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Leonovus Inc. reports financial results for the second quarter of 2021

OTTAWA, August 22, 2021 (GLOBE NEWSWIRE) – Leonovus Inc., (“Leonovus”) (TSXV: LTV) announces the filing of its unaudited interim financial statements and Management Discussion and Analysis (“MD&A”) For the quarter ending June 30, 2021. Our MD&A contains a comprehensive discussion of Leonovus’ financial position and results of operations and is available on SEDAR at www.sedar.com. The amounts are in Canadian dollars.

The company completed a commercialized prospectus offering for $ 3.44 million on May 2, 2021. These funds helped recruit additional salespeople and software developers, as well as fund new marketing and product initiatives.

“As noted in previous releases, our sales strategy is focused on the Federal Government of Canada (“ GOC ”) as the anchor customer. We’ve been working on this strategy for three years, and the number of departments interested in our technology increased significantly in the last quarter. We are currently responding to a large GOC tender for our XVault and Smart Filer technology. Due to the recent increased interest from the GOC, Product Management has prioritized completing several XVault features, which will delay our standalone ransomware offering by a quarter. However, protection against ransomware will be a key function of our XVault solution, ”said Michael Gaffney, Chairman and CEO of Leonovus Inc.

“Given our current acceleration in the GOC, several resellers and system integrators have started using and testing our technology. We expect to announce new GOC channel partners in the next few months, ”said Gaffney.

About Leonovus

Leonovus is a software provider that offers storage solutions that decouple your data so that you can use cloud storage securely, easily and inexpensively, while at the same time having the flexibility to deal with the constantly evolving cloud storage landscape.

Leonovus Smart Filer is an Information Lifecycle Management (ILM) solution that analyzes existing file storage and automatically and transparently expands its capacity. In accordance with customer-defined guidelines, files that are rarely accessed are automatically removed from expensive, high-performance primary storage and stored in secondary or cloud storage without changing user or application access.

The story goes on

Leonovus Vault was specially developed for IT managers and uses patented algorithms to analyze, classify, encrypt, shred and distribute data over a network of local, hybrid or multi-cloud storage nodes – which enables the most secure yet internally accessible form of the object-based Data storage across the entire solution. The advanced geo-distributed architecture minimizes latency, optimizes geo-availability, reduces remote backup costs and meets the requirements for data sovereignty. With its software and hardware-independent design, Vault offers scalability in the petabyte range. It enables the company to leverage its existing idle storage resources, extend the usable life of depreciated resources, and improve the company’s overall ROI.

To learn more, please visit www.leonovus.com.

This press release may contain forward-looking statements and information that involve risks and uncertainties. The results or events predicted in these statements could differ materially from actual results or events. Factors that could cause a difference include, but are not limited to, competitive developments, risks related to Leonovus’ growth, the state of the financial markets, regulatory risks and other factors. There can be no representation or warranty that any forward-looking information contained in this press release will prove to be correct. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements that contain forward-looking information are based on estimates and opinions of management at the time of their publication and are expressly restricted in their entirety by this release. Unless otherwise required by applicable securities laws, Leonovus disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or for any other reason. Readers are cautioned not to place undue reliance on forward-looking statements that speak only as of the date of this release. More information on Leonovus’ public filings, including the most recent audited consolidated financial statements, is available at www.sedar.com.

Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

For more information, please contact:

George Pretli
CFO
[email protected]

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