SAN DIEGO, Oct. 22, 2020 /PRNewswire/ -- Total Network Services, Corp., a San Diego-based blockchain services company ("TNS" or the "Company"), today announced the close of a Series A round of security tokens. Deal Box Inc., a San Diego-based capital advisory and financial technology firm ("Deal Box") structured the security token issuance and provided marketing support throughout the offering process.
TNS further announced that it intends to commence a follow-on Series B security token offering (the "Offering") for up to $25 million. The Offering, which will begin in November, has been set at $1.00 per token with a minimum investment of $25,000, and will be promoted on the Deal Box dlbx.io marketplace.
The Offering will be made solely to accredited investors under Rule 506(c) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended ("Securities Act"). TNS has engaged Vertalo to manage its KYC/AML integration, tokenization and transfer agent service and, on close of the Series B offering, it intends to list on the Tezos XTZ Chain.
TNS intends to use proceeds from the sale of TNS tokens to complete the acquisition of key technology that to date, it has had the exclusive worldwide rights to market under the Digital Names ™ brand, in addition to global OTT network and related assets and intellectual property ("Acquired Assets").
Thomas Carter, CEO of TNS, stated that "we are excited to have secured the rights to the technology we have been working so hard to develop and commercialize under a marketing agreement. In addition, the proceeds from this planned offering will provide capital that will enable us to launch a worldwide marketing campaign to promote Digital Names and our related service offerings."
In addition, TNS intends to remain opportunistic in identifying complementary technologies as potential acquisition candidates that will enable it to broaden its solution set and accelerate its growth plan.
About the Acquired Assets
The TNS Blockchain, part of the W3C, is created for mobile platforms is a self-contained framework that includes a digital wallet equipped with the financial services industry's most versatile human readable naming application ("Digital Names") that seamlessly integrates with third-party blockchain applications, operating across more than 240 digital currencies.
For carriers and equipment manufacturers, TNS provides a consumer facing blockchain-in-a-box that meets all consumer needs and therefore makes their mobile service offerings that much more compelling, and sticky. It is proprietary, operating on a TNS-managed OTT network that ensures world-class security and unrelenting speed.
For customers, TNS provides an onramp to the digital currency economy that is intuitive, easy-to-use, interoperable across every relevant digital currency in the market and integrates with more applications.
About Total Network Services, Inc.
Total Network Services , Inc. is a San Diego-based private company formed in 2018 for the purpose of marketing the Digital Names blockchain solution to customers and businesses throughout North American and worldwide.
About Deal Box, Inc.
Deal Box Inc. is a San Diego-based capital advisory and professional services firm focused on working with emerging growth businesses. Deal Box provides capitalization services and strategies for both conventional and digital securities offerings, in addition to business development, marketing, and M&A advisory services. Deal Box also operates the Deal Box Marketplace, which features client companies with the goal of maximizing their exposure to qualified retail investors, family offices and institutional investors. For more information about Deal Box, go to www.dlbx.io
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be requested of the Company at [email protected]