Plank Announces Investment into CodeZero Technologies Inc.
Vancouver, B.C. - TheNewswire – September 20, 2021. Plank Ventures Ltd. (“Plank” or the “Company”) (CSE:PLNK) (CNSX:PLNK.CN) is pleased to announce that on September 15, 2021, it invested $300,000 into CodeZero Technologies Inc. (“CodeZero”), a Vancouver-based technology company.
CodeZero issued a convertible promissory note in the amount of $300,000 to Plank (the “Note”). The Note is due on November 15, 2022 and provides for 6% annual interest rate. The Note is eligible to be converted into equity of CodeZero at a 20% discount to the next round of financing by CodeZero.
The funds will be used by CodeZero’s team to invest in growth and further develop its tools to deploy and manage Kubernetes, which is an open-source container-orchestration system for automating computer application development, scaling and management.
CodeZero is focused on tools for developers. The relatively new standard for cloud orchestration is called Kubernetes and while it is largely recognized as the de facto standard, most developers would rather not use it because of its current complexity. Tens of millions of developers rely on tens of thousands of DevOps engineers to run Kubernetes, which creates huge bottlenecks that affect all technologies using cloud tools, such as AI, ML, IoT and others. CodeZero believes that Kubernetes will not cross the chasm unless the majority of developers can use it. CodeZero enables all developers to deploy to Kubernetes clusters without having to learn Kubernetes, solving a very big and expensive problem.
About Plank Ventures Ltd.
Plank is an investment company targeting investments and business opportunities in the technology arena, focusing on early-stage start-up companies that already have developed a customer and revenue base and were seeking funding for expansion.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
For additional information contact:
Laurie Baggio, CEO Tel: 604-805-7498
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company, CodeZero, and their respective business within the meaning of applicable securities laws, including the business plans and prospects of the Company. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under its SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.