subject matter and that intends to be compliant with all registration and other requirements under US securities laws.
A Managing Member of Virtual Solution Vendors LLC said, “We have developed a unique revolutionary technology for the mining of Cryptocurrencies. When you mine for gold, you either find it or you do not. With our software & provisional patent, gold is all around you. It’s how effective you are that matters.”
The Member further said “One average computer running several hours a day can, on the low side, make a few cents a day. This is comparatively nothing and a real CPU rig for mining cryptocurrencies would do far better than that. However our software is meant for the masses running average computers. We would recommend at least a thousand users running the software on at least average computers. Thus the potential for a thousand computers is up to about a few hundred dollars a day or in the low five figures a month. Our software also runs on cellular phones, many video cameras and on most “internet of things” (IoT) devices. Our real goal is for HPIL HOLDING to build its sublicensees and its contract base benefiting both HPIL HOLDING and our company. HPIL can also sub license the software to cellular app creators to run with their software.”
Mr. Ionel Bara, President of the WTOKF (the World Traditional Okinawa Karate Federation), said, “We are very interested in using this license acquired by HPIL HOLDING to promote amongst our million plus member base so as to generate funds for the development of our member associations and for the sport of Karate.”
Mr. Nitin Amersey, Chairman and CEO of HPIL HOLDING said, “We acquired this cryptocurrency technology with the specific prospect of developing it. We will be actively seeking sub-licensees for this business as we create a revenue channel for HPIL. This technology also fits in well with the previously announced planned acquisition of the Live Youth Sports Network which installs High Definition (HD) streaming video cameras in athletic venues in schools.”
Safe Harbor / Forward-Looking Statements:
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” “plan,” “potential,” “seek,” and “intend,” among others. These forward-looking statements are based on the Company’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our possible need for financing; uncertainties of technological changes; and dependence upon third parties. The Company does not undertake an obligation to update or revise any forward-looking statement. All of the Company’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.
The Company is also actively negotiating to acquire businesses and technologies that it sees as being synergistic to its business plan.
HPIL HOLDING (http://HPILHOLDING.COM) is a holding company quoted on OTC Markets