SmartPlay.Tech team apologizes for the confusion surrounding the news about the agreement with a company named SJM Holding, and the delay in providing the entire information regarding the situation. We were investigating the scenario from our end, and had to spend some time to think about our strategy going forward.
Earlier, we had been approached by a certain individual claiming to be a representative of a company called SJM Holding, who seemed to be interested in going into an agreement involving our SmartBox slot machine. As none of the SmartPlay.Tech core team members are native english speakers, we had relied on one of our employees with english speaking skills, to work with the representative on this matter.
The same employee was in touch with the said representative of SJM Holding, in all communications regarding the agreement, and was also one of the team members in charge of managing our various social media accounts. The particular employee, after meeting the representative of the company, went ahead and published a press release (HK01), without discussing the details of the agreement with the core SmartPlay.Tech team.
A few days after the press release, a firm that goes by the name SJM Holdings Limited, published a disclaimer on their website that they were not associated with SmartPlay.Tech in any way. When our core team conducted an enquiry, the particular employee (who was involved in the agreement with SJM Holding) assured us that it was in fact a different, smaller company which was interested in an agreement with us.
This incident raised questions within the core team about the authenticity of the particular employee, and further investigation into the matter, couldn’t reveal any solid evidence to suggest that the representative, who was involved in the agreement with our employee, had any association with a company called SJM Holding (if such a company exists at all).
Following the investigation, many of the employees, who were not a part of the core SmartPlay.Tech team, have been replaced, including the particular employee who was involved in the entire situation.
But, no matter how hard we try to justify the situation, the damage has been done. We understand that we may have lost the trust within the members of this community, and we deeply apologize for it. To those who have still decided to continue backing us, despite the particular incident, we are really thankful!
Looking back at the entire episode, we realize that the anonymity of the SmartPlay.Tech team also played a significant role in showing us in a negative light. It was also because of the anonymity of the team that the particular (ex) employee was able to take certain steps, which would otherwise be detrimental to his reputation. We have learned from our mistakes, and we want to ensure that such an incident doesn’t repeat again.
That is why, in addition to the changes in the team, we have also decided to reveal the identity of the team members. And we have been consulting with our legal unit, to come up with the best way to do this.
To avoid problems with the authorities, our team needs to legalize our game solution, by obtaining a license for online games. To implement this, we have spent some time researching the possibility of obtaining gaming licenses in various jurisdictions, and also conducted negotiations regarding the same, at the recent Russian Gaming Week. The cost of such licensing is estimated to be about $30,000.
At the same time, we also want to make RLT available to the masses. Most of the exchanges these days, are charging a high fee, in order to get listed.
We plan to conduct a token sale on the SmartPlay.Tech website, out of a portion of the RLT reserved for our bounty program, at a price that is higher than RLT’s current rate in exchanges. The funds collected from the token sale will primarily be used to cover the required licensing costs, and also to pay for the listing fees in new exchanges. More information on the token sale will be available soon.
With this, we are not only strengthening our technical solution, but also changing our relationship with users and investors. We intend to embrace a new team philosophy, which is to be as transparent and honest, as our gaming solution itself.
Thank you for your understanding, and hope you’ll support the new course of our team!