OTTAWA, Dec. 21, 2017 /CNW/ - Leonovus Inc. ("Leonovus") (TSXV: LTV) today announced its plans for an initial coin offering ("ICO") in the summer of 2018 to support the launch of an advanced blockchain storage and compute solution with a marketplace for cloud applications.

Leonovus has invested over twenty million dollars in the development of distributed compute and distributed storage technology. With several granted patents, numerous patent claims and patents pending, the company's unique software-defined storage ("SDS") solution has strong intellectual property protection. The company is currently planning to hire specialized blockchain software development teams in both Ottawa and Toronto.

Unknown to many, Leonovus is not new to the blockchain world. Indeed, Leonovus was one of the first companies to marry Internet of Things ("IoT") technology and blockchain. In August 2014, the company mined the cryptocurrency Litecoin from low-end distributed smart devices - digital light bulbs!

In that same year, Leonovus demonstrated a production deployment of a managed, loosely-coupled, blockchain computation pool built from available idle compute resources in hotels. Our patented, Web Integrated Services Environment ("WISE") Network, managed a compute pool that supported both public and private blockchain computation on thousands of low/no-cost computing cores across both the USA and Canada with only a few clicks of a mouse from a browser-based dashboard.

"Our vision is simple. Imagine a world where any device with connectivity, a processor, and some storage becomes part of a globally distributed computing platform - a global blockchain-based apps marketplace. Every consumer or business in the world could become a Leonovus blockchain farmer", said Michael Gaffney, CEO, Leonovus Inc.

"Our research indicates that our core distributed storage and distributed compute technology is significantly ahead of other firms that have completed storage/compute ICO's – some of these firms have raised hundreds of millions of dollars in their ICO. Moreover, our patented WISE network technology is unique. It is a patented foundation technology to build a global blockchain-based marketplace for developers wanting to design and deploy blockchain products and services - simply and rapidly. The potential for our blockchain-based apps marketplace is massive. The Leonovus ICO will provide the company with significant non-dilutive cash resources and is a powerful economic mechanism to incent storage and compute farmers as well as app developers", said Gaffney.

"Our core business continues to be blockchain hardened ultra-secure distributed software-defined storage solutions for the enterprise. This ICO will add resources and a global pool of software verification, compute and storage farms that will make our core business even more attractive to enterprise customers", said Gaffney.

The Leonovus blockchain storage and compute solution for enterprises, institutions and consumers will unlock a fantastic, never-before-realized amount of storage and computing power. The existing Leonovus product suite, with minimal augmentation, provides the foundation for an enterprise-class blockchain/distributed ledger technology ("DLT").  A Leonovus hybrid blockchain/DLT offers de-centralized storage and compute without the loss of centralized controls – no single point of failure.

This press release may contain forward-looking statements and information, which may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with Leonovus' growth, the state of the financial markets, regulatory risks and other factors. There can be no assurance or guarantees that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, Leonovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers should not place undue reliance on any statements of forward-looking information that speak only as of the date of this release. Further information on Leonovus' public filings, including its most recent audited consolidated financial statements, are available at www.sedar.com.

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

SOURCE LeoNovus Inc.

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