One of the things I enjoy most about January 8th is that I get to share a birthday with the King of Rock ‘N Roll, Elvis Presley! I can’t say that I’ve aged enough to have worn a pair of Blue Suede Shoes, but I Am All Shook Up and I’d love nothing more than to become your Bridge Over Troubled Waters!
There’s a theme here … Elvis was arguably the best male vocalist of all time. He left behind some very big shoes to fill, and having taken over the job of seeing the AllSportsMarket (“ASM”) through, is akin to filling those gigantic shoes; I do not take this appointment lightly.
Many of you will doubt me, and that’s okay … that’s because many of you don’t know me and are relying on the little bit you dig up on the internet. However, I have also received a plethora of e-mails from supporters and friends that I’ve had a pleasure of meeting over the years through previous ASM-related events - thank you!
Like many of you, I started out as a trader on the ASM platform; in fact, I joined just before ASM had shut down the first time in Costa Rica back in 2009, and many months later after having received a random e-mail that it was restarting again in the United States, I picked it back up again. I later became an investor (well over the $40,000 mark now), and hold an official position which I will treat with the respect that it deserves … and that you deserve. I trust, over time, that you will become confident in where ASM is headed and that we will cross the finish line together.
First, as promised in my inaugural blog post last Sunday, I have created a roadmap from which we will operate as a company. The NSEI Roadmap is hosted on Google Drive and will be available to you as a blog subscriber for the first 72 hours each week. If you are a blog subscriber and missed out on that window, you may send me an e-mail and I can provide a PDF copy.
You will see the first item on the roadmap under Crystal World Holdings, Inc. is regarding an engagement with Canadian counsel to pursue regulation outside of the U.S. Over the last year, we have conducted meetings with Canadian counsel on multiple occasions. As a reminder, the SEC case in the United States is a civil matter and does not necessarily prevent the ASM platform from continuing to pursue regulation.
Ultimately, we have decided that the best course of action is to overhaul our technology, which is long overdue. ASM is in need of a modernized website design, which will also have a backend that is run on the Hederas Hashgraph DLT and will serve as the prototype for our regulated market. From there, the ASM iOS app will be revamped and a long overdue Android app will be created. This technology will power the regulated market in Canada, United States, Europe and certainly does not exclude other locations that need a perpetual revenue stream. The hashgraph technology will have lightning fast execution, will be fair, ultra-secure and be highly carbon off-setting. Are you asking what fair means? In this context, fair means that the Hedera Consensus Service (HCS) will order the transactions in the correct order received and mitigate validation influence which could favor ordering certain transactions before others - this is very important for marketplace/exchange applications and time sensitive data, which ours is both. This upcoming week we will begin our search for a viable Hedera hashgraph developer that can meet our needs and we will report back on this in a future update.
Second, in addition to the NSEI Roadmap, I have created a Legal page where I will provide the latest updates on the SEC civil matter. Currently, on the page you will see the most recent filings, post-mediation, including my brief opinion on why Chris and the companies were unable to reach a settlement agreement. Mediation was under an NDA with the SEC and details were not allowed to be released. Each of the documents filed with the Court can be read by anyone interested, simply by clicking on the blue links on the Legal page and downloading the PDF; I will continue to update these as they are made available.
In regard to current management, under our non-profit corporation, NSEI, I will remain the sole Managing Director until it is officially wound down. After much discussion, I have decided that it is not feasible under current circumstances, to run two corporations, with two separate sets of books and maintain that over the long run. Crystal World Holdings, Inc. pending court approval in the future, will become the new NSEI for-profit corporation and will continue its mission to transform society through sports. Through SportsCore® we will have an online financial literacy program that can be accessed from the comfort of your home. Some schools will teach it through their curriculum, but we do not want that to be the only option. The idea behind SportsCore is that a child in the Congo that has an internet connection but no school nearby, could still learn finance through sports. After all, sports is what binds us all together. The AllSportsMarket platform, combined with SportsCore and our growing team, will become the driving force that turns sports into an asset class and promotes financial literacy across the globe.
Lastly, having been the Secretary for CWH for the last two years and now having been appointed the CEO, I will maintain that role until we have reformed the corporation, at which point a new board of directors with deep industry expertise will be nominated along with an advisory committee. Along with the transition from CWH to NSEI, we are planning a reissuance of the corporate stock under the new name. In connection with that transition, we will also be exploring our options for a liquidity event for our current shareholders. There were random discussions about this in the past at various times; our shareholders have been painstakingly patient and we want to deliver on the ability for you to be able to sell some or all of your corporate shares. This will be a win-win scenario for all involved - shareholders get what they want and the company shrinks their overall cap table. Again, this will likely be pending approval by the court in the SEC matter, unless settlement has been reached beforehand, and after an independent third party valuation has been completed (this makes it fair for all involved). We have already started forming a list of the companies that will be able to conduct that independent valuation.
Until next week, in the words of the great Elvis Presley, “It’s now or never … tomorrow will be too late.”
A great project never truly dies.