IRVINE, CA,, Jan. 18, 2018 (GLOBE NEWSWIRE) -- --Signature Devices, Inc. (OTCPK: SDVI) – today announced that it has entered into a joint venture with Genius Ventures, LLC. The two companies are launching a CryptoCurrency that will be used in Innovo Technologies GPU enabled Media devices. These types of CrytpoCurrencies are sometimes called Utility Tokens, as the currency will be used for the processing of Artificial Intelligence.
Innovo Technology, a leading software and hardware development is integrating the CryptoCurrency into the IOT business. Each device will use the idle time to execute artificial intelligence processing and receive CryptoCurrency in an internal wallet that can be used to purchase media such as Movies & Music and even redeem the CryptoCurrency for other currencies.
The agreement terms are as follows: Signature Devices, Inc. will receive 20% of the initial supply of CryptoCurrency as an asset to the company. Genius Ventures will retain another 20% of the initial supply and another 20% will go to an unannounced third party. There will be another announcement with details on the third party and Graffiti Entertainment, the subsidiary of Signature Devices, Inc. The remaining 40% of the initial supply of the CryptoCurrency will be used for an Initial Coin Offering for foreign investors that can invest in CryptoCurrencies without regulatory concerns.
The CryptoCurrency is based off of the Ethereum Blockchain and is utilizing smart contracts for the A.I. Processing and payment system. There are varied devices that will be able to earn the CryptoCurrency by utilizing the idle time of GPUs for the A.I. processing. Each device/device owner will then receive 70% of the payments for that processing.
About Innovo
Based in Irvine California, Innovo Technology combines the best of the technologies underpinning the popular Morpheus media server, Tazerwear's AI Software, Truck IT's beacon platform with Knoton’s hardware, infrastructure and software. The result is a company that blends custom software and powerful hardware IoT-interconnected devices. Learn more by visiting: http://innovotech.io/about/
About Signature Devices, Inc.
Based in Sheridan Wyoming, Signature Devices, Inc. (www.signaturedevices.com) (OTCPK:SDVI) is a holding company with subsidiaries that develop Internet of Things (IOT) products through its subsidiary Innovo Technologies, Inc., and publishes diverse media products including video games and mobile applications through its subsidiary Graffiti Entertainment, Inc.
Forward-Looking Statements:
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.