Tax Credits Available to Datawitness Investors
Jan 22nd 2007
Richmond, British Columbia – January 22, 2007 – Datawitness Online Ltd. obtained Eligible Business Corporation (EBC) status and can raise equity capital under the New Media Venture Capital Program offered by the Province of British Columbia. "EBC status allows us to accept equity capital from investors without having to set up a Venture Capital Corporation. This investment structure lets us connect directly with investors who also have expertise, experience and contacts that will help us grow," said CEO Jag Gillan.
Investors under the New Media Venture Capital Program qualify for a tax credit certificate entitling them to a tax credit under section 21 of the Income Tax Act. The credit is equal to 30% of the amount invested, in the then current calendar year or, in the case of a shareholder who is an individual and who makes an election referred to in section 21 (16) of the Income Tax Act, in the 60 days immediately following that calendar year.
About Datawitness Online Ltd.: Datawitness, located near Vancouver in British Columbia, Canada, provides online authentication and archiving solutions. Datawitness services enable businesses and governments to authenticate at source to mitigate future risk and liability. Datawitness also increases workflow efficiency by merging the immediacy of online document management, retrieval and viewing with offline microfilm archival integrity.
Developed with the assistance of the Eastman Kodak Company of Rochester, New York, Datawitness' web-based, patent-pending technology functions as a virtual notary service. Datawitness clients can authenticate and archive documents, and sign and send agreements and business documents for electronic signature via the Internet. The Datawitness system automatically timestamps, secures and stores in a database all digital documents or communications and preserves them in duplicate microfilm archives. The records are impervious to electronic attack and provide an irrefutable 3rd-party evidentiary audit trail.
The microfilm used for archiving is certified stable for 500 years by Kodak. The microfilm archiving process employed by Datawitness meets the requirements of the Canadian General Standards Board standard for Electronic Records as Documentary Evidence and maximizes the admissibility of archived records in court proceedings. Datawitness services are available to the public at www.datawitness.com or to registered customers of BC OnLine at https://www.bconline.gov.bc.ca
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