THE WOODLANDS, TX, March 29, 2018 (GLOBE NEWSWIRE) -- Optium Cyber Systems, Inc. (the Company) (OTC:OCSY) has released the financial results for its last fiscal year ended December 31, 2017. The financial statements and annual report may be viewed at: www.otcmarkets.com/stock/OCSY/disclosure
In summary:
- Current assets decreased $339,434 due to the write-off of uncollectable accounts receivable.
- Non-current assets grew $2,023,241 on the acquisition of a technology platform and an investment in an associated company through the issuance of a licensing agreement.
- Current liabilities increased $27,400 as a result of additional management brought on with the change of business.
- Long term liabilities decreased $251,155 through the settlement of debt and resulting issuance of common shares.
- Operating revenue increased $2,5000,000 as a result of the sale of licensing agreement.
- Operating expenses increased $615,237 due to increased business activity.
- Net income increased $1,325,913.
“The management team of Optium Cyber Systems is very pleased with the financial results for 2017;” commented George Rutherford, President of Optium Cyber Systems. “As a result of the change in business direction, our company has gone from losing $28,869 in 2016 to declaring a profit of $1,243,044 in 2017. We recognized that the cyber security sector is poised for major growth. Our goal is to capitalize on this by being the first to market with a comprehensive yet cost-effective solution that is transferrable to any situation and scalable to any size;” continued Mr. Rutherford.
About Optium Cyber Systems, Inc.
OCSI has developed a proprietary process to analyze, identify and address cyber security vulnerabilities in an organization’s critical IT infrastructure which is scalable to any size organization in any industry. OCSI has recently launched in the health care sector, focusing on protecting health care facilities including hospitals, nursing homes and doctor’s offices from cyberthreats such as the manipulation of medical devices or theft of patient records. OCSI is a publicly traded company having its common shares quoted on the OTC Markets under the symbol "OCSY".
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Optium Cyber Systems, Inc.'s filings with OTC Markets which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.