NEWPORT BEACH, Calif., Dec. 12, 2017 (GLOBE NEWSWIRE) — Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has signed a Letter of Intent (LOI) to make an investment in Platinum Energy Recovery Corporation Pte. Ltd. (“PERC”), a Singapore-based company that’s developing a blockchain-based platform for the global decentralized energy trading market.
Blockchain technology, which first emerged as the architecture underlying Bitcoin, the best-known cryptocurrency, uses a distributed database that updates itself in real-time and can process and settle transactions in minutes, with no need for trusted third-party verification.
Energy trading systems worldwide are reported to be notoriously outdated and inefficient. PERC aims to address these challenges by implementing a new Smart Contracts-based peer-to-peer (P2P) trading platform that uses blockchain technology to secure, track, and manage billions of energy trades.
“The platform aims to reduce administrative risks and costs of energy trading while improving the reliability and efficiency of back-end trading operations. Ultimately, it would eliminate any confusion over ownership and help make managing risk more exact with accurate timestamps to each part of the trade,” said Steve Phu, President & CEO of PERC.
The platform will pool together energy producers, utility operators, traders, and buyers onto one decentralized platform, allowing them to trade directly with one another with complete transparency and security. Users will be able to easily perform trading on the platform which provides a transparent, auditable and automated trade execution and clearing mechanism. In addition, E&P participants will be granted access to a biodegradable oil recovery technology proven to increase production by an average of 92%. PERC is also planning to issue ERC-20 Ethereum-based utility tokens via a Token Generation Event, commonly known as an ICO, to incentivize users and to further fund this project.
Tan Tran, CEO of Vemanti, commented, “This investment reaffirms our commitment to growing blockchain-focused assets and keeps in line with our FinTech sector focus. We will continue to engage in blockchain projects. With all-time highs in Bitcoin and other cryptocurrencies, we see tremendous market potential for blockchain-focused platforms, especially ones that are financially-driven. “
The Company is planning to carry out an equity exchange for 20% percent interest in PERC initially with options to increase its stake. Once finalized, details of the transaction will be included the Company’s filings.
About Vemanti Group, Inc.
Vemanti Group, Inc. (OTC PINK:VMNT) is a Nevada corporation headquartered in Newport Beach, California. We are a technology-driven holding company that seeks to be active in high-growth and emerging markets. Our core strengths are in technology development and investment. We plan to grow through acquisition and investment in disruptive and foundational technologies by targeting early-stage businesses that have market viable products or by starting a new subsidiary of our own. Strategically, we focus mainly on early-stage Fintech and E-commerce companies based on blockchain technology. For more information, please follow: http://www.vemanti.com
About Platinum Energy Recovery Corporation Pte. Ltd.
Platinum Energy Recovery Corporation Pte. Ltd. (PERC) is a Singapore-based company that’s developing a decentralized energy trading platform for global traders without the use of middlemen while maintaining privacy and high level of security.
Historically, PERC started as a global oil recovery service provider for mid-life and mature oil fields using state-of-the-art Microbial Enhanced Oil Recovery (MEOR) process which has been proven successful in over 48 oil fields around the world, onshore and offshore with over 300 applications in 4 continents and an average of 92% increase in oil production per well to date. With 65% of total oil-in-place in the world today still considered unrecoverable, PERC application of fast, effective and low-cost process can be fully customized to the special characteristics of each oil reservoir and often results in oil production increase, reserve increase, life of field expansion with no exploration risk, thus generating high profit margin with either low or high oil price environment. For more information, please follow: http://www.platinumenergy.sg
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management’s plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management’s control.
Vemanti Group, Inc.