TORONTO--(BUSINESS WIRE)--Realbotix Corp. (TSX-V: XBOT | Frankfurt Stock Exchange: 76M | OTC: XBOTF) (“Realbotix” or the “Company”), a leading creator of humanoid robotics and relationship-based AI, announces that on August 2nd, a portion of digital assets held at Genesis Global Capital (“Genesis”) were returned to the company. Genesis, which custodies a portion of the Company’s digital assets, is completing its restructuring process after declaring bankruptcy in January 2023. Genesis plans to continue to make distributions to Realbotix for digital assets held there throughout 2024.
Realbotix received 189 Ethereum (ETH) from Genesis representing approximately 55% of its ETH held at Genesis at the time of their bankruptcy. This distribution reflects the positive progress of Genesis's restructuring efforts and sets the stage for subsequent distributions. Realbotix currently holds 3,045 ETH in its custody and 151 ETH still remain at Genesis.
Realbotix has also been informed that it will receive a distribution of 30% of the Solana (SOL) held by Genesis during the initial distribution phase. This would result in Realbotix holding approximately 5,400 SOL in its custody and 12,601 SOL still held at Genesis. Realbotix does not have any other assets held at Genesis other than those listed above.
Unlike similar bankruptcy restructuring plans, Genesis's plan does not impose a cap on recoveries from the original petition date. This means that creditors can look forward to further distributions, offering a more favorable recovery path that may approach 100% recovery. Outside of the digital assets listed above, there are no other assets held with Genesis.
"We are pleased with the progress made in recovering our assets from Genesis's restructuring,” said Andrew Kiguel, CEO of Realbotix. “We are confident that we will receive the majority of our assets by the end of the year as funds continue to be distributed."
The restructuring plan indicates that creditors will be entitled to further recoveries beyond the initial distribution as part of ongoing claims reconciliation. This approach ensures that Realbotix and other creditors will continue to benefit as the claims are settled.
About Realbotix
Transcending the barrier between man and machine, Realbotix creates customizable, full-bodied, human-like robots with AI integration that improve the human experience through learning, connection and play. Manufactured in Nevada, USA, Realbotix has built a reputation for having the highest quality humanoid robots and the most realistic silicone skin technology on the market. Our target addressable markets are massive, most of them in the tens or hundreds of billions USD.
Our mission is to create robots and AI that are indistinguishable from humans in appearance and social interaction. Realbotix replicates the physical and emotional aspects of being human, in hardware and software. This versatility makes our robots and their personalities customizable and programmable to suit a wide variety of use cases.
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Forward-Looking Statements
This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
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