Wolverine Technologies Announces Update on Chalk/Decision-Zone Litigation and Overview of Decision Zone's Role in Blockchain Technologies
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2018) - Wolverine Technologies Corp. (OTC Pink: WOLV) ("Wolverine") wishes to provide the following update on the Chalk/Decision-Zone litigation and an overview of Decision-Zone's role in blockchain technologies.
Wolverine owns an indirect 5% interest in Decision-Zone Inc. ("Decision-Zone") through its Share Purchase Agreement with Dr. David Chalk as described in Wolverine's news release dated April 19, 2016.
Wolverine is actively pursuing a successful outcome of the litigation and Dr. David Chalk, Wolverine technology consultant and a director, has advised that there now exists a significant opportunity for the growth and sale of Decision Zone due to the continued rapid growth and deployment of blockchain technology in applications including Ethereum and other blockchain smart contract applications, as well as crypto currencies such as Bitcoin.
Blockchain smart contracts make it possible to manage ownership of things, tangible or intangible. These revolutionary digital transactions can conclude online, transferring ownership without the need of a middleman, broker, lawyer or bank. This is referred to as "Peer-to-Peer trust" in the computing world; no human is required in the middle, approving processes or paperwork. The transactional "trust" is now within the network itself.
It will now be possible to make payments without banks, complete real estate transactions directly without agents and make retail payments without debit or credit cards, to name only a few. These new technological opportunities will change the world for the better and with it; the need for transparent and reliable network security will grow exponentially.
A recent Forbes Magazine Article explains how these blockchain smart contracts are moving forward exponentially in the world of business transactions, solving countless problems of trust in financial and legal matters, as well as privacy in the world of healthcare, medical records & e-commerce. It is considered even more useful for long-term and repeat engagements such as business-to-business (B2B) transactions.
There are still some issues of vulnerability within the blockchain model. The most dangerous of those security issues actually originates outside of the blockchain, where the exchange of the information between blockchain systems or "ledgers" occurs. These "gaps" between the blockchains themselves are also known as "endpoint vulnerabilities." These endpoints are where the human factor re-enters the arena, computers that individuals and businesses use to access and interact with blockchain-based services. It must be ensured that the information going in and moving out from blockchains is prevented from being tampered with.
To date, only Decision Zone can ensure full, system-wide, end to end security for blockchain services.
The development of blockchain smart contracts now forces the industry to define and use full "Business Processes Definitions" to create the smart contracts. It is exactly those business process definitions that are then used by Decision Zone, situated outside of the blockchain, to ensure no vulnerabilities can occur between systems at any point, beginning, middle or end.
"There is value in ensuring that records of financialtransactions are kept verifiable and safe from tampering and fraud." ~quote: Forbes Magazine
Decision-Zone's methodology and patent is the only existing technology that can provide "overarching" security from blockchain to blockchain, as well as blockchain to external systems.
This new age conversation around blockchain security and endpoints needs to be at the forefront of the entire discussion, at the absolute highest level and in the most expeditious time frame.
The quiet lurking danger behind the scenes is the belief that blockchain is risk immune when, in fact, it is merely resistant. Decision-Zone has the only market-ready, patented solution that is ready to deploy.
Dr. David Chalk is a shareholder and director of Decision-Zone. In December of 2015, Dr. David Chalk commenced a lawsuit against Decision Zone, Rajeev Bhargava and Nalini Bhargava, as a result of learning about purported unauthorized assignments of Decision-Zone technology to a corporation controlled by the Bhargava's (being the two other directors), as well as a result of them purporting to remove him from his position as Chief Marketing Officer. The lawsuit alleges oppression of Dr. Chalk in his capacity as director, officer and shareholder, and that among other things, Decision-Zone and the Bhargava's have denied Dr. Chalk access to information and corporate documentation that would enable him to learn the actual state of affairs of the company and its dealings, including whether or not the Bhargava's have sought to assign the company's IP to themselves or an entity they control.
This refusal to produce documents, as required, has now extended into the litigation itself. Decision-Zone and the Bhargava's have, contrary to the Rules of Court, continued to refuse to list or produce any relevant documents. In doing so, they continue to frustrate Dr. Chalk's access to corporate documentation to which he is entitled under a relevant shareholders agreement, subsequently preventing him from exercising his rights and responsibilities as a director, and now are stymieing the litigation process by refusing to comply with disclosure obligations to the Court.
It is anticipated that an application will soon be made to compel production of documents, as a step towards uncovering the state of affairs within Decision-Zone, and the Bhargavas' activities, and determining an appropriate way forward in the litigation to address the claimed oppression.
Remedies sought may include an injunction to prevent the Defendants from conducting the affairs of Decision-Zone in an oppressive or unfairly prejudicial manner to Dr. Chalk, removal of one or both of Rajeev and Nalini Bhargava as directors, and appointment of a receiver over the affairs of Decision-Zone.
If this litigation is successful, David Chalk's shares in Decision Zone may be sold to the benefit of Wolverine and the shareholders of Wolverine.
On Behalf of the Board
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Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the Chalk/Decision-Zone litigation and Decision-Zone's role in blockchain technologies.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with technology development and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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