Virtual Medical International Inc (QEBR)

[AskMuncher]

$QEBR Streamlines Holdings to Concentrate on Filecoin Development and Mining
Press Release | 07/23/2020
QEBR Streamlines Holdings to Concentrate on Filecoin Development and Mining
PR Newswire

NEW YORK, July 23, 2020

NEW YORK, July 23, 2020 /PRNewswire/ -- QEBR (OTC:QEBR) today announced that it has divested its ownership in two subsidiaries in order to focus all corporate resources to the buildout of its blockchain-based Filecoin mining operations. Filecoin raised $257 Million in a 2017 Initial Coin Offering, the largest ICO in history at the time, from well-regarded investors such as Sequoia Capital, Andreesen Horowitz, Y Combinator, Naval Ravikant, and Winklevoss Capital. Filecoin expects its mainnet to launch in the second half of 2020, opening the cryptocurrency to global access.

The QEBR technology team previously announced that it has proven its system as a valid Filecoin node with CPU, GPU, bandwidth, and storage compatibility that meets all IPFS guidelines. The QEBR test system has connected with the Filecoin main blockchain and already successfully test-mined filecoin.

Jun Liang, Chief Technology Officer of QEBR, stated, "The divesture of Sheen Boom and Jihye will allow our team to focus solely on the upcoming worldwide launch of Filecoin. QEBR's subsidiary, Shenzhen DZD Digital Technology Ltd ("DZD"), has a strong background in blockchain development, data mining, encrypted data acquisition, data processing, and researching of data technology.We strongly believe that Filecoin has the ability to be a leading blockchain-based cryptocurrency and will put all efforts into making QEBR a significant player when the Filecoin mainnet launches soon."

About Filecoin:
The Filecoin project is a decentralized storage system based in the cloud. Its InterPlanetary File System, or IPFS, requires FIL coins as payment to miners in exchange for storage space.

Filecoin, developed by Protocol Labs, is a decentralized storage network. The network is expected to give owners of unused storage a means to monetize their storage capacity. It is also expected to bring down the costs of storing data reliably. Given the large amounts of unused storage in data centers and hard drives around the world, a natural market exists for this service.

About QEBR:
QEBR is the trading symbol for Virtual Medical International, Inc., a Nevada corporation. QEBR develops or acquires promising technology companies from around the world that specialize in data processing, warehousing, encryption, and analysis.

Forward-Looking Statements
Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, and the possible inability to maintain qualified employees or consultant

For more information please see our website: http://www.qebr.net
Contact: [e-mail]
Source: Jun Liang, QEBR Chief Technology Officer

Cision View original content:http://www.prnewswire.com/news-releases/qebr-streamlines-holdings-to-concentrate-on-filecoin-development-and-mining-301098731.html

SOURCE QEBR