- trueGold has a valuation of approximately US$40 million based on its last financing
round.
- trueGold invisibly 'marks' the gold with a durable marker, that
will allow the physical gold to have a complete and transparent
memory of its journey from mine-to-marketplace, to recycle and
reuse.
- trueGold is offering the luxury watch and jewelry industry a
state-of-the-art solution to authenticate, verify and certify the
provenance of their Brand's finish products via a non-destructive
method in real time.
- The patent that is filed by SMX on behalf of trueGold is an
extension of the Security Feature that is recognized by the LBMA
(London Bullion Market Association) to
tangibly demonstrate the gold
industry's commitment to responsible mining, ethical
sourcing, recycling, and environmental and social responsibilities
in a transparent, credible, and measurable way. In addition
to gold bars and gold coins, the application is now extended to
gold watches and jewelry products.
NEW
YORK, May 23, 2023 /PRNewswire/ -- SMX (Security
Matters) plc (NASDAQ:SMX; SMXWW) is pleased to announce that
trueGold Consortium Pty Ltd., a 44.4% subsidiary of the Company, is
extending its authentication, certification and verification tech
solutions beyond gold bars and coins to gold watches and
jewelry.
trueGold invisibly 'marks' the gold with a durable marker, that
will allow the physical gold to have a complete and transparent
memory of its journey from mine-to-marketplace, to recycle and
reuse. Enabling an ethical gold supply chain assurance, to tangibly
authenticate and provide irrefutable proof of the origination of
gold for credible ESG reporting in real time.
trueGold is now offering the luxury watch and jewelry industry a
state-of-the-art solution to authenticate, verify and certify the
provenance of their Brand's finish products via a non-destructive
method in real time.
It has been widely reported that the luxury industry is
currently facing challenges with the prevalence of counterfeit
products being sold online and managing the growing demand in the
second-hand market. In addition, trueGold believes that many
customers are expecting a higher level of after-sales service
enhanced by technological and digital platforms.
trueGold is enabling these watch and jewelry brands to tackle
these challenges directly, by embedding into their products a
memory of its origination via an invisible durable marker.
Hence, the Brands would use a unique patented reader to detect the
marker embedded within the watch or jewelry piece to identify its
origination and supply chain data. Linking tangibly the
individual watch or jewelry item to its digital twin, that is
recorded and protected by the digital blockchain platform.
The trueGold technological solution is a drop-in process and can
be deployed at any location along the supply chain.
Therefore, it will allow Brands to embed the durable markers in new
product models as well as retrospectively mark older models that
enter into their repair and service centers. Providing a
superior certification and authentication service that is not
easily replicated, is irrefutable and not paper based.
The Brands will be able to accurately authenticate their
products, provide an efficient after sales service with access to
accurate data, have a complete inventory recorded on the
blockchain, and potentially offer their clients the ability to
'trade-in' the older models, with the secure knowledge that the
item is genuine.
The patent that is filed by SMX on behalf of trueGold is an
extension of the Security Feature that is recognized by the LBMA
(London Bullion Market Association) to tangibly demonstrate the
gold industry's commitment to responsible mining, ethical sourcing,
recycling, and environmental and social responsibilities in a
transparent, credible, and measurable way. In addition to
gold bars and gold coins, the application is now extended to
watches and jewelry products.
With a valuation of approximately US$40million based on its last financing round,
and a Board of Directors led by Hugh Morgan AC, that is supported
by industry veterans like Grant
Angwin (former president of Asahi Refining NA & ex-Chair
of LBMA), and strategic partners such as Ava Global Logistics and
The Perth Mint, trueGold is well position to offer its
technological offerings from gold miners and refiners to end
product manufacturers.
About SMX
As global businesses face new and complex challenges relating to
carbon neutrality and meeting new governmental and regional
regulations and standards, SMX is able to offer players along
the value chain access to its marking, tracking, measuring and
digital platform technology to transition more successfully to a
low-carbon economy.
About trueGold
trueGold uses the SMX tech applications that offer an advanced
next-generation technology that can invisibly mark and store
multiple data at a molecular level, in solids, liquids, or gas; as
well as its blockchain digital platform.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements regarding expectations, hopes, beliefs,
intentions, or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "forecast," "intends," "may," "will,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this press release may include, for example:
successful launch and implementation of SMX's joint projects with
manufacturers and other supply chain participants of steel, rubber
and other materials; changes in SMX's strategy, future operations,
financial position, estimated revenues and losses, projected costs,
prospects and plans; SMX's ability to develop and launch new
products and services; SMX's ability to successfully and
efficiently integrate future expansion plans and opportunities;
SMX's ability to grow its business in a cost-effective manner;
SMX's product development timeline and estimated research and
development costs; the implementation, market acceptance and
success of SMX's business model; developments and projections
relating to SMX's competitors and industry; and SMX's approach and
goals with respect to technology. These forward-looking statements
are based on information available as of the date of this press
release, and current expectations, forecasts and assumptions, and
involve a number of judgments, risks and uncertainties.
Accordingly, forward-looking statements should not be relied upon
as representing views as of any subsequent date, and no obligation
is undertaken to update forward-looking statements to reflect
events or circumstances after the date they were made, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws. As a result of a
number of known and unknown risks and uncertainties, actual results
or performance may be materially different from those expressed or
implied by these forward-looking statements. Some factors that
could cause actual results to differ include: the ability to
maintain the listing of the Company's shares on Nasdaq; changes in
applicable laws or regulations; the effects of the COVID-19
pandemic on SMX's business; the ability to implement business
plans, forecasts, and other expectations, and identify and realize
additional opportunities; the risk of downturns and the possibility
of rapid change in the highly competitive industry in which SMX
operates; the risk that SMX and its current and future
collaborators are unable to successfully develop and commercialize
SMX's products or services, or experience significant delays in
doing so; the risk that the Company may never achieve or sustain
profitability; the risk that the Company will need to raise
additional capital to execute its business plan, which may not be
available on acceptable terms or at all; the risk that the Company
experiences difficulties in managing its growth and expanding
operations; the risk that third-party suppliers and manufacturers
are not able to fully and timely meet their obligations; the risk
that SMX is unable to secure or protect its intellectual property;
the possibility that SMX may be adversely affected by other
economic, business, and/or competitive factors; and other risks and
uncertainties described in SMX's filings from time to time with the
Securities and Exchange Commission.
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