Business
Leonovus Announces Q1 2019 Financials and Business Update
Leonovus Announces Q1 2019 Financials and Business Update Canada NewsWire OTTAWA...
About this update from Leonovus Inc.
[{"type":"text","content":"\n\n\n\nLeonovus Announces Q1 2019 Financials and Business Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, May 29, 2019\n\n\n\nOTTAWA, May 29, 2019 /CNW/ - Leonovus Inc., (\"Leonovus, the Company, We, and Our\") (TSXV: LTV) (OTC: LVNSF) today announced its operating and financial results for the quarter ended March 31, 2019. All amounts are in USD.\nThe most recent new customer contract from the mining resource sector was announced on April 23rd, 2019. A large government department Proof of Concept (\"PoC\") has been completed with contract negotiations ongoing. Though these PoCs were successfully completed in Q1 2019, contract negotiations and approvals have taken longer to close than anticipated. The two most recent PoCs were from an enterprise partnership that we will disclose following the successful completion of a few more joint transactions. We are actively working several accounts with this large partner. \nThe Government of Canada BCIP program funding with three large departments has been delayed until late in the year. In April 2019 one of these departments decided to delay their consideration of Leonovus technology until 2020.  \nThe FIPS 140-2 certification was also delayed as we upgraded the operating system underlying the cryptographic module which impacted our place in the NIST certification process. The Company expects to receive this certification before the end of the year.\n\"The Company will launch an evolved production solution at the end of June to address the problem of our very long sales cycles by providing our customers with a feature set that solves an immediate need regarding data storage growth. This new feature builds on our current technology and is based on feedback from our current customer prospects,\" said Michael Gaffney, CEO Leonovus. \nOur Galaxa project has significantly evolved since we first announced a plan to launch an ICO on December 21. 2017. The ICO became an STO (Security Token Offering) and it has since become a DSO (Digital Security Offering). These changes do not reflect a ...