First Potential Government Contract Win for PeerStream’s Secure Communications Business
NEW YORK, NY, Oct. 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- PeerStream, Inc. (“PeerStream,” the “Company,” “we,” “our” or “us”) (OTCQB: PEER), a communications software innovator developing enhanced security and privacy solutions for multimedia communication and data transmission, today announced that it has signed a non-binding Memorandum of Understanding (“MOU”) with VertiPrime Government Services, LLC (“VertiPrime”) to collaborate on an upcoming Air Force contract award for a Phase II Small Business Innovation Research (“SBIR”) trial. PeerStream’s subcontract work is dependent on VertiPrime successfully winning the contract and the entry into a definitive subcontract agreement with VertiPrime.
VertiPrime has submitted an application for the Air Force Life Cycle Management Center (AFLCMC) Rapid Sustainment Office (RSO) 192 Phase II SBIR. If VertiPrime successfully wins the award, VertiPrime and PeerStream have agreed to jointly specify, develop and implement the trial concept, which is a procurement software solution designed to support the U.S. Department of Defense’s sustainment efforts for discrete manufactured replacement parts. If the SBIR Phase II trial is successfully completed, the parties plan to jointly pursue SBIR Phase III or Sole-Source Contract awards. The decision on the contract award is expected within the next several weeks.
VertiPrime manufactures U.S. military aircraft spare parts utilizing modern state of the art technology. VertiPrime has proposed to supply the Air Force with a software system that would enable more efficient and secure procurement for replacement parts, with the goal of reducing costs, increasing quality, decreasing obsolescence and protecting the supply chain and the confidential data within it from disruption, breach and cyber-attack. PeerStream’s subcontact work is expected to include providing its secure communications solution for the VertiPrime system, which will be designed to assure the secure transfer of technical and other confidential data, as well as performing software integration services. The MOU also contemplates collaboration on potential contract opportunities with VertiPrime thereafter.
“We are excited about the prospect of working with VertiPrime to make the Air Force’s supply chain more efficient and secure against data breaches and cyber-attacks,” said Alex Harrington, Chief Executive Officer of PeerStream. “As part of our new business development efforts, we have identified many potential government and enterprise applications for PeerStream’s secure communications technology, and we believe that securing critical infrastructure such as supply chain communications is a very promising area. Although VertiPrime’s application for the Air Force award is still pending, we are excited to be recognized by an innovative defense contractor like VertiPrime as a provider of an effective communications security solution.”
About PeerStream, Inc. (OTCQB: PEER)
PeerStream is a communications software innovator developing enhanced security and privacy solutions for multimedia communication and data transmission. Our offerings target consumer, government and enterprise clients. Using multi-layered encryption, blockchain technology and other recent innovations, we are developing our proprietary PeerStream Protocol (“PSP”) to offer clients maximal data security and confidentiality. Our Backchannel product suite is a companion to PSP, including cross-platform applications, middleware and software development kits designed for highly secure end-user communications. For 20 years, we have built and continue to operate innovative consumer applications, including Paltalk and Camfrog, two of the largest live video social communities. The Company has a long history of technology innovation and holds 26 patents. For more information, please visit: www.peerstream.com.
Forward-Looking Statements
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties related to our increasing focus on the use of new and novel technologies, such as blockchain and Props tokens, to enhance our applications, and our ability to timely complete development of applications using new technologies; our ability to effectively secure new software development and licensing customers; the ability of VertiPrime to successfully secure the Air Force contract award and our ability to successfully enter into a definitive subcontract agreement with VertiPrime; legal and regulatory requirements related to the use of blockchain, including us investing in cryptocurrencies and accepting cryptocurrencies as a method of payment for our services; the use of the internet and privacy and protection of user data; risks related to our holdings of digital tokens, including risks related to the volatility of the trading price of digital tokens and our ability to convert digital tokens into fiat currency; and our ability to manage our partnerships and strategic alliances. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at www.sec.gov.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.
Contacts:
IR@peerstream.com
Kirin Smith / Stephanie Prince
PCG Advisory Group
ksmith@pcgadvisory.com
646-863-6519