OTTAWA, March 21, 2022 (GLOBE NEWSWIRE) -- Leonovus (LTV: TSXV) is pleased to announce the award of a Standing Offer contract to supply the Government of Canada (GoC) with a 'Next Generation Litigation Software - Secure File Transfer Solution.'
Leonovus Vault, Smart Filer and XVault technology are the foundation technologies used to build this new hyper-secure file sharing, file transfer and file storage solution called Torozo, which will also launch as a Software as a Service available to individuals, businesses, and enterprises soon.
"A key corporate objective, for the past four years, was to develop and deploy secure file sharing, data management, and data storage solutions for the Government of Canada. This Standing Offer provides a process to sell a secure data transfer solution to any government department through defined pricing and proof of concept to validate and obtain future call-ups," said Michael Gaffney, Chair and CEO.
The next phase is completing the final 'in-production' testing of the functional specifications, achieving all data and personnel security requirements, completing ISO and SOC certifications for the Department of Justice and Shared Services Canada, anticipating a call-up.
Leonovus' Torozo product is an Ultra-Simple, Ultra-Secure file sharing, file transfer and file storage solution and a subsegment of the quarter-trillion-dollar cloud data storage market. Torozo's Secure File Sharing Market segment has a CAGR of 25% and is growing to $4+ billion by 2025. Torozo supports individual, business, and enterprise customers.
"There are numerous economic drivers that support our product vision and its benefits. In March 2021, Shared Services Canada and the Department of Justice issued an RFP with the essential requirement being secure file sharing within and outside the government. We believe that this is a general requirement for many government departments, federal and local, and the private sector. The pandemic increased the need for secure work-at-home solutions. Sharing, storing, and transferring medical records, mergers and acquisitions, financings, non-fungible tokens, and cryptocurrency backups are other large market segments. Torozo will solve many other secure data sharing, transfer, and storage needs," said Gaffney.
About Leonovus
Leonovus is a secure data management and movement software Company. The Leonovus suite of data tools offer an organization what it needs for a complete end-to-end data-centric security solution. This solution can stand on its own or easily integrate with the organization's zero-trust strategy and architecture. It takes seamless advantage of the organization's existing storage infrastructure and network architecture, working on-premises and in the cloud. Together, these tools can store, migrate, and access the organization's data with high security without sacrificing ease of use. The data-centric security controls and monitoring are extended across the entire architecture, including cloud resources. And it supplies these cybersecurity capabilities for the entire lifespan of the data and beyond. The flexible and straightforward solution does not require changes in the method of data use. Applications, services, and users all interact with the data the same way they always have. The system ensures the right users get access to the correct data quickly and securely. In addition to working with existing systems, the Leonovus solution aids in the organization's digital transformation by enabling ultramodern data concepts necessary for the data-driven world. These capabilities are included in an automated solution requiring little operations effort and no new skills or expertise.
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’s 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 because 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.
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For More Information, please contact:
George Pretli
Chief Financial Officer
gpretli@leonovus.com
