Update on the refund option and Ark distribution

There will be a one week period after TEC is closed during which TEC participants may choose whether to receive a refund or leave the funds on deposit in the TEC to receive a distribution of Ark tokens. This period will start immediately after the modifications are made to the TEC site which will include the refund option. The refunds will be issued at the end of the refund period and the final distribution of Ark is determined with the bonuses applied, based on the minimum target of 2K BTC being met exactly. The difference between the 2K target and the actual amount raised after refunds are complete will be treated as a deposit of that amount of BTC with no bonus applied, and its resulting distribution held by Ark for future crowdfunds, development and participation in the ARK project, and possibly employee compensation at an exchange rate no lower than the highest exchange rate made by anyone during the TEC. At mainnet launch, the distribution of Ark tokens will be made as originally planned, no later than 1 February 2017. Bounties will also be distributed after mainnet launches. Further instructions and details will be posted when the TEC site is ready.