Montreal, Quebec--(Newsfile Corp. - March 15, 2019) - Software development company, SoftLab9 Software Solutions Inc. (CSE: SOFT) (the "Company" or "SoftLab9"), is pleased to announce the launch of the website for Enhance Comply, their enhanced due diligence and compliance solution. The B2B service is already fully operational and generating revenue. The site, enhancecomply.com, is intended to generate leads and give more in-depth information regarding the services available.
SoftLab9 is leveraging their data aggregating technologies and experience to address the growing global demand for regulatory technology, or RegTech, brought about by the increase in cybercrime, financial fraud, money laundering, and criminal/terrorist behaviours. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada's anti-money laundering agency, and other governmental agencies and bodies around the world have been steadily increasing compliance requirements in just about every industry, especially in the financial services sector. Not following the regulations can lead to severe penalties - even criminal liability.
Just last month, FINTRAC completed the internal review of its penalty system. After a period of nearly three-years during which fines were halted, the organization is ready to start issuing them again. FINTRAC has the power to issue monetary penalties as large as $2 million and 5 years of imprisonment for offences such as failing to report suspicious transactions. The strict regulations and reporting requirements don't just affect the financial sector, accountants; life insurance companies, brokers and agents; real estate agencies; securities dealers; dealers in precious metals and stones; casinos; agents of the Crown; and others need to ensure their compliance.
In response, SoftLab9 has developed proprietary data analysis software that integrates with traditional data sources, greatly reducing research time and liability while accelerating time to revenue. They are working in conjunction with some of the world's most advanced aggregators in regulatory technology, electronic identification, media monitoring, financial scoring, and business intelligence.
SoftLab9 has future plans to integrate Artificial Intelligence (AI) to their datasets for even more efficiency in analyzing large amounts of structured and unstructured data. The Company has already entered agreements for this product which they will be marketing to many different sectors that are affected by the increasing regulations.]
For more information about SoftLab9 projects and developments, visit softlab9.com.
About SoftLab9 Software Solutions Inc.
SoftLab9 is engaged in software development for advertising, Fintech, RegTech, data aggregation, and compliance in today's new, data-driven business landscape. We strive to be industry leaders, creating innovations engineered from the ground up by our diverse culture of talent. SoftLab9 delivers sustained value by strategically producing next generation software and services to address our clients' immediate and long-term needs, helping them reach their goals on a global scale.
Contact for SoftLab9:
Rahim Mohamed, Co-Founder & CEO SoftLab9 Software Solutions Inc. E: firstname.lastname@example.org C: (403) 605-9429
Jay Ruckenstein, Co-Founder & President SoftLab9 Software Solutions Inc. E: email@example.com T: 833-SOFTLAB (833-763-8522) C: 514-708-2200
Certain statements in this release are forward-looking statements/information. Statements about the Company's plans and intentions, potential revenues, the integration of Artificial Intelligence into Enhance Comply solution, marketing of Enhance Comply, 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.
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