TORONTO, May 06, 2024 (GLOBE NEWSWIRE) — Orthogonal Global Group Inc. (“Orthogonal” or the “Company”) (CSE: OGG) (OTC Pink: OGGIF) (FSE: 8M9), a global accelerator and public investment platform focused on furthering initiatives in the wellness, AI, digital ownership, deep tech and fintech spaces, is excited to announce the purchase of tokens offered by Minutes Network Token and the closing by one of its portfolio companies, Contango Digital Assets (“Contango“), of a $5 Million venture fund focused on AI and blockchain.
Minutes Network Token (MNT) – Tokenization of Telecommunications Minutes Market
The Company purchased 11,160 MNT, a token project of Minutes Network supporting the sharing economy of the telecommunications minutes market. MNT uses blockchain technologies to decentralize the global scale, multibillion dollar, telecommunications commodity minutes market. MNT tokenizes bandwidth and distributes value to Minutes Network participants with the aim to deliver the lowest-cost termination charges in the market. Each MNT represents $USD0.224 per token as part of a private sale allocation of MNT. Orthogonal is excited to support a token project based upon the blockchain. For more information about MNT, please go to minutesnetwork.io.
Portfolio company, Contango Digital Assets, Closes $5 Million Seed Fund for AI x Blockchain
Orthogonal portfolio company, Contango, recently closed $5 Million of a $10 Million fund focused on the intersection of AI and blockchain.
On April 15, 2024, Contango announced the successful first close of its latest venture fund, the Contango Blockchain x AI Fund, bringing in an impressive $5 million in Limited Partner capital. The fund is dedicated to investing in North American seed round companies building at the intersection of blockchain and artificial intelligence. The new fund represents a strong conviction bet on the growth and importance of decentralized AI over its centralized counterparts. Investors in the Contango Blockchain x AI Fund include the CEO of Quantstamp, the CFO at SingularityNet, the CEO at WonderFi, a GP from X Ventures, early LPs in Digital Currency Group and Polychain Capital, and investors from VANTA DAO. With strong backing, the fund is poised to help drive forward the convergence of blockchain and AI technologies. David Nikzad, CEO of the Company, stated that “We are excited to be a part of this new fund at the forefront of AI and blockchain as an early investor of Contango (as general partner), and we believe in the vision laid out by Contango Managing Partners, Mike Grantis and Joshua Field, in these sectors.”
Orthogonal Team in Dubai for Tokens 2049
Orthogonal team members David Nikzad, Jason Hobson, Shidan Gouran, Mona Coyle and Kevin Soltani gathered in Dubai for Tokens 2049, where the team met with existing partners to explore additional global opportunities. While in Dubai, Mr. Nikzad acted as an ambassador at the Polo Crypto Cup sponsored by our partner, Luna PR, and Mr. Soltani spoke on various event panels promoting Orthogonal.
Visit Orthogonal’s newly branded website at www.orthoglobalgroup.com.
About Orthogonal Global Group
Orthogonal Global Group Inc. is a global accelerator, and public investment platform focused on accelerating and investing in the top companies and projects in disruptive industries. Orthogonal provides access to these groundbreaking companies and private projects in a public investment vehicle with liquidity and transparency. We believe it is in the Orthogonal intersection of wellness, healthcare, AI, tokenization, deep tech and fintech spaces that will move humanity towards a more utopian society.
Orthogonal remains focused on developing a Utopian Asset Class portfolio – a portfolio that provides investor returns and collectively bends the arc of humanity towards a utopian society through accelerating and investing in the top companies and projects in emerging industries.
For further information please contact:
Orthogonal Global Group Inc.
David Nikzad
CEO and Co-Founder
Telephone: 1-866-395-6989
Email: investors@ortho.gg
Website: www.orthoglobalgroup.com
Cautionary Note Regarding Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the news release, such forward-looking statements include, but are not limited to, statements regarding the Company’s performance, the performance of its investments, business objectives, milestones and the potential outcomes from its development contained therein.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation: the Company’s ability to comply with all applicable regulations and laws, including environmental, health and safety laws; the success of 4worlds as a metaverse universe and a DAO on the Bitcoin blockchain; the experience of Orthogonal’s advisory board to oversee the project; the Company has sufficient working capital for future operating activities; the ability of the Company to achieve its business objectives and milestones and the anticipated timing of execution; the Company’s ability to continue as a going concern; the Company’s ability to achieve profitability in the 2024 fiscal year; the Company’s ability to obtain additional financing for continued operations on terms acceptable to the Company outlined herein.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: changes in general economic, business and political conditions, including changes in the financial markets; consents or authorizations required; changes in laws, regulations and policies affecting the Company’s operations; currency fluctuations; environmental issues and liabilities; the inability of the Company to obtain additional financing for continued operations on terms acceptable to the Company; the lack of control over the Company’s investees; risks relating to investing in the SVS; volatility in the market price of the Company’s SVS; dilution of shareholders’ holdings; negative operating cash flow; the negative effects of interest rate and exchange rate changes; the potential impact of health crises and market instability due to the COVID-19 pandemic; risks relating to the Company’s reliance on key employees; limitations in the liquidity of the SVS; litigation risks; risks with the integration of new businesses and acquisitions; risks related to the Company’s status as an “emerging growth company” under the U.S. securities laws; the Company’s inability to expand into new business areas and geographic markets; management of growth; the risk of defaulting on existing debt; the Company’s inability to continue as a going concern; and the Company’s inability to achieve profitability in 2024.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties, and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. The Company does not intend and does not assume any obligation to update this forward-looking information except as otherwise required by applicable law.
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