Colu Local Network – A Decentralized Payment Network Powered By Communities

Concluding Blockchain Project, Colu DLT Purchases CLN Tokens; Colu Group will Focus on Growing Municipal Partnerships

Colu DLT, the Gibraltar based subsidiary company of the Colu Group becomes one of the first companies to voluntarily offer to purchase the entirety of tokens sold during an ICO, as blockchain project concludes.

Colu cited its sense of responsibility towards token holders, including those who participated in the token sale. In recent months, the Colu Group has seen extensive growth in its work with municipalities across the globe, including significant opportunities which it wishes to pursue. However, the CLN platform which Colu DLT had been developing and supporting poses both regulatory and technical challenges to this work. Colu Group has decided to align its operations accordingly.

In recent months, the Colu Group has announced the introduction of the Belfast Coin, in partnership with Belfast City Council. It will be used to reward residents for shopping at local businesses, healthy living, civic activity and more. Meanwhile, The Colu Group has also launched a partnership with the Municipality of Tel Aviv-Yafo. TLV Coins reward residents for strengthening local businesses through the Colu app. In addition, money is being raised for local NGOs to further strengthen the local community. Neither scheme is currently based on blockchain technology. The Colu Group is also in talks with a number of other municipalities across the world, about introducing similar initiatives.

Colu DLT has already received support for the move from all its largest CLN purchasers from the original presale, which accounted for more than $17M. As a one-time act, the company will now look to acquire the entirety of tokens as issued during the ICO crowd sale period or purchased on the secondary market, amounting to approximately 54 million tokens. Colu DLT will purchase the tokens in Ethereum, which was the, in line with the issuance arrangements during the ICO, at the original crowd-sale ETH to CLN rate, which is higher than the current market exchange ratio. Once the process is completed, Colu DLT will ‘burn’ the tokens purchased, rendering them worthless.

The purchase process will take place via a dedicated website (to be announced soon). CLN token holders looking to accept the offer will be subject to routine KYC (know your customer) and AML (anti-money laundering) checks. Only individuals who complete the KYC and AML processes will receive payment for their CLN tokens. The purchase period will be open for ninety days. Colu reserves the right to extend the period, should circumstances change. The purchase from the general public is closed to and not intended to include any potential sellers from the USA and certain other jurisdictions as listed below (Excluded Countries), which were also restricted from participation in the original ICO.

About The Colu Group

Operating in the UK, Israel and Gibraltar, The Colu Group is dedicated to making cities thrive, using everyday interactions to drive social and economic progress. Our app encourages local payments, while rewarding positive actions with City Currency. Powered by innovative technology, The Colu Group connects people, businesses and city institutions. Already operating in communities in 4 cities, the Colu Group generates shared prosperity to benefit everyone. For more information, visit: www.colu.com

List of Excluded Countries

CLN holders from the following countries will not be permitted to sell their CLN tokens to Colu DLT - Afghanistan, Angola, Azerbaijan, Bahamas, Bangladesh, Bolivia, Bosnia Herzegovina, Botswana, Burundi, Cambodia, Cameroon, Canada, Chad, China, Congo, Crimea Region of Ukraine, Cuba, Democratic Republic of Congo, Ecuador, Ghana, Guinea, Guinea-Bissau, Eritrea, Ethiopia, Haiti, Iran, Iraq, Kyrgyzstan, Laos, Lebanon, Libya, Morocco, Nepal, North Korea, Pakistan, South Korea, Sri Lanka, Sudan, Syria, Tajikistan, Trinidad and Tobago, Tunisia, Turkmenistan, USA, Uzbekistan, Vanuatu, Yemen, Venezuela, Uganda, Zimbabwe.

Incentivising Communities

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In 2014, there were 255 mobile money services globally, ten years earlier, there were 4. With the decentralised CLN, blockchain technology, and ever more secure wallets, communities globally will have the ability to create & retain their own wealth.

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NameColu Local Network

SymbolCLN

BlockchainEthereum

Circulating supply621,918,370 CLN

Total supply1,540,701,333 CLN

Contract

0x4162178b78d6985480a308b2190ee5517460406d

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