The PRWIRE Press Releaseshttps://2015-05-11T00:26:20ZTHE DEMORGAN LTD GROUP OF COMPANIES TO RECEIVE UP TO $54 MILLION FROM AUSINDUSTRY R&D TAX REBATE SCHEME2015-05-11T00:26:20Zthe-demorgan-ltd-group-of-companies-to-receive-up-to-54-million-from-ausindustry-r-amp-d-tax-rebate-scheme-1
Sydney, NSW, May 11, 2015– DeMorgan
Ltd is please to advise that the companies in its controlled group have
satisfied the requisite criteria under AusIndustry’s R&D Tax Incentive
Scheme for an advance finding with respect to R&D activities conducted in
the development of smart contract and Blockchain based technologies.
Under
the scheme, companies with a turnover of less than $20 million are entitled to
a cash refund of up to 45 cents per dollar spent on eligible research and
development activity. Accordingly, DeMorgan Ltd and controlled companies is eligible
to receive up to approximately $54,000,000 R&D cash rebate for R&D
activities conducted in the 2014/2015 financial year.
CEO Dr Craig Wright said
“This rebate will strengthen the group’s
cash position and is an important source of funds for our development
activities. We acknowledge the Government’s support of important R&D
activities, and we look forward to the successful commercialisation of
our Blockchain and smart contract systems research.”
The
approval of the largest Research and Development Advance Finding and Core
Technology reviews in Australian history from AusIndustry for Coin-Exch Pty
Ltd, Denariuz Pty Ltd and Cloudcroft Pty Ltd and related companies in our group
have allowed us to tune our Supercomputers to an Rmax (Tflop/s): 2,468.15 and
939.67 respectively. We expect that this will place us in the top 20 super computers
globally and the fastest computer managed in the southern hemisphere accelerating
Australia into a position that is well above its weight. This will result in increased
technology development in Australia and help lead our country into a global
leadership position.
Our CEO, Dr Wright is excited that this will
allow us to start accelerating crypto currency and smart contract and property
research to new levels in the southern hemisphere and to create opportunities
in Australia that have not been imagined before.
In the coming years, we will be looking to
expand our involvement in the region with the creation of a combined CuDA/Xeon Phi
hybrid system that we are looking to develop in conjunction with SGI. Success in
this endeavor would make Australia a global leader in HPC technology as well as
in the emerging crypto-currency financial fields.
Mr McKeon of SGI has stated that they “look
forward to a long, sustained relationship” and that together our companies will
reach the highest ranks of the Top500 list.
Our company, Interconnected Research Pty
Ltd is the only government authorized R&D research provider and accelerator
dedicated to fostering crypto-currency specific research with the ability to
allow companies to claim up to 43.5 cents in every dollar back as a rebate
through the AusIndustry R&D program.
As a way of returning something to the
community we are offering a free course on our systems and providing access to
one of the world’s fastest HPC systems in conjunction with IT Masters and
Charles Sturt University.
DeMorgan is a pre-IPO Australian listed
company focused on alternative currency, next generation banking and
reputational and educational products with a focus on security and creating a
simple user experience. In the six years since the first company in the group
started, we have completed several Bitcoin based research projects that have
lasted over 6 years and are now ready to start commercialisation.
ACCELERATING THE SOUTHERN HEMISPHERE2015-05-11T00:25:30Zaccelerating-the-southern-hemisphere
Sydney, NSW, May 11, 2015– Following
the approval of the largest Research and Development Advance Finding and Core
Technology reviews in Australian history from AusIndustry for Coin-Exch Pty
Ltd, Denariuz Pty Ltd and Cloudcroft Pty Ltd and related companies in our group
have tuned our Supercomputers to an Rmax (Tflop/s): 2,468.15 and939.67 respectively.
We
expect that this will place us in the top 20 super computers globally and the
fastest computer managed in the southern hemisphere accelerating Australia into
a position that is well above its weight. This will result in increased
technology development in Australia and help lead our country into a global
leadership position.
Our CEO, Dr Wright is excited that this will
allow us to start accelerating crypto currency and smart contract and property
research to new levels in the southern hemisphere and to create opportunities
in Australia that have not been imagined before.
In the coming years, we will be looking to
expand our involvement in the region with the creation of a combined CuDA/Xeon
Phi hybrid system that we are looking to develop in conjunction with SGI.
Success in this endeavor would make Australia a global leader in HPC technology
as well as in the emerging crypto-currency financial fields.
Mr McKeon of SGI has stated that they “look
forward to a long, sustained relationship” and that together our companies will
reach the highest ranks of the Top500 list.
Our company, Interconnected Research Pty
Ltd is the only government authorized R&D research provider and accelerator
dedicated to fostering crypto-currency specific research with the ability to
allow companies to claim up to 43.5 cents in every dollar back as a rebate
through the AusIndustry R&D program.
As a way of returning something to the
community we are offering a free course on our systems and providing access to
one of the world’s fastest HPC systems in conjunction with IT Masters and
Charles Sturt University.
DeMorgan is a pre-IPO Australian listed
company focused on alternative currency, next generation banking and
reputational and educational products with a focus on security and creating a
simple user experience. In the six years since the first company in the group
started, we have completed several Bitcoin based research projects that have
lasted over 6 years and are now ready to start commercialisation.
Interconnected Research remains the sole RSP dedicated to Bitcoin research2015-05-11T00:24:18Zinterconnected-research-remains-the-sole-rsp-dedicated-to-bitcoin-research
Interconnected Research is pleased to advise that the
company has satisfied the requisite criteria under AusIndustry’s R&D Tax
Incentive Scheme to remain registered as a Research Service Provider (RSP). An
RSP is an organisation that is registered under section 29A of the Industry
Research and Development Act 1986 as a RSP by Innovation Australia has
appropriate scientific or technical expertise and resources to perform research
and development on behalf of other companies.
ICR is the only privately owned company registered by a
government body as a research provider specialised in Bitcoin and cryptocurrency research. We help to ensure that the companies we work
with meet the guidelines from the Australian Taxation Office (ATO) on
beneficiary of activities to ensure that the activities that they contract to
complete satisfy the requirements of research that would allow them to claim a
rebate of up to 43.5 cents in the dollar through the R&D Tax Incentive
program.
This allows companies to have access to skills and systems
that can help drive the uptake of Blockchain based businesses in Australia. In
addition, we provide companies access to some of the most powerful
supercomputers in the world. Two of these systems are listed in the Top 500 HPC
list.
We remain the world’s only government endorsed Bitcoin incubator and research
services provider.
For More Information Contact
Managing Director and CEO: DR.
Craig Wright P 0417 683 914 info@demorgan.com.au
Media/IR: Ms
Ramona Watts P 0423 912 994
About Interconnected Research
Interconnected Research (Inconn.ec) is a research and development
organisation focused on cryptocurrencies. We understand cryptocurrency, the
underlying technology and the possibilities this technology can provide for the
future. We offer guidance on cryptocurrency related products, the protection of
intellectual property, provide assistance with patenting and commercialisation
of start-up companies. We encourage start-ups and entrepreneurs to contact us
to explore the range of investment and partnership opportunities, available in
the focus areas of virtual currency and science and information technology. We
are the first AusIndustry authorised RSP dedicated to Bitcoin.
A Research Service Provider (RSP) is an organisation that is registered
under section 29A of the Industry Research and Development Act 1986 as a RSP by
Innovation Australia has appropriate scientific or technical expertise and
resources to perform research and development on behalf of other companies. ICR
is a member of the DeMorgan Ltd group of companies.