MineHub and Sumitomo Corporation Enter into Commercial Agreement for Use of the MineHub Platform
Vancouver, British Columbia--(Newsfile Corp. - August 16, 2022) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ("MineHub" or the "Company") is pleased to announce that it has entered into a commercial agreement with Sumitomo Corporation ("SC" or "Sumitomo"), one of Japan's largest corporations.
Under the agreement, SC will subscribe to the MineHub platform and enterprise applications as a paying customer. The implementation of the MineHub platform in SC's global operations underlines the mutual commitment to a long term relationship, and the MineHub global team will work closely with the SC team to support the adoption of the MineHub platform by its worldwide network of mining companies, smelters and service providers.
Arnoud Star Busmann, CEO at MineHub, said: "Sumitomo Corporation is a formidable force in global industry, and its group companies are involved at key points in the supply chains for many of the products we use in daily life, from the point of extraction of key raw materials and moving vertically into markets like construction, automotive, batteries, finance, energy, chemicals and electronics. As metals form the foundation of most of these supply chains, we are very excited to start the commercial use of our platform in Sumitomo's Non-Ferrous Metals and Raw Materials Department, which has a leading role in global copper supply chains. Reaching this commercial milestone is testament to the close collaboration and trust we have developed together, both in Japan and globally. We are very excited about the value we will be able to unlock together for Sumitomo, its suppliers and customers, the global copper ecosystem and ultimately the MineHub shareholders."
Takeshi Ishimaru, General Manager of Non-Ferrous Metals and Raw Materials Department at Sumitomo Corporation, said: "MineHub is the most mature blockchain-based post-trade platform in metals & mining, with an excellent team and already working with key companies in our industry. We are committed to the adoption of the MineHub platform, starting with our copper concentrate supply chains. This is the first part of what we see as a growing and mutual opportunity for both Sumitomo Corporation and MineHub in the coming years as we progress through the digitalization of our industry."
This commercial agreement is another step in operationalising the partnership that was announced in February this year, in which the companies communicated their strategic collaboration to:
- Expand the MineHub platform with innovative solutions and value propositions, and
- Enable SC and its suppliers and customers to unlock the benefits of digital trade through the MineHub platform, which include for instance operational cost savings, emissions reduction, supply chain resilience and working capital optimisation.
About Sumitomo Corporation
Sumitomo Corporation is a leading Fortune 500 global trading and business investment company with 131 locations (Japan: 20, Overseas: 111) in 66 countries and regions. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides customers with financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC's core business areas include six business units: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics, and one initiative: Energy Innovation.
Our corporate message, "Enriching lives and the world", was created to encapsulate our vision for sustainability in the next 100 years. Our business, as well as our relationship with our stakeholders, has expanded on a global scale. Our mission is to grow sustainably alongside society, pursue development for the world, and enable better lives for all. For more information, please visit: https://www.sumitomocorp.com/en/jp
About MineHub Technologies
MineHub is an open, enterprise-grade platform for digital trade, bringing efficiency, transparency and responsibility to supply chains. MineHub connects the many parties involved in a physical commodity transaction in a digitally integrated workflow, operating on the basis of shared authentic and validated information secured by a global enterprise blockchain network. Users of MineHub are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to customer needs and have confidence in the resilience, security and compliance of their operations.
Arnoud Star Busmann
CEO, MineHub Technologies Inc.
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Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that are considered "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements") with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identiﬁed by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise suﬃcient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or ﬁnancial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the Company's prospectus dated August 18, 2021, available on the Company's SEDAR profile at www.sedar.com. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. The forward-looking information is made as of the date included herein. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.
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