$12 Million of Gross Proceeds from Sale of Equity and Exercise of Warrants in Recent Months Significantly Improved the Company’s Cash Position
HERZLIYA, Israel, July 06, 2020 (GLOBE NEWSWIRE) — Safe-T® Group Ltd. (NASDAQ, TASE: SFET), a provider of secure access solutions for on-premise and hybrid cloud environments, today provided an estimated revenue range for the second quarter of 2020 and for the six-month period ended June 30, 2020.
On a preliminary basis, Safe-T expects to report revenue for the six-month period ended June 30, 2020 in the range of $2.15 million to $2.2 million, an increase in the range of 162% to 168%, respectively, compared to $0.821 million during the equivalent period in 2019. On a preliminary basis, Safe-T’s second quarter 2020 revenue is expected to be in the range between $1.05 million to $1.1 million, an increase in the range of 166% to 179%, respectively, compared to $0.394 million in the second quarter of 2019.
Also, Safe-T reports that since the beginning of the second quarter of 2020, it has received gross proceeds in excess of $12 million from sale of equity securities in offerings completed during April 2020, as well as a result of exercise of warrants since then. These amounts significantly improved Safe-T’s cash position and will enable the Company to focus on the execution of its business strategy.
Safe-T expects to release the full, unaudited second quarter and first half results by August 31, 2020.
The above information reflects preliminary estimates with respect to certain of the Company’s second quarter and the first half of 2020 results, based on currently available information. The Company is providing ranges, rather than specific amounts, for these preliminary estimates primarily because the financial close process and review are not yet complete and, as a result, the Company’s final results upon completion of its closing process and review may vary from the preliminary estimates.
Safe-T Group Ltd. (Nasdaq, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity.
Safe-T’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.
Safe-T’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling, and simple integration with our services.
With Safe-T’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services, and networks against internal and external threats.
At Safe-T, we empower enterprises to safely migrate to the cloud and enable digital transformation.
Safe-T’s solutions on AWS Marketplace is available here
For more information about Safe-T, visit www.safe-t.com
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses preliminary unaudited estimates of revenues for the second quarter of 2020 and the six-month period ended June 30, 2020, as well as its cash position enabling Safe-T to focus on its business strategy execution. Because such statements are based on Safe-T’s current estimations, they are subject to various risks and uncertainties, are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 31, 2020, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
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