SCOPE CARBON PROVIDES UPDATE ON AI DEVELOPMENT AND ISSUANCE OF MILESTONE SHARES
"We're incredibly pleased with our progress to date on the development of the Company's proprietary technology. The raw data is now able to be processed by our neural network without preliminary processing. Our achievement has been possible by breaking the typical slow-process into smaller segments and then distributing the workload among multiple machines. This has placed us in a leadership position in delivering fast-processing of raw video and image data." said Sean Prescott, Non-Executive Chairman of the Company.
Whilst image recognition technology has seen a revolution of advancements in recent years, those models have worked with relatively low resolution images and often still frames. Scope's artificial intelligence processes real-time 4K video streams into individual frames, which is then digested through the technology's various neural networks. The ability to process video streams into frames was a key requirement for training and inference of the neural network stack that Scope has developed and is continuing to improve.
"This advancement will be beneficial for platform-wide integration as we incorporate various data from other sources, which will ultimately enhance the speed and efficiency at which our technology learns"
Scope's intention is to advance its technology to the next level with object recognition at its proprietary core-technology stack and its currently working with artificial intelligence specialists, through its product development agreement with Marsman Limited, in this respect. The Company is also working to augment generated data even further by leveraging additional AI-based sources, such as ChatGPT to generate comprehensive reporting to further provide deep insights into the generative datapoints collected throughout the read-parse-deliver process.
The Company further announces that, pursuant to its technology acquisition agreement dated February 15, 2022 (the "Agreement") with the Prescott Family Foundation, (the "Foundation") an entity directed by the Company's Non-Executive Chairman Sean Prescott, it has made the first of four anniversary issuances.
In light of the advancements to the Company's technology, Scope has elected to exercise its option to issue 250,000 common shares of the Company to the Foundation, as consideration for the rights granted under the Agreement and in full satisfaction of the first anniversary payment. The common shares issued will have a statutory hold period of four months and one day from the date of issuance.
About Scope Carbon Corp.
Scope is a carbon mapping technology company located in
The Company is currently focused on the commercial development of the Scope Analysis Platform through its research and development program, to expand the capabilities of the Scope Analysis Platform and provide a one-tool solution in carbon mapping.
For more information please visit Scope Carbon Corp. or follow along on social media.
LinkedIn: @Smarter Markets
Facebook: Scope Carbon Corp.
Twitter: @scopecarboncorp
Contact Information
James Liang, Chief Executive Officer
info@scopecarboncorp.com
(604) 683 0911
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding beliefs, plans, expectations, future, strategy, objectives, goals and targets, capabilities of the Company's technology, competitive conditions, further development of the Company's technology, prospective sources of data collection, assistance from specialists in artificial intelligence technology, benefits of consulting with Marsman Limited and future rights of interest in the Company's technology. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements involve known and unknown risks and are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, those risks and assumptions described in the Company's prospectus dated August 10, 2022, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. While Scope considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions, continued satisfaction of Canadian Securities Exchange requirements, product safety and recalls, regulatory compliance and risks associated with the Company's business. For more information on the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the risk factors set out in the Company's prospectus dated August 10, 2022, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
The Canadian Securities Exchange has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
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SOURCE Scope Carbon Corp.
