SAN JOSE, Calif., Jan. 04, 2023 (GLOBE NEWSWIRE) -- Nubeva Technologies (TSX-V: NBVA, OTCQB: NBVAF)(“Nubeva” or the “Company”) announces it has a signed a new three-year contract for seven figures per year with a large global services company for the Company’s Ransomware Reversal solutions. Further details of the contract, customer, and industry remain confidential for security purposes.
“After a slight lull in ransomware in the first half of 2022, we are seeing a significant uptick in activity across the globe, attacking organizations of all sizes across all sectors,” said Steve Perkins, CMO, and Head of Product. “This contract is very significant for us because it is with a large multi-national company, and it has the potential to grow over the life of the agreement. It demonstrates that large and global companies value our Ransomware Reversal offerings. We are excited to close more deals of this caliber in 2023.”
Nubeva’s patented Ransomware Reversal software captures ransomware encryption materials at the moment of attack, enabling victim organizations to decrypt ransomed files without paying the ransom. In addition, the software collects vital metadata on the attack to aid in incident response, significantly helping triage, investigations, and threat removal.
Correction To Press Release of Jan 3, 2023
In the Jan 3, 2023, Nubeva press release headlined “Nubeva Announces Projected Cash Flow Positive Operations in 2023,” it was stated that the company “projected cash flow positive operations in the 2023 fiscal year.” This statement is incorrect. The Company expects to be cash flow positive for the calendar year of 2023, not the company’s fiscal 2023 year. This expectation is provided by management in order to allow readers to assess the Company’s potential development and capitalization during calendar 2023 and may not be appropriate for other purposes.
About Nubeva Technologies
Nubeva Technologies provides next-generation decryption solutions for faster, lower-cost recovery from ransomware attacks. Its mission is to reduce downtime costs and damages so businesses never pay ransoms again.
Nubeva’s ransomware reversal software is available to end-user enterprises, managed security service providers, incident responders, and cybersecurity solution manufacturers. For a private briefing on Nubeva’s ransomware reversal and retrieval abilities, Contact Us.
Forward-Looking Statements
This news release contains “forward-looking information” and “financial outlook” within the meaning of applicable securities laws relating to the Company's business plans, the outlook of the cybersecurity industry and the expectation that the Company will be cash flow positive for calendar 2023. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments, and other factors that have been considered appropriate that the expectations reflected in this forward-looking information and financial outlook are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements for reasons relating to the development and adoption of the Company’s technology, and its input and capital cost requirements, among other factors. The statements in this press release are made as of the date of this release, and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations, or statements made by third parties regarding the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
