KELOWNA, BRITISH COLUMBIA -- (Marketwired) -- 12/07/17 -- Hill Top Security Inc. ("Hill Top") and Big Wind Capital Inc. ("Big Wind" or the "Company") (CSE: BWC)(CSE: BWC.CN)(CNSX: BWC)(OTC PINK: BGGWF) announce that Hill Top has filed a patent for a biometric security application designed to protect bitcoin and other crypto-currencies from theft and loss. Missing passwords and theft have become the biggest issues plaguing the crypto-currency industry, with more than 35 major reported hacks of bitcoin exchanges alone since 2011, leading to the theft of over 980,000 bitcoins. In total, as much as 23% of Bitcoins mined to date are estimated lost forever( 1 ) (approx. $US30 billion at current market value). Hill Top's biometric crypto-currency application helps solve this issue by adding a new, high-level of personalized security for crypto-currency users worldwide. Hill Top recently signed a letter of intent with Big Wind, pursuant to which Big Wind intends to acquire various interests in HTSI and its assets (the "Transaction").
The patent filing covers UxToken: Biometric-enabled, GPS trackable crypto-currency private key safe storage. The new application was developed by Hill Top's in-house team, which is comprised of former US military officers and personnel. Importantly, this new crypto-currency security helps bridge the divide between completely anonymous transactional parties and a reasonable assurance of participant identity, that is aligned with compliance requirements in standard, market-based asset transactions.
Corby Marshall, CEO of Hill Top Security, said, "The potential of Bitcoin and other cryptocurrencies is vast, however, it is becoming constrained by cyber crime, as well as missing passwords, which can render coins irretrievable. In fact, as many as 3.79 million Bitcoins are estimated as lost forever - that's nearly 23% of all Bitcoins in circulation, which is close to $30 Billion at current market value. This patent application covers our new biometric crypto-currency security app, which will provide biometric protection of these currencies, in particular, with offline (cold) storage and the recovery of lost passwords."
Completion of the Transaction is subject to a number of other conditions, including but not limited to acceptance by the Canadian Securities Exchange and entering into a formal definitive agreement. Further details regarding the proposed Transaction will be provided in a news release, when the parties enter into a definitive agreement.
(1) Chainalysis, November, 2017
Forward-Looking Information
Certain statements included in this news release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management or the negative thereof or similar variations. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.
All information in this news release concerning Hill Top has been provided for inclusion herein by Hill Top. Although the Company has no knowledge that would indicate that any information contained herein concerning Hill Top is untrue or incomplete, the Company assumes no responsibility for the accuracy or completeness of any such information.
Investors are cautioned that, except as disclosed in the listing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.
Statements about the closing of the Transaction, expected terms of the Transaction, and the parties' ability to satisfy any and all other closing conditions, and receive necessary regulatory and CSE approvals in connection therewith, are all forward-looking information. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, and general economic, competition, litigation, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Transaction will occur or that, if the Transaction does occur, it will be completed on the terms described above. Big Wind assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contacts:
Big Wind Capital Inc.
Richard Matthews
rmatthews@dccnet.com
778 484 8028
