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Demonstrates Investor Confidence while Strengthening Company's Balance Sheet
SUNNYVALE, Calif., Oct. 2, 2014 /CNW/ -- LeoNovus® Inc. ("LeoNovus") (TSXV: LTV), a leading Internet and cloud provider with its geo-dispersed distributed cloud services announced today strong participation from its investors, exercising 2,589,250 warrants to include 43,750 options in September during the redemption period to deliver over CDN$ 600,000 in working capital for the Company.
"We are delighted to see the participation," said David Belgum, CFO of LeoNovus. "The Cloud data market is in high-growth and we are in a good position to continue to build cost effective clouds at the edges across multiple verticals."
LeoNovus is currently operating in the hospitality and managed IT vertical markets. The Company delivers a software platform that is downloaded onto hardware devices that authenticates onto the LeoNovus network. LeoNovus delivers and supports just in time services to their market partners while efficiently operating a cost effective geo-distributed data centre.
The Company is continuing to develop new cost effective premium cloud services to broaden adoption to small business and enterprise customers for these services. Currently, LeoNovus delivers best in class with regards to security and disaster recovery.
About LeoNovus Inc. (www.LeoNovus.com)
LeoNovus® is a publically traded company on the Toronto exchange with offices in Sunnyvale, CA. and Ottawa, Ontario. The Company has launched an innovative high performance browser-based SMART MEDIA PLATFORM with a remotely managed cloud system that provides HDTVs and other connected devices with unprecedented access to features, content, and functionality over the web without the cost, overhead and support of a PC. This approach delivers an extremely flexible just-in-time service model to multiple markets including residential, hospitality and health care. In parallel, LeoNovus utilizes its proprietary Dark Core™ technology with a unique ability to "light up" idle dark processors in hardware systems for purposes of building Intelligent Networks. This allows the Company to offer geo-dispersed cloud services for new revenue streams while reducing costs and increasing performance via distributed networks.
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.
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. Forward-looking statements included or incorporated by reference in this press release include statements with respect to proposed terms of, and the intended use of proceeds of, the Offering. 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 disclaim 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 their most recent audited consolidated financial statements, are available at www.sedar.com.
SOURCE LeoNovus Inc.
