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Catenae Innovation #CTEA signs renewable licence framework agreement to use ChainZy

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology announces it has entered into a 5-year renewable licence framework agreement with Z/Yen Group Limited for the use of “ChainZy” – Z/Yen’s distributed ledger platform.

ChainZy delivers high speed, secure data and transaction handling capabilities utilising distributed ledgers. ChainZy is designed to be used in market sectors that require the secure, authoritative and immutable history of auditable transactions: financial services, private utilities, the public sector and many other areas of business and government activity.

The ChainZy platform can be utilised to support Catenae’s universal digital repository application, Sequestrum, as well as future applications the Company may develop. Sequestrum provides the immutability function for the recently launched OnSite product and ChainZy provides the distributed ledger platform in this instance.  ChainZy has been extensively tested with Sequestrum and is our preferred platform.

The use of the Chainzy product and associated licence fee will be dependent on the Company’s solution for each specific client. The fee structure will take the form of a licence fee and / or a per transaction fee.

Professor Michael Mainelli, Executive Chairman and co-founder Z/Yen Group Limited commented: “Catenae’s business is the perfect synergetic match for ChainZy.  We have a good working relationship over many years with their excellent CTO, Alan Simpson.  Their desire to deliver smart ledgers for responsible independent time recording on our ‘Internet of Record’, ChainZy, is commendable.  We look forward to developing more innovations that fundamentally alter the way business does business and government governs.”

Tony Sanders, CEO commented: “We are pleased to formalise our relationship with Z/Yen, who have been working in the distributed ledger arena for a good number of years under the world-renowned thought leadership of Professor Mainelli. We look forward to this mutually beneficial relationship, collaborating together to develop real-world, commercially viable solutions that meet pressing corporate and organisational needs.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).

For further information:

Catenae Innovation Plc
Tony Sanders
Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner

Tel: 020 7213 0880
 

Alexander David Securities Limited, Broker
David Scott / James Dewhurst

 

Tel: 020 7448 9820

Alan Simpson, Chief Technology Officer, Catenae Innovation P.L.C. (LON:CTEA) Interview

Catenae (AIM: CTEA), the AIM quoted provider of digital media and technology announces the following changes to its senior Management team and Board.

Proposed appointment of Alan Simpson CTO to the Executive Board

Alan is a highly regarded technologist with vast experience in a number of high-profile projects in a career ranging from Military Cryptologist through to those projects which can be publicly named such as being the Technical Delivery Manager for BBC’s flagship iPlayer project.

Alan joined the Company in June 2018 and has been responsible for the delivery of technical projects within the Company including Sequestrum, its DLT/Blockchain platform, and the recently launched Onsite. This appointment recognises the contribution and commitment Alan has shown to the Company.

This, combined with his broad technical expertise, and commercial experience will be a welcome addition to the Board. A further announcement providing information pursuant to AIM Rule Schedule 2(g) will be made in due course.

Catenae Innovation #CTEA – Changes to Senior Management Team and Board

Catenae (AIM: CTEA), the AIM quoted provider of digital media and technology announces the following changes to its senior Management team and Board.

Proposed appointment of Alan Simpson CTO to the Executive Board
Alan is a highly regarded technologist with vast experience in a number of high-profile projects in a career ranging from Military Cryptologist through to those projects which can be publicly named such as being the Technical Delivery Manager for BBC’s flagship iPlayer project.  Alan joined the Company in June 2018 and has been responsible for the delivery of technical projects within the Company including Sequestrum, its DLT/Blockchain platform, and the recently launched Onsite. This appointment recognises the contribution and commitment Alan has shown to the Company. This, combined with his broad technical expertise, and commercial experience will be a welcome addition to the Board. A further announcement providing information pursuant to AIM Rule Schedule 2(g) will be made in due course.

Appointment of John Farthing Chief Financial Officer
The Company will promote John Farthing from his current position within its subsidiary Trust in Media to become the Company’s Chief Financial Officer. John qualified as a Chartered Accountant in 1988 following which he moved to stockbroking, gaining significant experience with start-ups and smaller companies with a focus in the software and technology sectors. Mr Farthing is also a Chartered Fellow of the Chartered Institute for Securities & Investment, having been involved in corporate acquisitions and disposals as well as fund raising. John will report to the Board and be responsible for day to day financial operations and strategic input, augmenting the existing governance and financial controls. This is a non-Board appointment.

Tony Sanders CEO, commented;
“The Company has reached the stage in its development where it now has commercially viable product lines, demonstrably capable of delivering revenues. It is essential that the team are focussed on executing a robust sales and marketing strategy to deliver these revenues. With this in mind, the Board wants to ensure it has the correct management team in place with the right skillsets to enable the Company to concentrate on delivering its true potential. The above appointments will be augmented with suitably qualified Sales Management in the very near future. Obviously, we are very conscious of managing our cost base and can confirm that as a result of these and other changes within the Company, the net effect on the cost base is neutral.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).

For further information:

Catenae Innovation Plc

Tony Sanders

Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser

Liam Murray / Jo Turner

 

Tel: 020 7213 0880

 

Alexander David Securities Limited, Broker

David Scott / James Dewhurst

 

Tel: 020 7448 9820

Catenae Innovation #CTEA: OnSite – Contract Signed

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology announces it has signed its first agreements for OnSite with Firedoor Guardian Limited (“FDG”), a provider of building management and inspection services to the construction industry.

OnSite integrates the Company’s blockchain technology, Sequestrum, which was launched in December 2018.  The agreements have an aggregate value of £50,000 which will be invoiced immediately.

The agreements include a licence agreement and a support agreement.  The agreements have provision for pricing of additional volume related transactions that may occur during the term of the contract.

FDG wishes to create an immutable database of their inspection records and audit information as required under the BS9999 and The Regulatory Reform (Fire Safety) Order 2005 and as recommended in the independent review of Building Regulations and Fire Safety report led by Dame Judith Hackett following the Grenfell Tower fire.

OnSite utilises the latest mobile and cloud technologies and integrates Catenae’s distributed ledger technology which provides clients with the ability to store critical and regulatory reports in an immutable form within the Sequestrum repository providing auditable proof of both the existence of the report as well as its original content.   OnSite provides the ability for companies to manage and schedule their workforce and provides a universal inspection and reporting tool that has been adapted to meet the regulatory reporting standards for this industry.

The integration of Sequestrum provides full ‘Proof of Work’ by ensuring that inspection reports are stored in an immutable form directly from the mobile input device, recording the geo-coordinates of the device and centralised time stamping as meta data for full auditability.

Guy Meyer, a director of the Company is also a non-executive director and shareholder in FDG, consequently the entering into the agreements is being deemed a related party transaction (the “Transaction”) under the AIM Rules for Companies.  The directors independent of the Transaction, having consulted with the Company’s nominated adviser, believe that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.

Tony Sanders, CEO, said: “We are pleased to sign this initial agreement for our new product OnSite so soon after the product launch in December 2018, this follows extensive testing and proof of concept programme with the client. Being able to show blockchain technology being used in a ‘real world’ application was key to the Company accepting the opportunity to present its solutions at the UK Investor City Forum event on 21st January 2019, as there are not many opportunities to see blockchain technology working beyond conceptual applications.  We hope to be making further announcements shortly.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).

For further information:

Catenae Innovation Plc
Tony Sanders
Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner

Tel: 020 7213 0880
 

Alexander David Securities Limited, Broker
David Scott / James Dewhurst

 

Tel: 020 7448 9820

Catenae Innovation #CTEA – Posting of Report and Accounts and Notice of Annual General Meeting

The Company announces its audited annual report and accounts for the year to 30 September 2018 has been posted to shareholders.

Furthermore, the Company has posted a Notice of Annual General Meeting (“AGM”) to shareholders. The AGM will be held at the offices of WeWork, 1 Primrose Street, London EC2A 2EX, at 11.00 am on Friday 1st February 2019.

For further information:

Catenae Innovation Plc

Tony Sanders

Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser

Liam Murray / Jo Turner

 

Tel: 020 7213 0880

 

Alexander David Securities Limited, Broker

David Scott / James Dewhurst

 

Tel: 020 7448 9820

 

Catenae Innovation #CTEA – Final Results

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology announces its final results for the year ended 30 September 2018.

Key points

  • Creation of Blockchain Intellectual Property within Trust in Media for copyright protection
  • Launch of Sequestrum – a digital repository system utilising blockchain
  • Aston Villa successfully completed proof of concept exercise
  • Southend United Football Club sign agreement post year-end
  • Costs greatly reduced and five-fold revenue increase

The independent auditor’s report for the year ended 30 September 2018 contains a material uncertainty paragraph in respect of going concern. An extract taken from the text of the auditor’s opinion is set out below in part 1 of the notes to this announcement.

Anthony Sanders, Chief Executive and Chairman, commented:
“The past 12 months have seen a transformation within the business as the revised strategic plan, which commenced in September 2017, has been implemented. The new management structure is in place and the streamlining of the business units has been completed resulting in a drastic reduction in the cost base of the business. The management are also pleased to see a five-fold increase in revenue year on year, the vast majority of this as new products were rolled out in the second half of the year. The Company is now firmly focussed on translating this interest in the product set to sustainable revenues.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Anthony Sanders (Chief Executive Officer).

For further information:

Catenae Innovation Plc
Tony Sanders
Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner

Tel: 020 7213 0880

 

Alexander David Securities Limited, Broker
David Scott / James Dewhurst

 

Tel: 020 7448 9820

CHAIRMAN’S STATEMENT

Business Progression

The past 12 months have seen a transformation within the business as the revised strategic plan, which commenced in September 2017, has been implemented. This was formalised in March 2018 with the change of name from Milestone Group Plc to Catenae Innovation Plc. The new management structure is in place and the streamlining of the business units has been completed with the inherent reduction in head count. This has resulted in a drastic reduction in the cost base of the business; where there were extra costs for these changes, these have been included within the 2018 accounts.

As the new product areas discussed below have come on stream, one of the key business metrics for the management team is the value of the associated invoices. The management are pleased to see a five-fold increase in revenue year on year (2018: £157,218, 2017: £24,040 on a like for like basis), the vast majority of this as new products were rolled out in the second half of the year.

In March 2018, the Company created a joint venture company, Trust in Media, through the disposal of some shares in Oil Productions Ltd T/A Relative and a rebranding of that entity. Catenae retain 50.5% of the ownership. Trust in Media has since focused on offering technical innovation within the media sector.

Since its formation, Trust in Media has created intellectual property in respect of blockchain technology for use by its own clients as well as licenced to Catenae, where it is embedded into Catenae’s products. Trust in Media has carried out a trial of the Digital Asset Registration tracking technology that it developed. This has now been accepted to sit within the operations of a service provider in the image-licensing sector and is subject to commercial discussion post period. In addition, Catenae has launched two new products, Sequestrum, the Company’s first blockchain application which is a universal digital asset repository and tracking system utilising the Trust in Media intellectual property and OnSite, a Management and Inspection application developed for the construction sector. The revised products also introduce a revised revenue model combining multi-year annuity contracts with per event transactional revenues. Both Sequestrum and OnSite have been trialled in successful pilot projects with potential clients; these are now subject to commercial negotiation.

Sequestrum forms the basis of the Company’s technical strategy. It has been embedded within the legacy products, OnSide and OnGuard, and is integral to OnSite. This development augments their compliance capability of the products by offering the ability to store immutable reports and proof of work functions to their legacy GDPR credentials.

Post period end the Company signed the first commercial agreement for its blockchain technology in the form of its Sequestrum-enabled version of OnGuard. This achieves revenue through a combined annuity licence and transactional fee structure.

This period has seen the each of our existing clients renewing or extending their annuity contracts, new customers signing up for pilot projects and the development of products. The Board has now implemented the new strategy for the business, ensuring that costs are greatly reduced and that all product lines have a commercial focus.

In the meantime, with the advent of the new GDPR rules Catenae’s Mobile Business Solutions products are going from strength to strength. The OnGuard product, targeted at companies with remote workforce, has seen its existing contracts both renew and expand into providing additional services. The OnSide product, which focuses on the sports coaching industry, has also seen its existing contract being renewed with Charlton Athletic, but has had increased interest from a number of football clubs and has recently signed Southend United. Aston Villa also completed a successful pilot within its community foundation. The Company are also in discussion with other football clubs and have recently commenced discussions within Premiership Rugby.

Working capital, fund raisings and other matters

During the year, the Company issued 299,833,335 new ordinary shares for a total consideration of £509,500, of which £356,500 was received in cash during the year and £153,000 was in exchange for goods and services. Since the year-end, the Company has issued 500,000,000 new ordinary shares for a total consideration of £600,000 of which £25,000 cash was received in the current year (held within shares to be issued reserve at the year-end), £167,245 was in exchange for goods and services (agreed during the year and also held within shares to be issued), £395,000 cash received post year-end and £12,755 was in exchange for goods and services post year-end.

The Company continues to carefully manage its working capital position and will need to raise further monies through subscriptions for new shares in the short term while the efforts from last year bring about the creation of new revenue lines. The Company remains firmly focused on generating revenue through developing its activities. Protecting the interest of the Company’s shareholders is a priority and the Board’s strategy is to seek to raise funds on a basis that is fair to all.

Results for the year

The Company had a net loss for the year of £1,106,788 (2017: £2,262,319), showing real improvement in the management of costs, and revenues of £157,218 (2017: £28,795), of which £nil (2017: £4,755) relates to discontinued operations. The Company has a statement of financial position at the year-end showing net liabilities of £891,929 (2017: £552,280).

These results are presented under European Union Adopted International Financial Reporting Standards (“EU Adopted IFRS”). 

Conclusion

The Board saw the restructuring of the business as critical to delivering the new business strategy and became the primary focus for much of the year. The period saw the commencement of the recovery for the business with the introduction of the new product set and the Board are pleased to see that the revised products areas are attracting both interest and revenues. The Company is now firmly focussed on translating this interest in the product set to sustainable revenues.

Anthony Sanders
Chief Executive Officer and Chairman
28 December 2018

Statement of comprehensive income for the year ended 30 September 2018

2018 2017
£ £
Revenue 157,218 24,040
   
Cost of sales (1,964 )
   
Gross profit 157,218 22,076
   
Realised gain on disposal 1
Administrative expenses (1,282,027 ) (2,266,777 )
(1,282,027 ) (2,266,776 )
Loss from operations (1,124,809 ) (2,244,700 )
Net finance expense (2,460 ) (1,486 )
Loss before taxation (1,127,269 ) (2,246,186 )
Taxation credit 20,481
Loss from continuing operations (1,106,788 ) (2,246,186 )
     
(Loss) from discontinued operations net of tax (16,133 )
Total comprehensive loss for the year (1,106,788 ) (2,262,319 )
                                                                             

 

   
Basic and diluted loss per share (pence) (0.06 ) (0.20 )

 

Statement of financial position at 30 September 2018                               Company No: 04689130

2018 2017
£ £
Non-current assets    
Intangible assets 1 1
Investments 10
11 1
Current assets
Trade and other receivables 48,864 77,137
Cash and other equivalents 49,105 749,818
97,969 826,955
Current liabilities
Trade and other payables (674,247 ) (1,086,209 )
Interest bearing loans (315,662 ) (293,027 )
(989,909 ) (1,379,236 )
     
Net (liabilities) (891,929 ) (552,280 )
Capital and reserves  
Share capital 2,078,601 1,778,768
Share premium account 16,999,644 17,954,376
Shares to be issued 187,245
Share reserve (83,333 ) (1,250,000 )
Merger reserve 11,119,585 11,119,585
Capital redemption reserve 2,732,904 2,732,904
Retained losses (33,926,575 ) (32,887,913 )
Shareholders’ funds (891,929 ) (552,280 )

Statement of cash flows for the year ended 30 September 2018

Cash flow from operating activities 2018 2017
  £ £
     
Loss for the year (1,106,788 ) (2,262,319 )
Adjustments for:
Amortisation of intangible assets
Net bank and other interest charges 2,460 1,486
Services settled by the issue of shares 317,513 45,326
Issue of share options and warrants charge 68,126 68,581  
 Net cash outflow before changes in working capital  

(718,689

)

 

(2,146,926

)

     
Decrease in trade and other receivables 28,272 74,362
(Decrease) / Increase in trade and other payables (411,961 ) 25,810
Cash outflow from operations (1,102,378 ) (2,046,754 )
     
Interest received 15 14
Interest paid (2,475 )
Net cash flows from operating activities (1,104,838 ) (2,046,740 )
     
Investing activities    
Investment in joint venture (10 )
 

Net cash flows from investing activities

(10

)

     
Financing activities    
Issue of ordinary share capital 381,500 2,516,220
Repayment of loan (375,090 ) (155,000 )
New loans raised 397,725 312,500
Net cash flows from financing activities 404,135 2,673,720
     
     
Net (decrease) / increase in cash (700,713 ) 626,980
Cash and cash equivalents at beginning of year 749,818 122,838
Cash and cash equivalents at end of year 49,105 749,818

 

Statement of changes in equity for the year ended 30 September 2018

Share Capital Share Premium Shares to be issued Other Reserves Retained Earnings Total Equity
£ £ £ £ £ £
Balance at 30 Sept 2018  

783,998

 

15,073,350

 

63,081

 

13,852,489

 

(30,694,175

)

 

(921,257

)

Loss for the year        – (2,262,319 ) (2,262,319 )
Share capital issued 994,770 2,881,026 (63,081 ) (1,250,000 ) 2,562,715
Share options charge 68,581 68,581
Balance at 30 Sept 2017  

1,778,768

 

17,954,376

 

 

12,602,489

 

(32,887,913

)

 

(552,280

)

           
Loss for the year (1,106,788 ) (1,106,788 )
Conclusion of defaulting shares issue (1,166,667 ) 1,166,667
Share issue agreed in advance 187,245 187,245
Share capital issued 299,833 211,935 511,768
Share options charge 68,126 68,126
           
Balance at 30 Sept 2018

2,078,601

 

16,999,644

 

187,245

 

13,769,156

 

(33,926,575

)

 

(891,929

)

Notes to the financial information

1. Basis of preparation

Catenae Innovation Plc is a company registered and resident in England and Wales.

The financial information set out in this announcement does not constitute the Company’s statutory accounts, as defined in Section 435 of the Companies Act 2006, for the years ended 30 September 2018 or 30 September 2017, but is derived from the 2018 Annual Report. Statutory accounts for 2017 have been delivered to the Registrar of Companies and those of 2018 will be delivered in due course.

The statement of comprehensive income, statement of financial position, statement of cash flows, statement of changes in equity (above) and associated notes are extracts from the financial statements and do not constitute the Company’s statutory accounts.

Statutory accounts for the year to 30 September 2017 and 30 September 2018 have been reported on by the Independent Auditors.

The financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards as adopted by the EU (“EU Adopted IFRSs”).

The Independent Auditor’s Report on the Annual Report and Financial Statements for 2017 and for 2018 was unqualified, but did draw attention to matters by way of emphasis relating to the basis of preparation, which is reproduced below and was substantively similar for both years.

In forming the Auditor’s opinion on the financial statements, which is not modified, the Auditor’s have considered the adequacy of the disclosure made in note 1 to the financial statements concerning the Company’s ability to continue as a going concern. “The going concern status of the company is dependent upon the management of the timing of settlement of its liabilities and the raising of further funds in the immediate to short term and thereafter on the forecast profitability of key projects which have recently commenced and for which the degree of success cannot yet be reliably demonstrated.

Forecasts prepared by management indicate that if they are unable to manage the company’s liabilities as planned or the external fundraising does not occur in the immediate term and, subsequently, the future projects do not prove as profitable as forecast the company would have an immediate requirement to seek alternative sources of funding. As stated in note 1, these conditions indicate that a material uncertainty exists which casts significant doubt on the company’s ability to continue as a going concern.”

The basis of preparation is reproduced below.

Going concern

The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman’s statement and below. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are described in the financial statements. In addition, note 16 to the financial statements includes the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and exposures to credit risk and liquidity risk.

The net liability position as at 30 September 2018, being the Company’s financial year-end, was £891,929 (2017: £552,280). Subsequent to the reporting date, the Board has been able to agree funding in the form of further share issues raising £524,945 in cash and clearing £75,055 worth of creditors through share issue. The funding received to date will go part way to cover year-end liabilities, and the Company will be dependent upon future funding and revenues to meet the remaining obligations, as discussed below.

The Company continues to be reliant upon its continuing ability to manage the timing of settlement both of its current liabilities and future liabilities as they arise. There is also a need for successful on-going equity fundraises and / or loans in the immediate to short term thereafter, while sales plans and projections come into effect, especially in relation to revenues generated from existing and new products. The Board has prepared forecasts to reflect the revenues expected to be generated by the Company. The Company is fully focused on ensuring that sales plans are followed to ensure that the business becomes self-sustaining in the near future.

The Directors have concluded that the need to generate future funds from further fundraising and from trading activities to satisfy the settlement of its on-going and future liabilities represents a material uncertainty, which may cast significant doubt upon the Company’s ability to continue as a going concern. Nevertheless, after making enquiries and considering this uncertainty and the measures that can be taken to mitigate the uncertainty, the Directors have a reasonable expectation that the Company will have adequate resources to continue in existence for the foreseeable future. For these reasons they continue to adopt the going concern basis in preparing the annual report and accounts. The financial statements do not include any adjustments that would result if the Company was unable to continue as a going concern.

2. Loss per share

The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. The calculation of diluted loss per share is based on the basic loss per share, adjusted to allow for the issue of shares and the post tax effect of dividends and interest, on the assumed conversion of all other dilutive options and other potential ordinary shares.

There were 162,191,116 share options and 432,764,797 share warrants outstanding at the year-end (2017: 163,213,116 and 248,431,460). However, the figures for 2018 and 2017 have not been adjusted to reflect conversion of these share options, as the effects would be anti-dilutive.

    2018     2017
  Weighted     Weighted  
  average Per share   average Per share
Loss number of amount Loss number of amount
£ shares Pence £ shares Pence
Basic and diluted loss per share attributable to shareholders (1,106,788 ) 1,905,297,999 (0.06 ) (2,262,319 ) 1,115,347,198 (0.20 )

3. Posting of Accounts

The Reports and Accounts of Catenae Innovation Plc, including the Notice of Annual General Meeting will be posted to shareholders shortly.

Share Prophets: Catenae Innovation (CTEA) – first blockchain contract & product updates, remains a buy

Catenae Innovation (CTEA) has announced a first contract for a solution utilising its blockchain technology and updated on its such technology and announced a product launch…

The contract is with a UK-based security company and a customer since 2013, STM Security UK Ltd. It is for OnGuard Plus,“with the ability to store critical and regulatory reports in an immutable form within the Sequestrum repository providing auditable proof of both the existence of the report as well as its original content”.

Sequestrum is Catenae’s Distributed Ledger technology digital repository – for which it has recently completed final testing on the ‘Hyper Ledger Blockchain platform’. It noting this “opens up the opportunity for Sequestrum to be run on the client’s choice of Blockchain platform, significantly broadening its potential application”. The product launch is OnSite – a management and inspection platform… developed specifically for the construction industry”. It is added “the integration of Sequestrum ensures that inspection reports are stored in an immutable form directly from the mobile input device, recording the geo-coordinates of the device and centralised timestamping as meta data for full auditability”.

On the contract, it is stated “revenue is generated via an annual ‘in advance’ licence fee as well as a transaction fee on a ‘per report’ basis”, though there’s no financial specifics. However, it is added “we hope to make further announcements on further commercial agreements in the near future”– and there is clear positive operational momentum here.

However, the shares are still only slightly ahead of our prior update – and meaning a market cap of still only circa £3 million. With the suggested operational progress indeed looking to be following the financial strengthening, we continue to consider a share price around 0.20p a realistic target – and our stance remains buy.


HotStockRockets Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Catenae Innovation #CTEA – Contract and Product Update

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology announces it has signed its first contract for a solution utilising its blockchain technology. This agreement is with STM Security UK Ltd (“STM”) who have been customers of the Company since 2013. STM is a UK based security company and a supplier of manned security solutions and customer service staff, providing professional, trained and licensed personnel throughout the UK.

Under the terms of the contract Catenae will supply STM with OnGuard Plus, a business management solution which was specifically developed for the security industry. It utilises mobile and cloud technologies to support the administrative, operational and financial functions of the manned guarding sector. The integration of Catenae’s Sequestrum distributed ledger technology provides clients with the ability to store critical and regulatory reports in an immutable form within the Sequestrum repository providing auditable proof of both the existence of the report as well as its original content. Revenue is generated via an annual ‘in advance’ licence fee as well as a transaction fee on a ‘per report’ basis.

Sequestrum Update – Catenae has recently completed final testing of Sequestrum, Catenae’s Distributed Ledger technology digital repository running on the Hyper Ledger Blockchain platform. This recent technical development opens up the opportunity for Sequestrum to be run on the client’s choice of Blockchain platform, significantly broadening its potential application.

OnSite – The Company announces the launch of its management and inspection platform – OnSite. This product has been developed specifically for the construction industry. The product provides the ability for companies to manage and schedule their workforce and provides a universal inspection and reporting tool that can be adapted to meet the regulatory reporting standards for this industry. The integration of Sequestrum ensures that inspection reports are stored in an immutable form directly from the mobile input device, recording the geo-coordinates of the device and centralised timestamping as meta data for full auditability.

We hope to make further announcements on further commercial agreements in the near future.

 This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).

For further information:

 

Catenae Innovation PLC
Tony Sanders

Tel: 020 7929 7826

Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner
Tel: 020 7213 0880
 

Alexander David Securities Limited, Broker
David Scott / James Dewhurst

Tel: 020 7448 9820

Blockchain – which do you choose VHS or Beta?

No sooner do most retail market investors finally understand the difference between cryptocurrency and blockchain, (simply put crypto needs blockchain, blockchain doesn’t need crypto), than the timely debate starts as to which platforms are actually commercially viable.

With Bitcoin and Ethereum taking up the most column inches, the uninitiated could easily believe they are the only platforms out there.

Whilst they are arguably the most popular names in the public blockchain arena, there are many other public and private platforms offering distributed ledger technology (DLT), each with their own strengths and weaknesses.

As you can probably guess, given the title the only certainty is that they don’t talk to each other. Older readers will of course remember the hackneyed comparison and discussions regarding VHS (JVC) and Betamax (Sony) home video recorder systems in the dim and distant past. While it would be nice to think that we we’ve learnt something about technical standards in that time, it appears not to be the case – after all who really needs interoperability anyway?

Accenture’s press release (1) earlier this month details its approach to enable two or more disparate blockchains to have some form of communication whether this be transfer of a tokenised asset or data mapping different blocks across different blockchains. The devil is of course in the detail, but this is obviously a move in the right direction; anything that helps bring together two organisations with different technical solutions and / or with disparate requirements must be good.

Interoperability is key to the take-up of DLT technology. Therefore, the ability to run an application on a DLT platform, any DLT platform is a key consideration with solutions like Sequestrum our Universal Digital Repository application (2). The universal element here was designed in from day one, we wanted to achieve an application that had near zero barrier to entry, an application that could be added to legacy systems to provide that immutable proof of record whether the use case be for copyright, audit or governance, without have to re-engineer vast swaths of code.

It was equally important that the application could sit on top of the client’s choice of DLT platform. Taking the approach adopted by some of the application development frameworks, we looked to separate the application from the DLT platform, choosing to interface these via an application programming layer (API). Not a new solution, but very flexible. In theory this API layer acts like the Babel fish, allowing two incompatible elements to communicate, sometimes easily, sometimes with a bit more complexity. In this case allowing the application to remain agnostic to whichever platform it is accessing its data from.

Sequestrum is fully owned by us at Catenae Innovation (CTEA.L), is already listed on the LSE and is in many ways well ahead of Silicon Valley as a proven, cash generating offering.

Developed by Alan Simpson, better known for building and launching the BBC iPlayer, Sequestrum is currently being developed on two private DLT blockchain platforms and is a leap forward both in being both cost effective to the end user and ultra efficient compared to current solutions.

Our next client implementation is based on a Hyperledger platform, after all if it’s good enough for IBM!

We may yet have to deliver the modern age equivalent of the morphing tape cartridge to fit all the VCRs in the world, but the Catenae team are more than happy that Sequestrum is a good start.

by Tony Sanders

Links
https://newsroom.accenture.com/news/accenture-enables-interoperability-between-major-blockchain-platforms.htm
https://www.catenaeinnovation.com/products-and-services/p/sequestrum

 

 

 

Catenae Innovation #CTEA – AVFC & Sequestrum proof of concept exercises progress toward signed agreements + Positive findings from Trust in Media trial

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology, is pleased to provide an update regarding:-

  • Successful completion of proof of concept exercise with Aston Villa Football Club for the Company’s OnSide solution announced on 20 June 2018 leading to commercial negotiations;
  • Successful completion of proof of concept exercise with provider of building management and inspection services as announced on 5 July 2018 also leading to commercial negotiations; and
  • Positive findings from the on-going trial of Trust in Media’s Digital Image Library

Aston Villa Football Club 
Catenae is pleased to announce that the proof of concept exercise with Aston Villa Football Club (“AVFC”) has completed successfully.
AVFC and the Company have now commenced commercial negotiations with a view to the OnSide product being fully integrated within AVFC’s operations in the near future.

Sequestrum 
Catenae’s Mobile Business Solutions division, which operates remote workforce management tools, has successfully completed a proof of concept exercise with a provider of building management and inspection services. This proof of concept involved the use of Catenae’s digital repository solution, Sequestrum, which utilises distributed ledger technology (“DLT” also known as Blockchain) to record inspection reports in an immutable manner.

The companies have now engaged in commercial discussions regarding the long-term use of Sequestrum.

As a result of this proof of concept exercise, the client has requested Catenae expand the project to include the creation of the mobile application and management dashboard that will form the basis of their product offering.

We expect to make further announcements on the above commercial agreements in the near future.

Trust in Media – Digital Image library
Catenae’s subsidiary, Trust in Media is pleased to confirm the proof of concept project with a service provider in the Image Licensing sector to trial the embedding of the Digital Asset Registration and Transactional Tracking technology within the provider’s operations also announced on 5 July 2018 continues to plan, following initial positive findings.

Tony Sanders, CEO, commented: 
“It is always good when a plan comes together and seeing our products being trialled in earnest and to not only pass with flying colours but provide realistic opportunities of signed agreements confirms the strategy. Particularly with regards to our DLT application Sequestrum, this being the first real world use of this innovative service. We look forward to announcing signed agreements in due course”

 This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).

For further information:

Catenae Innovation Plc                                                                                     Tel: 020 7929 7826
Tony Sanders

Cairn Financial Advisers LLP, Nominated Adviser                                         Tel: 020 7213 0880
Liam Murray / Jo Turner

Alexander David Securities Limited, Broker                                                   Tel: 020 7448 9820
David Scott / James Dewhurst

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