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
|Tel: 020 7929 7826|
Cairn Financial Advisers LLP, Nominated Adviser
|Tel: 020 7213 0880|
Alexander David Securities Limited, Broker
Tel: 020 7448 9820