OTTAWA, March 22, 2021 (GLOBE NEWSWIRE) -- Leonovus Inc., ("Leonovus" the "Company") (TSXV: LTV) today announces that after several months of testing that Vault and Smart filer completed all the feature and performance requirements of the test plan in the Department of National Defence ("DND"), which follows the previously announced successful testing of our software at the Department of Justice (“Justice”). DND is now reviewing internal opportunities for the production deployment of Leonovus software.
The rise of ransomware, artificial intelligence, and the need for secure data management in the cloud has exploded over the past two years, especially with the growth of homeworkers because of COVID. Validation from DND and Justice is a huge endorsement of our software technology to solve these burgeoning challenges.
"Over the past twelve to eighteen months, we have focused our resources and efforts on the Justice and DND. Our goal was to prove our solution's powerful benefits supporting the Canadian government's cloud mandate with a few excellent reference customers. Leonovus' innovative software provides our customers with enhanced data security, cloud agility, and cost reduction/management. Given the Government of Canada's cloud mandate, this is a large market for Leonovus software. Our location in Ottawa and our product testing result with two major government departments put us in an ideal position to take advantage of this tremendous market opportunity," said Michael Gaffney, CEO, Leonovus Inc.
We made applications for testing to the federal government in 2018. Testing began in February 2020. A $430,000 Business in Canada Innovation Program ("BCIP" now Innovative Solutions Canada "ISC") supported proof-of-concept testing for our Vault technology in Justice and DND. Because of our ISC approval, Leonovus now has a simplified purchasing vehicle with the federal government for up to $1,500,000 of software sales. Any government department can use this simplified method to purchase Leonovus software without an RFP. This purchasing vehicle is available until February 2022. The successful testing results from the Department of Justice (“Justice”) and now DND are already opening other opportunities in the Canadian Federal Government, where there are over 100 ministries and agencies. Because of this validation, several value-added resellers and system integrators are interested in representing Leonovus to government departments and agencies.
"It has taken three years of marketing and product development to get to this point, and our technology has advanced dramatically from the original Vault proposal. Our patented technology and trade secrets regarding our encrypt, shred and spread solution, while at the core of our unified data management solution, is now enhanced with a broader suite of cloud data management tools, including Smart Filer. The scope and breadth of our product have come a long way in the past three years. We also have another testing submission for our new XVault technology, which should have a response from the federal government in Q2 2021," said Michael Gaffney, Leonovus CEO.
About Leonovus
Leonovus is a secure data management software company. The Leonovus suite of data management tools offer an organization what it needs for a complete end-to-end data-centric solution. This solution can stand on its own, or it can 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, in the cloud, or both. It extends the data-centric controls across the entire architecture, including cloud resources. And it supplies these cybersecurity capabilities for the full 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 at the right time, but 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 needed.
To learn more, please visit www.leonovus.com.
This press release may contain forward-looking statements and information, which may involve risks and uncertainties, including statements relating to possible future opportunities within the Canadian Federal Government, and statements relating to the possibility of deployment of Leonovus software with DND or Justice. The results or events predicted in these statements may differ materially from actual results or events. There is the risk that DND or Justice do not purchase Leonovus's software and that our XVault testing submission is not approved. Additional 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.
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For More Information, please contact:
George Pretli
Chief Financial Officer
gpretli@leonovus.com