IRVINE, Calif., Nov. 09, 2017 (GLOBE NEWSWIRE) -- Identillect Technologies Corp. (the "Company" or "Identillect") (TSX-V:ID) (OTCQB:IDTLF) (Frankfurt:8ID), a leading provider of email security today announced that it has arranged a non-brokered private placement to raise up to $1,000,000 through the issuance of up to 8,333,333 common shares at a price of $0.12 per common share (the “Offering”).
The Company intends to use the net proceeds of the Offering to accelerate its planned expansion into the blockchain arena through integration with the Company’s Delivery Trust™ email encryption product, and for general working purposes.
Todd Sexton, President and Chief Executive Officer of Identillect, stated, “Identillect continues to be at the forefront of progressing security technologies such as blockchain, a technology which helps to increase the integrity behind the communication of electronic data. We are excited to be innovating new ways to utilize this technology, allowing our clients to communicate simply and securely.”
The Company may pay a finder’s fee to one or more arms’ length parties who introduce the Company to subscribers, in accordance with the policies of the TSX Venture Exchange. The common shares issued will be subject to a four-month-and-one-day statutory hold period from the date of issuance. Closing of the private placement remains subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange.
About Identillect
Identillect's Delivery Trust™ proprietary e-mail encryption technology targets organizations of all sizes, and is sold to medical professionals on a monthly subscription basis. Delivery Trust™ can be accessed by medical professionals on a vast array of electronic communication devices. All messages and their attachments are secured with patented, state-of-the-art encryption technology while providing complete control of the message with the click of a button, ensuring safety and control while in transit.
Since commercializing the product, Identillect has quickly grown its subscriber base and is becoming recognized in the security industry as a top e-mail security provider. Visit https://identillect.com/ to learn more.
IDENTILLECT TECHNOLOGIES CORP.
Todd Sexton
Chief Executive Officer
Tel: (949) 468-7878
Email: todd.sexton@identillect.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.