We hope all is well with you and your family during these challenging times. While we have encountered some difficult developments which we will detail herein, the Company remains confident and determined to achieve a positive outcome.
As you may be aware, in addition to the current condition of the economy and the crypto market the Company has been served with two frivolous lawsuits. As a consequence, under all these circumstances, the Company has concluded, that more work, including but not limited to the dismissal of these suits, is in the best interests of all before declaring the Milestone.
Please be assured that our counsel has filed Motions to Dismiss both frivolous suits and are taking the necessary steps to hold the Plaintiff’s and their counsel personally responsible for the filing of same.
As you are aware, the SAFT gives the Company ultimate responsibility and discretion to declare the Milestone in its sole discretion. We are providing this explanation for informational purposes so that each of you understands the rationale for our decision. All rights are retained and nothing here is intended to modify the ability of the Company to exercise its discretion unilaterally.
Simply stated, it is our view the Tokens should not be released until the conditions are optimal which they are not at this time. THE MILESTONE HAS NOT AND WILL NOT BE DECLARED AT THIS TIME. THE TOKENS WILL NOT BE RELEASED UNLESS OR UNTIL THE COMPANY IN ITS SOLE DISCRETION DECLARES THE MILESTONE.
No Team member tokens have been released and no team members sold tokens during the limited trading period in which the tokens have been listed in exchanges, the lockup on all team member tokens (not investors) will be extended until February 2023 or until the Milestone has been declared.
While the project holds substantial potential for a positive outcome, the overall conditions are challenging, the project will continue to improve its capabilities and engage with potential partners and potential new investors to strengthen the project.
We thank the early supporters and appreciate your continued support as we work towards realizing the potential of the project. We expect to provide an updated communication on or about March 31, 2022 regarding our evaluation of the Milestone.