Tokyo, Japan, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Earlyworks Co., Ltd. (Nasdaq: ELWS) (the “Company” or “Earlyworks”), a Japanese company operating its proprietary private blockchain technology, Grid Ledger System (“GLS”), today announced that it has signed a Memorandum of Understanding (the “MOU”) with Pocket RD Inc. (“PocketRD”), a developer of 3D Avatar and Blockchain XR technology, to form a business alliance (the “Alliance”) with an aim to leverage the strengths of both companies and expand Earlyworks’ market footprint.

Pursuant to the MOU, Earlyworks and PocketRD agree to work together to perform the following tasks:

• Improve performance and options for PocketRD’s technology.
• Build a low-cost, high-quality blockchain system using the GLS-System Development Kit.
• New business development and provision of systems and products that leverage the strengths of both companies.

Pursuant to the MOU, Earlyworks agrees to provide GLS, offer design or design support for each product, and conduct technical verification, system development and operation. PocketRD agrees to provide its technology, review specifications, develop new business, and plan and sell systems and products.

The Alliance is expected to offer user-friendly services for clients to develop their businesses in the Web 3.0 industry. Many companies are strengthening their efforts in the field of “phygital marketing” (a term coined to describe the marketing initiatives that combine physical and digital forms). By forming the Alliance, Earlyworks and PocketRD aim to serve companies in such efforts.

Atsuya Momikura, the CEO of PocketRD, commented, “We are promoting business development through both avatar solutions and phygital marketing solutions utilizing blockchain technology. The technologies related to 3D expression and the market formation related to the Web are constantly evolving, and we believe that bold and prompt decision-making is an important factor in seizing the market. In this situation, we are glad to enter into the Alliance with Earlyworks, an attractive partner that shares a similar point of view. We hope to create a market by leveraging the strengths of both companies in the field of phygital marketing.”

Mr. Satoshi Kobayashi, the Chief Executive Officer and Representative Director of Earlyworks commented, “We are truly excited about the possibilities for an innovative future through the fusion of extended reality (“XR”) and blockchain technologies. XR technology is essential to providing an immersive experience that transcends the boundaries between the real and virtual. Blockchain technology promotes trust and security and increases data transparency. We believe their fusion will open the door to a new digital age. The Alliance, which is expected to provide high-quality solutions at a low cost, is a testament to the shared vision of professionals with different approaches and an embrace of the challenges of the future. We will leverage this synergy to improve the performance of technologies for Earlyworks and PocketRD. In addition, we believe the Alliance will unleash the possibilities for broader applications of GLS, which is expected to strengthen our market presence in various industries. With our continued commitment to innovation, we believe that we will maintain our competitive edge in the digital age, boost our profitability and create long-term value for our shareholders.”

About Pocket RD Inc.

Pocket RD Inc. was created with a mission to offer people around the world more expressive ways to communicate through 3D technology. PocketRD believes it is critical to pioneer improvement in 3D technology in line with the development of 5G and 6G networks in order to enhance and offer new tools for content creation and communication. PocketRD’s Web3 BaaS "Digital Double^®" is an infrastructure service that supports multiple types of NFTs and Wallets, and can hold DIDs and tokens depending on the application. Digital Double^® provides Web3 services as APIs and SDKs that PocketRD believes can be developed quickly and cost-effectively. For more information, please visit the website: https://pocket-rd.com/.

About Earlyworks Co., Ltd.

Earlyworks Co., Ltd. is a Japanese company operating its proprietary private blockchain technology, GLS, to leverage blockchain technology in various applications in a wide range of industries. GLS is a hybrid blockchain that combines the technical advantages of blockchain and database technology. GLS features high-speed processing, which can reach 0.016 seconds per transaction, tamper-resistance, security, zero server downtime, and versatile applications. The applicability of GLS is verified in multiple domains, including real estate, advertisement, telecommunications, metaverse, and financial services. The Company’s mission is to keep updating GLS and make it an infrastructure in the coming Web3/metaverse-like data society. For more information, please visit the Company’s website: https://ir.e-arly.works/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may,” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For more information, please contact:
Earlyworks Co., Ltd.
Investor Relations Department
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Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
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