FARAD

Farad Swap-Back Program

FRD’s SWAP-BACK PROGRAM



Under the terms of the contract manufacturing and sales agency agreement, HK Aerospace Beidou New Energy Technology Company agrees to act as agent on behalf of VIRTUE to sell 5, 555, 555.56 mF of UCCs monthly for the next 36 months at a price of US$ 0.145 per mF.

VIRTUE will then offer to swap-back an equal amount of FRD holdings from the holders for the next 36 months based on the calculation below:

Total FRD = 200, 000, 000 FRD

FRD Quarterly FRD swap-back = 16,666,666.67 FRD

FRD swap-back price = US$ 0.145 per FRD redeemable in ETH equivalent at the time of redemption.




Future swap-backs (from 20th June, 2018 onwards) will be done through the much- anticipated Virtue Exchange (VXE) Trading platform.

More details will be made available before 21st March 2018



TERMS AND CONDITIONS


  • Start date and time of FRD Swap-Back Request Period: 21ST DECEMBER, 2017 0000 GMT**
  • End date and time of FRD Swap-Back Request Period: 12TH MARCH, 2018 2359 GMT**
  • Maximum number of FRD tokens accepted for Swap-Back Request Period: 16,666,666.67 FRD**
  • Any excess FRD amount sent to the redemption address once the redemption period has ended or the maximum FRD has reached will be returned to the origin wallet.
  • FRD swap-back price: US$ 0.145 (ETH equivalent at the time of redemption)
  • FRD redemption date: No later than 20TH MARCH, 2018




  • Once an FRD has been deposited and accepted in the FRD swap-back, it cannot be taken out or refunded.
  • All tokens accepted in the swap-back program will be taken out of circulation.
  • Do not send your FRD from exchange wallet. Please only send from your personal wallet.
  • The ETH redeemed will be returned ONLY to the origin wallet address and cannot be changed.




**The swap-back request period will be closed once we have received the maximum number of FRDs (16, 666, 666.67 FRD) or by 12th March, 2018 (whichever comes first).