OTTAWA, March 23, 2020 (GLOBE NEWSWIRE) — Leonovus Inc., (“Leonovus”) (TSXV: LTV) today announced its operating and financial results for the year ended December 31, 2019. Amounts are in U.S. dollars unless otherwise stated.
The Company recorded revenues of $24,000 in 2019 compared to revenues of $14,000 in 2018. The Company was awarded a contract in the amount of $435,700 with the Government of Canada Business in Canada Innovation Program. Revenues from this contract will begin in Q1 2020 and run through to Q1 2021.The Company incurred a net loss of $5,193,000 in the year ended 2019 compared to a net loss of $4,924,000 in 2018. Total operating expenses decreased to $4,532,000 for the year 2019 compared to $5,077,000 in 2018. The Company had cash and short-term investments of $583,000 as of December 31, 2019, as compared to $3,646,000 on December 31, 2018. The Company continues its investment in Sales, Marketing, Product Development and G&A; however, at a reduced rate beginning in the second quarter of 2019 which should reduce 2020 expenses significantly.“We are closely monitoring the effect of the Covid-19 health crises on the investment climate. We believe that the combination of our Vault and Smart Filer software into a colocation data centre, such as our plan to acquire PureColo is a powerful strategy. Currently, we are networking with strategic players in the data center industry to assist in the launch and financing of our unique edge computing/colocation/software strategy. Pursuant to regulatory and stock exchange requirements, the Company requested a trading halt until it communicates the definitive details regarding a financing and potential acquisition of PureColo. Finally, we are pleased to report that the revenues from the BCIP program started in Q1, 2020, and the Company has received an instalment payment of $326,400 CND.” said Michael Gaffney, Chair and CEO. About LeonovusLeonovus 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
[email protected]
Bay Street News