NovaTeqni to Incorporate Blockchain into Farmers Management System and Announces Prototype Completion of Finger Print Door Access System with Virtual Reception and Time and Attendance Functionality

10/04/17 08:10 AM EDT

(TheNewswire)

 

October 4, 2017 / TheNewswire / Calgary, Alberta – NovaTeqni Corporation (“ NovaTeqni ” or the " Company ") (TSXV - NTQ: OTCQB - NVTQF) is continuing to examine areas of its business where the use of blockchain will reduce costs, improve security and provide efficiencies beyond current processes.  Novateqni’s extensive experience in biometrics and voter registration, validation and voting systems uniquely positons the Company to take advantage of the efficiencies and security offered by the use of a blockchain.  In examining current and future projects, the Company has decided to commence the development of a new version Farmer’s Mangement System using blockchain to increase functionality, and specifically to create a highly flexible, generic identification and transaction system.

The Company’s current Farmer’s Mangement System which was first launched in Malawi includes government quality biometrics, fixed offices, wireless and land line communications, cloud based computing, and mobile biometrics systems.  Farmers were issued secure contactless smart cards containing biometrics data to allow instant identification. The system contains administrative functionality such as financial reporting and crop related reporting which led to an improvement in efficiency and capability within the important farming sector.

The use of the block chain adds an additional security layer to further distribute encrypted ledgers.  This will allow for the safer and more secure storage of the biometrics and biographical information of users.  Local biometrics matching when required will also be possible such as match on device or match on card Once developed the upgraded system can be used by a variety of enterprises.  

The new system will be customizable to work for different standard and non standard product applications such as Know Your Customer, student registration, access control, time and attendance, health plans, drivers liscences, voter validation, voter registration, and money transfers.

Novateqni is also pleased to announce it has completed the prototype and first demonstration to sales partners of its finger print based door access system with fully integrated virtual reception and time and attendance functionality.  An iris based version of the access system will be available by the end of this year and a robust version targeted at construction sites will be launched in 2018.

Funding will be required to carry out the development of the new Famers Management System using blockchain and to prepare production ready versions of the Company’s various products including the time and attendance system and door access controllers.

Gerhard Mynhardt, CEO of Novateqni stated ,  “We are very pleased to be announcing the completion of a product that, once to market, will commence the Company’s transition from tender based sales to more predictable and reliable standard product sales.  In addition, the Company sees various efficiencies and added security offered by the incorporation of a blockchain into its current and future offerings, therefore, the Company will be working towards utilizing the blockchain where it can and where it is best suited.  Monitization of blockchain applications is tough however Novateqni is identifying practical blockchain based applications which can actually be monitized from a revenue perspective.”

 

About Novateqni

 

NovaTeqni is a technology based company that is focusing on biometrics and financial technologies. Using its management experience and developed intellectual property, NovaTeqni provides solutions and products for voter validation, voter registration, financial transactions and biometric solutions. Using its platform of products, NovaTeqni can provide clients with custom solutions for their particular industry. NovaTeqni has corporate offices in Calgary, Alberta, sales offices in Virginia Beach, Virginia, development offices in Johannesburg, South Africa and manufacturing in Hong Kong.

 

For further information, please contact Gerhard Mynhardt, Chief Executive Officer of the Corporation, by email at info@novateqni.com .

Reader Advisory

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the Company’s Farmers Mangement System and the completion and rollout of the Company’s finger print and iris based door access system with virtual reception and time and attendance functionality. The forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation, including expectations and assumptions concerning the business of the Corporation.  Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Corporation can give no assurance that they will prove to be correct.  By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed.  These risks and uncertainties, include, but are not limited to, the Corporation's expectations and assumptions concerning the business of the Corporation and the ability to complete development of a new farmers management system usng blockchain and complete and rollout the Company’s finger print and iris based door access system with virtual reception and time and attendance functionality.  Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose.  The Corporation undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

   

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