APPx Group Holdings, Inc. Subsidiary Signs Service Agreement with US Law Firm
Montreal, Quebec–(February 7, 2019) – APPx Technology, a subsidiary of Fintech incubator and software and data development company, APPx Group Holdings, Inc. (CSE: APPX) (FSE: APO) (the “Company” or “APPx”), has signed a Service Agreement with Johnston Law, LLC in South Carolina for their proprietary due diligence system. APPx is excited to announce this milestone deal, its first since entering into the US markets in both public and private sectors.
APPx, which just recently announced they rented office space in South Carolina’s Silicon Harbor for their technology business, created the system to address problems associated with the increased compliance requirements put forth by government watchdogs – such as FINTRAC and FinCEN, big banks, and other government agencies and bodies around the world.
APPx’s proprietary data analysis software integrates Artificial Intelligence (AI) with traditional data sources, including the world’s most advanced aggregators in regulatory technology, electronic identification, media monitoring, financial scoring, and business intelligence. The AI component means large amounts of structured and unstructured data sources can be monitored in just minutes and also allows for continued monitoring. The result is AI-driven risk data that can quickly provide a visual picture of the target company or individual, including corporate structure and other complex relationships. What used to take weeks of research can now be done in hours. All of this information is compiled and reports are generated by APPx analysts depending on the needs of the client.
Jay Ruckenstein, President and Co-founder at APPx, is an expert in corporate information technology and online business operations. For years he ran the anti-fraud department at his gaming operation—which is one of the most highly-regulated industries.
“When there is so much information available, it’s easy to miss some important pieces. That’s why we’ve developed systems to compile the aggregated data from all of these sources in one place, making it easier to get a thorough understanding of the target,” he stated.
“The subsequent reports our analysts produce protect the users from the effects of a non-compliance investigation – in terms of time, cost, and potential criminal liability,” said Paul Platte, an international lawyer, who was brought on board as a managing advisor for APPx and who will be directing the US office.
During the beta testing, attorney John C. Johnston will use the Due Diligence and KYC/AML systems and reports in active cases. The law firm will work with APPx’s expert compliance staff to assess, make suggestions, and together possibly come up with other products based on the wide range of data aggregation and analytical capabilities they have at APPx.
APPx has plans to pursue other clients in the legal profession, as well as others who can benefit from this more robust form of due diligence. Going forward, they intend to offer this service not only in the US, but also in Canada and the United Kingdom.
For more information about APPx projects and developments, visit appxgroup.com.
About APPx Group Holdings, Inc.
APPx Group Holdings, Inc. offers technology-based solutions to a wide range of industries, including: advertising, financial services, insurance, legal, brokerages, logistics, and government.
With our strong reach and growing partnerships, we’re constantly adding to, and enhancing, our portfolio of proprietary, cutting-edge software solutions. We strive to be industry leaders, creating innovations engineered from the ground up by our diverse culture of talent. APPx delivers sustained value by strategically solving our customers’ immediate and long-term needs – using today’s most advanced technologies to help them reach their goals on a global scale.
APPx Group Holdings, Inc.
Rahim Mohamed, CEO
Jay Ruckenstein, President
About Paul Platte:
Paul Platte is an international lawyer with 40 years experience representing private clients in various civil matters, including personal injury, construction and commercial litigation, personal injury, international transactions and asset protection, immigration, and employment.
Paul is proficient in Spanish and his extensive practice includes Dubai, the United States Virgin Islands, Costa Rica, Panama, Colombia, Venezuela, Brazil, El Salvador, and the Dominican Republic that draws on his legal, business and cultural skills. His clients include local and international insurance companies and financial institutions, individuals, and private and public corporations.
Certain statements in this release are forward-looking statements/information. Statements about the Company’s plans and intentions, beta test with US law firm, other potential transactions, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, present and future business strategies, the ability to successfully develop software, anticipated costs, the environment in which the Company will operate in the future, and other factors, many of which are beyond the control of the Company. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: that laws and regulations may become more onerous; the ability of the Company to obtain necessary financing; the economy generally; the future growth, results of operations, performance and business prospects and opportunities; changes in laws and regulations; changes in and the effect of government policies; demand for products and services; competition; anticipated and unanticipated costs; reliance on management; claims and legal proceedings; conflicts of interest; and market price and volatility of the common shares of the Company. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, changes in laws, negative sentiment towards the industry in which the Company operates, increase in operating costs, the loss of key directors, employees, advisors or consultants, technology failures, litigation, failure to develop new and innovative products, failure of counterparties to perform their contractual obligations and fees charged by service providers. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
The Canadian Securities Exchange has not reviewed, nor approved the contents of this news release.