Wilmington, DE, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Global Developments Holdings, Inc. (OTC: GDVM) and VeeMost Technologies, LTD have entered into a merger agreement through the exchange of preferred shares. As a result of the merger, Global Developments Holdings, Inc. has been renamed to VeeMost Technologies Holdings, Inc., and an application has been submitted to FINRA to change the issuer's name, ticker symbol, and CUSIP.
Founded in 2002, VeeMost is a team of experienced industry leaders and professionals led by its chief executive officer, Mr. Melvin Ejiogu, who holds a bachelor's degree in Business Administration with a specialization in Corporate Finance from the University of Akron, Ohio. In addition to having over 25 years of experience in the technology industry, Melvin holds numerous top-level I.T certifications, including the Cisco Certified Internetwork Expert (CCIE) certification.
Melvin has achieved success at multiple IT organizations including his prior partnership with Fit Technologies in Cleveland, Ohio. In this role, he served as Director of Business Development and Director of Technology Engineering, contributing significantly to the company's growth and success. Melvin also served with AT&T Labs as a Lead Principal Architect & Designer. There, he led a highly specialized team of experts and was crucial in the design, implementation, and delivery of customized and secured network infrastructures, products, and solutions to large government agencies and enterprises.
In his first full year back at VeeMost as CEO and President, Melvin has built a strong foundation. He has set his sights on replicating his success at VeeMost and taking the company to new heights. As a result of this vision, VeeMost has made substantial additions to its engineering and sales teams and has been recognized as a Cisco premier partner and integrator. Furthermore, during the past eight months, VeeMost has achieved four Cisco advanced specializations: Advanced Enterprise Network Architecture, Advanced SP Architecture, Advanced Collaboration Architecture, and Advanced Security Architecture. VeeMost has become one of the few technology companies nationwide to achieve four or more Cisco advanced specializations, putting it on the path to becoming a Cisco Gold Integrator Partner.
VeeMost is committed to becoming a strategic partner for Cisco and other industry leaders by providing deep technical expertise in a variety of disciplines. VeeMost will also continue to achieve a high level of customer satisfaction by harnessing the power of the cloud and automation, helping organizations achieve enterprise growth and address cybersecurity concerns, virtual work requirements, application cloud modernization, infrastructure requirements, and more.
Worldwide spending on public cloud services in 2022 was $490.3 billion, and it is forecasted to increase by 21% in 2023. Aiming to capture a significant portion of the cloud market share, VeeMost will be launching its own innovative cloud services and solutions in the second quarter of 2023, making it publicly available to organizations and consumers. Furthermore, VeeMost will continue to provide full lifecycle management services for customers' digital transformation journeys to the cloud. This service includes initial consultation and assessment and ends with full migration and management of cloud services, utilizing an iterative continuous improvement approach to infrastructure modernization.
As a result of cyber security incidents increasing at an exponential rate, organizations spent a collective $188.3 billion on information security products and services in 2022. In comparison with last year, cyber security spending is expected to increase by 12.4%. VeeMost has strategic alliances with most industry-leading security vendors, including Palo Alto Networks, Cisco Systems, and many more. In addition to providing strategic consulting and planning services, VeeMost offers implementation services, managed services, and technical services to organizations seeking to mitigate cyber security threats, meet regulatory requirements, and keep their businesses running smoothly. Our 24x7x365 NOC/SOC operation monitors our customers' networks and security infrastructures, detects threats using AI and machine learning algorithms, and mitigates issues immediately to ensure seamless operations.
Due to VeeMost's strategy on multi-year and long-term revenue streams and a current client retention rate of over 98%, the company is well positioned for short-, medium-, and long-term market penetration success and explosive growth. Aside from organic growth, VeeMost intends to acquire technology companies and cyber security companies as wholly owned subsidiaries. We are currently in active discussions with two potential acquisition targets with whom we anticipate reaching an agreement in the near future.
In the words of VeeMost's CEO Melvin Ejiogu, "I am ecstatic with what we accomplished in 2022 and look forward to what lies ahead in 2023, which appears to be shaping up to be an extremely successful year for the company. Over the years, VeeMost has developed a high level of technical expertise across the entire Cisco Portfolio, as well as multiple advanced specializations. Additionally, we have expanded our relationship with other leading vendors, such as Palo Alto. These achievements demonstrate and validate our ability to collaborate and innovate technology solutions at scale for our customers and deliver a high level of customer support."
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
CONTACT:
VeeMost Technologies, LTD
info@veemost.com
