TOKYO--(BUSINESS WIRE)--Today, Social Good Foundation Inc., a company organized under the laws of Japan, announced its private placement of simple agreements for future tokens (“SAFT”) to fund the development of the Social Good Ecosystem™.
Social Good Foundation Inc. plans to raise up to USD 500 million in the private placement of SAFTs and the subsequent initial coin offering (“ICO”).
Social Good Foundation Inc. also plans to build a blockchain-based marketplace, the Social Good Ecosystem™, that will connect shoppers with selected retail partners. The Social Good Ecosystem™ will enable giving shoppers a hassle-free way to receive cash back, and automatically donate part of their savings to charitable organizations.
The Social Good Ecosystem™ will install the mechanism of receiving fees
for referring shoppers from the retail partners and of giving a portion
of its fees to its shoppers in the form of cash-back rewards.
Social Good Foundation Inc.’s native cryptocurrency, the SocialGood, will be usable on the Social Good Ecosystem™.
In U.S., the SocialGood will be available only to U.S. accredited
Sales to Japanese residents are expected to begin in or after November 2018.
And, to other countries except China, Social Good Foundation Inc., will start crowdsale of Social Good immediately.
Social Good Foundation Inc. plans to have the SocialGood listed on cryptocurrency exchanges, both in Japan and abroad. Listing is scheduled to be completed by the end of December 2018.
Social Good Foundation Inc. has structured its private placement of SAFTs in reliance on an exemption from the registration requirements of the U.S. federal securities laws, including Rule 506(c) of Regulation D under the Securities Act of 1933, and filed Form D with the SEC on April 18, 2018.
“We are excited to be the first Japanese company to have filed Form D with the SEC in connection with a private placement of SAFTs in the U.S.,” said Soichiro Takaoka, CEO of Social Good Foundation Inc. “Social Good Foundation Inc. plans to offer an innovative technology to create a marketplace at the intersection of blockchain and artificial intelligence,” Mr. Takaoka added.
For more information please visit our website, https://socialgood-foundation.com.
Forward Looking Statements
Certain information set forth in this press release contains “forward-looking statements” under applicable securities laws. Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to, (i) the projected performance of Social Good Foundation Inc.; (ii) the completion of, and the use of proceeds from, the sale of SAFTs; (iii) the expected development of Social Good Foundation Inc.’s business, projects, and joint ventures; (iv) the execution of Social Good Foundation Inc.’s vision and growth strategy, including with respect to future global growth; (v) the sources and availability of third-party financing for Social Good Foundation Inc.’s projects; (vi) the completion of Social Good Foundation Inc.’s projects that are currently underway, in development or otherwise under consideration; (vii) Social Good Foundation Inc.’s ability to launch a functional platform, which includes the related creation and issuance of SocialGood; (viii) renewal of Social Good Foundation Inc.’s current customer, supplier, and other material agreements; (ix) Social Good Foundation Inc.’s ability to list the SocialGood on a cryptocurrency exchange; (x) Social Good Foundation Inc.’s intended timing for the sale of SocialGood in Japan, (xi) the ability of Social Good Foundation Inc. to attract and retain retail partners, and (x) the future liquidity, working capital, and capital requirements of Social Good Foundation Inc.. Forward-looking statements are provided to allow potential purchasers of SAFTs the opportunity to understand management’s beliefs and opinions in respect of the future. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this press release are based upon what management believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Social Good Foundation Inc. undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
This press release is for informational purposes only and does not constitute an offer or solicitation to sell securities. Any such offer or solicitation will be made only by means that are in compliance with applicable securities and other laws, including Rule 506(c) of Regulation D. No information or opinions presented herein are intended to form the basis for any purchase decision, and no specific recommendations are intended. Accordingly, this press release does not constitute investment advice or counsel or solicitation for investment in any security. This press release does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. Social Good Foundation Inc. expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in this press release, (ii) any error, omission or inaccuracy in any such information, and (iii) any action resulting therefrom.