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CIMG Inc. ("CIMG" or the "Company") (NASDAQ:IMG), a company with a heritage in specialty coffee and an emerging business in broader consumer food and beverage products, today announced that it has signed a non-binding Memorandum of Understanding (MoU) with FLock Technology Holdings ("FLock"), for the Company to engage Flock as its privacy-preserving AI total solution provider. The Company intents to collaborate with Flock to jointly develop LifeNode, an artificial intelligence ("AI") assisted wellness monitoring and recommendation product, with FLock's privacy preserving AI solutions, as well as a potential acquisition of FLOCK tokens as a treasury reserve asset. The MoU is non-binding and subject to the Company and Felock entering into a definitive agreement.
FLock created the first decentralized AI training platform, FLock.io, combining federated learning and blockchain to revolutionize AI development with its platform native utility token FLOCK. It enables secure, privacy-preserving training without centralizing data, allowing for collaboratively creating, training, and owning AI models. FLock also provides its clients with privacy-preserving, end-to-end AI solutions, including local model deployment, data anonymization, fine-tuning, co-training with federated learning, and application building.
The signing of the MoU marks an important step in the CIMG's strategic growth. As part of this initiative, CIMG will conduct a thorough assessment of the security and value of FLOCK.
Posted In: IMG
