Earlyworks Co., Ltd. Enters into Memorandum of Understanding with Pocket RD Inc. for Business Expansions in the “Phygital” Marketing Era

Tokyo, Japan, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Earlyworks Co., Ltd. (Nasdaq: ELWS) (the “Company” or “Earlyworks”), a Japanese company operating its proprietary private blockchain technology, Grid Ledger System (“GLS”), today announced that it has signed a Memorandum of Understanding (the “MOU”) with Pocket RD Inc. (“PocketRD”), a developer of 3D Avatar and Blockchain XR technology, to form a business alliance (the “Alliance”) with an aim to leverage the strengths of both companies and expand Earlyworks’ market footprint.

Pursuant to the MOU, Earlyworks and PocketRD agree to work together to perform the following tasks:

• Improve performance and options for PocketRD’s technology.
• Build a low-cost, high-quality blockchain system using the GLS-System Development Kit.
• New business development and provision of systems and products that leverage the strengths of both companies.
  

Pursuant to the MOU, Earlyworks agrees to provide GLS, offer design or design support for each product, and conduct technical verification, system development and operation. PocketRD agrees to provide its technology, review specifications, develop new business, and plan and sell systems and products.

The Alliance is expected to offer user-friendly services for clients to develop their businesses in the Web 3.0 industry. Many companies are strengthening their efforts in the field of “phygital marketing” (a term coined to describe the marketing initiatives that combine physical and digital forms). By forming the Alliance, Earlyworks and PocketRD aim to serve companies in such efforts.

Atsuya Momikura, the CEO of PocketRD, commented, “We are promoting business development through both avatar solutions and phygital marketing solutions utilizing blockchain technology. The technologies related to 3D expression and the market formation related to the Web are constantly evolving, and we believe that bold and prompt decision-making is an important factor in seizing the market. In this situation, we are glad to enter into the Alliance with Earlyworks, an attractive partner that shares a similar point of view. We hope to create a market by leveraging the strengths of both companies in the field of phygital marketing.”