OTTAWA, May 19, 2020 (GLOBE NEWSWIRE) -- Leonovus Inc., (“Leonovus”) (TSXV: LTV) today announced its operating and financial results for the quarter ended March 31, 2020. Amounts are in U.S. dollars unless otherwise stated.
The Company recorded revenues of $48,000 during Q1 2020 compared to revenues of $Nil in Q1 2019. The Company was awarded a contract in the amount of $436,700CND with the Government of Canada Business in Canada Innovation Program. Revenues from this contract started in Q1 2020 and run through to Q1 2021.
The Company incurred a net loss of $480,000 in the quarter ended March 31, 2020, compared to a net loss of $2,177,000 in Q1 2019. Total operating expenses decreased to $503,000 for the first quarter of 2020 compared to $1,557,000 in the same period in 2019.
The Company had cash and short-term investments of $350,000 as of March 31, 2020, as compared to $586,000 on December 31, 2019. The Company continues its investment in product development and business development, albeit at a significantly reduced rate.
“The COVID-19 health crisis continues to cause challenges for both revenue generation and new investment. However, the ongoing testing and validation of our Vault and Smart Filer technology in the federal government continues to meet expectations, and we have started the planning and approvals process for a production installation. As noted in an earlier release, we believe that our Smart Filer and Vault technology may have a role to play in the ongoing data monitoring and reporting for COVID-19 public health researchers and have submitted two proposals to the federal government.
“Pursuant to our May 6, 2020 news release, trading in the shares of the Company will remain halted until we find the funding to complete the PureColo acquisition, and the Company submits the required documentation regarding the Fundamental Acquisition, according to Section 5.6(d) of TSXV Exchange Policy 5.3 to the TSXV for their review and such review are completed,” said Michael Gaffney, Chair and CEO, Leonovus Inc.
About Leonovus
Leonovus is a software provider that offers storage solutions that untether your data, allowing you to embrace cloud storage securely, simply and cost-effectively while giving you the flexibility to deal with the ever-evolving cloud storage landscape.
Leonovus Smart Filer is an information lifecycle management (ILM) solution that analyzes existing file storage and extends its capacity automatically and transparently. According to customer-defined policies, infrequently accessed files are automatically removed from high-cost, high-performance primary storage, and placed in secondary or cloud storage, without any changes to how users and applications access them.
Designed with the IT manager in mind, Leonovus Vault uses patented algorithms to analyze, classify, encrypt, shred and spread data across a network of on-premises, hybrid or multi-cloud storage nodes – allowing for the most secure yet internally accessible form of object-based data storage across the entire solution. The advanced geo-distributed architecture minimizes latency, optimizes geo-availability, reduces remote backup costs and meets data sovereignty requirements. With its software and hardware agnostic design, Vault provides petabyte scalability. It allows the enterprise to use its existing idle storage resources, extend the useable lifespan of depreciated resources and improve the enterprise's overall ROI.
To learn more, please visit www.leonovus.com.
This press release may contain forward-looking statements and information, which may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with Leonovus’ growth, the state of the financial markets, regulatory risks and other factors. There can be no assurance or guarantees that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, Leonovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers should not place undue reliance on any statements of forward-looking information that speak only as of the date of this release. Further information on Leonovus’ public filings, including its most recent audited consolidated financial statements, are available at www.sedar.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.
For More Information, please contact:
George Pretli
Chief Financial Officer
gpretli@leonovus.com