OTTAWA, May 07, 2020 (GLOBE NEWSWIRE) -- Leonovus Inc. ("Leonovus" or the "Company") (TSXV: LTV) today provides a business update regarding its March 5, 2020 announcement that it had entered into a non-binding agreement to purchase PureColo Inc. ("PureColo" or the “Acquisition”).
The COVID-19 crisis continues to impair the Company's ability to raise funds needed to complete the Acquisition. Leonovus will continue due diligence on PureColo along with the search for financing. Trading in the shares of the Company will remain halted until the funding, 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.
The testing of Leonovus Vault software is ongoing at the Department of Justice. The software installation and proof of concept architecture planning are complete, and the Department of Justice staff members have received preliminary training on the use of the system. The project is now entering the last testing phase, which has a Q3 2020 completion target.
"We submitted a COVID-19 proposal to Innovation Canada. It is a unique new product solution that adapts our core software assets to secure near-real-time 24x7 country-wide consolidated COVID-19 hospitalization, hotspot, testing, and critical care information, with electronic forms, checklists, reports and email/SMS alerts. It is platform agnostic and accepts data from any health care information system. Dashboards and analytics are available through any mobile or desktop device, in both official languages. Accredited stakeholders access the data from any hospital, nursing home, office or home location. We intend to partner with another company that will supply the Business Intelligence software and mobile technology. We hope to receive feedback from the Federal Government on our proposal shortly but caution investors that there are hundreds of submissions under review.
About Leonovus
Leonovus is a software provider that offers storage solutions that allow organizations to embrace cloud storage securely, simply and cost-effectively while giving them the flexibility to deal with the ever-evolving cloud storage landscape.
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.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the anticipated closing of the acquisition of PureColo or concurrent financing, potential benefits to adding colocation business, potential growth for the market for colocation.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. There can be no assurance that the Proposed Transaction will be completed as proposed or at all. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to update any forward-looking statement publicly, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
For more information, please contact:
George Pretli, Chief Financial Officer
+1.613.319.3540
gpretli@leonovus.com