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Leonovus Inc. Announces Q3 2019 Financial Results and Business Update

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OTTAWA, Nov. 08, 2019 (GLOBE NEWSWIRE) — Leonovus Inc., (“Leonovus”) (TSXV: LTV) today announced its operating and financial results for the quarter ended September 30, 2019. Amounts are in U.S. dollars unless otherwise stated.

The Company incurred a net loss of $1,038,000 in the third quarter of 2019 and a net loss of $3,955,000 for the nine months ended September 2019 compared to a net loss of $1,363,000 in the comparable quarter of 2018 and a net loss of $3,539,000 for the first nine-months of 2018. Total operating expenses decreased to $1,010,000 for the third quarter of 2019 compared to $1,557,000 in Q3 2018. For the nine months ended September 30, 2019, operating expenses decreased from $3,815,000 in 2018 to $3,363,000 in 2019.

The Company had cash and cash equivalents of $1,177,000 as of September 30, 2019, as compared to $3,646,000 on December 31, 2018. Revenues from Smart Filer are expected to start in Q4 2019. The financing of the Galaxa project is currently under review with no funding raised to date. The Company continued its investment in Sales, Marketing, Product Development and G&A; however, at a reduced rate beginning in the second quarter of 2019.

On November 5, 2019 we announced the official launch of the Smart Filer cold data management solution combined with Wasabi Hot Cloud Storage. Smart Filer addresses the greater than 50% compounded unstructured data growth problem (Gartner, 2018) facing many IT departments by taking current file server infrastructure and automatically extending it to lower-cost secondary or cloud storage.

Smart Filer is an information lifecycle management (ILM) solution that analyzes existing file storage and extends its capacity automatically and transparently. According to customer-defined policies, infrequently accessed files are automatically removed from high-cost, high-performance primary storage, and placed in secondary or cloud storage, without any changes to how users and applications access them. When Leonovus Vault is deployed with Smart Filer, customers not only have lower data storage costs but enhanced data security and durability. 

On August 13, 2019 Leonovus launched the free ‘Data Discovery Tool’. Customers can visualize their file storage profile and create reports that include the number of files and the amount of storage they consume according to file type and the date they were last accessed. Since the launch date, 65 companies have downloaded the Data Discovery Tool, which provides a qualified sales funnel for Smart Filer. 

The partnership with Wasabi is the first product iteration of LeoCloud, which is the internal name used by Leonovus to aggregate several cloud data storage providers under one brand. LeoCloud is a precursor, or very basic facsimile, of the Galaxa project. LeoCloud has the potential to evolve and expand into our original vision of the Galaxa project. At this time, our primary focus is the launch of Smart Filer, LeoCloud, and leveraging our historical investment in the Vault technology. 

“Successful beta trials of Smart Filer with two customers provided the development team with excellent product feedback and the sales team with reference accounts for new sales.  We continue to build out sales channels and attended two Managed Service Provider (“MSP”) events in October and connected with over 60 MSP’s. Currently, we are working with a national telecom company, three major cloud providers, and several MSP’s to train them to sell Smart Filer. Regarding the BCIP project, the statement of work and testing agreements with the respective Government of Canada (“GoC”) departments are now complete. We will start final contract negotiation in the first quarter of 2020 and expect BCIP revenues to begin in Q2 2020. In addition to the BCIP program, which is Leonovus Vault technology, we have now engaged with several departments regarding Smart Filer which supports the GoC strategic initiative to leverage cloud storage resources. We expect a major GoC department as one of the early 2019 Smart Filer customers,” said Michael Gaffney, Chair and CEO. 

In Q4 2018 we announced the expectation of revenues in 2019 from a major Canadian bank for work on three projects. In Q1, we announced the cancellation of the first project and the delay of the remaining two projects until later in 2019. Given the turnover in staff at the bank, and internal technology changes, we have no information that the remaining two projects will proceed and hence no expectations of purchase orders from the bank in 2019. We are now in discussions with the bank regarding how they can use Smart Filer to address their on-premises storage growth by moving their cold data into the cloud. Our legacy Vault technology could also be part of the solution if the bank decides that it needs a secure multi-cloud storage solution. 

About Leonovus

Leonovus is a software provider that offers storage solutions that untether your data, allowing you to embrace cloud storage securely, simply and cost-effectively while giving you the flexibility to deal with the ever-evolving cloud storage landscape.

Leonovus Smart Filer is an information lifecycle management (ILM) solution that analyzes existing file storage and extends its capacity automatically and transparently. According to customer-defined policies, infrequently accessed files are automatically removed from high-cost, high-performance primary storage, and placed in secondary or cloud storage, without any changes to how users and applications access them.

Designed with the IT manager in mind, Leonovus Vault uses patented algorithms to analyze, classify, encrypt, shred and spread data across a network of on-premises, hybrid or multi-cloud storage nodes – allowing for the most secure yet internally accessible form of object-based data storage across the entire solution. The advanced geo-distributed architecture minimizes latency, optimizes geo-availability, reduces remote backup costs and meets data sovereignty requirements. With its software and hardware agnostic design, Vault provides petabyte scalability. It allows the enterprise to use its existing idle storage resources, extend the useable lifespan of depreciated resources and improve the enterprise’s overall ROI.

To learn more, please visit www.leonovus.com.

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. 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.

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.

For More Information, please contact:

George Pretli
Chief Financial Officer
gpretli@leonovus.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

IT

Open Invention Network Teams with IBM, Linux Foundation and Microsoft to Further Protect Open Source from Patent Trolls

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Group to support Unified Patents’ Open Source Zone with substantial annual subscription

DURHAM, N.C., Nov. 19, 2019 (GLOBE NEWSWIRE) — Open Invention Network (OIN), the largest patent non-aggression community in history, announced today it is partnering with IBM, the Linux Foundation and Microsoft to further protect open source software (OSS) from Patent Assertion Entities (PAEs) leveraging low quality patents, also called patent trolls.  The group will support Unified Patents’ Open Source Zone with a substantial annual subscription. This expands OIN’s and its partners’ patent non-aggression activities by deterring PAEs from targeting Linux and adjacent OSS technologies relied on by developers, distributors and users.

“Open source development continues to expand into new products and markets, delivering unrivaled innovation,” said Keith Bergelt, CEO of OIN. “Its use continues to spread, and patent trolls increasingly look to leverage questionable patents against open source. Our mandate is to educate business leaders about the benefits of open source and shared innovation while providing a ‘patent no-fly zone’ for Linux and adjacent open source technologies. Teaming with IBM, the Linux Foundation and Microsoft to support Unified Patents’ Open Source Zone adds another key patent non-aggression initiative to our efforts.”

“For more than two decades, we have been a steadfast supporter of open source and the numerous benefits it provides. We have and continue to support the OIN and the Linux Foundation,” said Todd Moore, CTO, Developer Ecosystems at IBM. “IBM and Red Hat believe this is a key initiative to significantly deter non-practicing entities from asserting patents against the open source community.”

“Linux and open source technologies have become the backbone of modern computing and the systems we all rely upon,” said Jim Zemlin, Executive Director at the Linux Foundation. “We see significant value in partnering with OIN, IBM and Microsoft to support Unified Patent’s new Open Source Zone, deterring the activities of patent trolls working against the communities we all depend on.”

“For the past several years we have increased our involvement in, and contributions to, the open source community,” said Erich Andersen, Corporate Vice President and Chief IP Counsel, Microsoft. “We are pleased to stand with OIN, the Linux Foundation and IBM in protecting Linux and other important OSS technologies against patent aggression.”

OIN’s community practices patent non-aggression in core Linux and adjacent open source technologies by cross-licensing Linux System patents to one another on a royalty-free basis. Patents owned by OIN are similarly licensed royalty-free to any organization that agrees not to assert its patents against the Linux System. The OIN license can be signed online at http://www.j-oin.net/.

About IBM
For more information about IBM, visit https://www.ibm.com.

About the Linux Foundation
Founded in 2000, the Linux Foundation is supported by more than 1,000 members and is the world’s leading home for collaboration on open source software, open standards, open data, and open hardware. Linux Foundation projects like Linux, Kubernetes, Node.js and more are considered critical to the development of the world’s most important infrastructure. Its development methodology leverages established best practices and addresses the needs of contributors, users and solution providers to create sustainable models for open collaboration. For more information, please visit us at linuxfoundation.org.

About Microsoft
Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

About Open Invention Network
Open Invention Network (OIN) is the largest patent non-aggression community in history and supports freedom of action in Linux as a key element of open source software (OSS). Patent non-aggression in core technologies is a cultural norm within OSS, so that the litmus test for authentic behavior in the OSS community includes OIN membership. Funded by Google, IBM, NEC, Philips, Red Hat, Sony, SUSE and Toyota, OIN has more than 3,000 community members and owns more than 1,300 global patents and applications. The OIN patent license and member cross-licenses are available royalty-free to any party that joins the OIN community.

For more information, visit  http://www.openinventionnetwork.com.

Media-Only Contact:

Ed Schauweker
AVID Public Relations for Open Invention Network
ed@avidpr.com
+1 (703) 963-5238

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StaffConnect Introduces Series 3 – A New Era of Its Mobile Employee Engagement Platform

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LONDON and SAN FRANCISCO, Nov. 19, 2019 (GLOBE NEWSWIRE) — StaffConnect, the leading provider of mobile employee engagement solutions for the deskless workforce, today introduced StaffConnect Series 3, the next version of its SaaS platform. Newly redesigned, Series 3 gives customers an intuitive way to engage and communicate with employees delivering personalized content, new communication channels and advanced analytics to measure engagement success. The StaffConnect platform gives all employees a voice – especially the deskless worker who may not have access to a laptop, intranet or email.

StaffConnect Series 3 New Features:

  • Personalized and intuitive interface enhances user experience leveraging best practices from leading social tools
  • New communication channels to organize and view all community and company news based on user preferences
  • Enhanced Analytics:
    • Ongoing measurement of content and communication performance
    • Sentiment analysis, pulse surveys and continual assessment
    • User engagement data and preferences to determine most relevant content
  • Instant messaging with integrated chat to connect individuals and teams 

“Series 3 is the most advanced version of our employee engagement platform designed from the ground up to provide an organization with the most personalized and intuitive way to engage, communicate and garner critical feedback from all employees particularly remote, deskless employees,” said Ciara O’Keefe, vice president of customer experience, StaffConnect. “Our enhanced analytics give organizations important insight and measurement into the effectiveness of their engagement strategies allowing them to continually improve the employee experience, boost productivity and customer satisfaction.”

StaffConnect Series 3 is available now. For further information, please visit: http://www.staffconnectapp.com

For more about employee engagement and the deskless workforce, visit:

Tweet this: .@StaffConnectApp Introduces Series 3 – A New Era of Its Mobile Employee Engagement Platform #Mobile #EmployeeEngagement #EmployeeExperience #DesklessWorkforce #DEX #EX

About StaffConnect
StaffConnect is the leading provider of mobile employee engagement solutions for the deskless workforce. The StaffConnect platform transforms the employee experience by enabling enterprises to connect, communicate and engage their entire workforce, especially remote, deskless employees. The customer-branded mobile app gives employees ‘a voice’ – with access to company and user-generated content to increase loyalty and productivity. The cloud-hosted platform empowers employers to target that content, with analytics, to deepen engagement with everyone. From offices in London and San Francisco, StaffConnect’s platform and domain expertise are supporting large businesses around the world to inspire their workforces to deliver better performance, improved customer experiences and greater shareholder value. For further information, please visit: www.staffconnectapp.com.

Media Resources (logos, screenshots, etc.): https://www.staffconnectapp.com/press-resources/

PR Contact:
Sabrina Sanchez 
The Ventana Group for StaffConnect
(925) 785-3014
ssanchez@theventanagroup.com 

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ForgeRock Simplifies Identity Management with Launch of ForgeRock Identity Cloud

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SAN FRANCISCO, Nov. 19, 2019 (GLOBE NEWSWIRE) — ForgeRock®, the leading provider in digital identity, today announced a major advancement in the Identity and Access Management market by delivering the ForgeRock Identity Cloud. Comprised of two products: the industry’s first Identity Platform-as-a-Service (IDPaaS) – a comprehensive digital identity platform delivered as a service and ForgeRock Identity Cloud Express – a developer-focused SaaS solution for embedding modern identity capabilities into apps. ForgeRock helps people safely and simply access the connected world with the most modern identity platform for consumers, workforce and things.

“Our approach to digital identity is aimed at delivering full-service functionality at any scale with simple, flexible, and rapid implementation options. We provide customers with a comprehensive approach that saves time, reduces risk and now enables them to fully embrace the unique needs of the cloud,” said Peter Barker, chief product officer at ForgeRock. “With ForgeRock Identity Cloud, organizations can now easily manage identities in any public cloud or on-prem and remove the complexity of using multiple vendors.”

The cloud revolution has put new demands on organizations seeking to create deeper connections with their customers and employees. To fully embrace the benefits of the cloud, they need an identity solution that does three things:

  • Connect customer or workforce information to ensure people have access to information at the right time and place
  • Ensure customer registration personalized and easy
  • Protect privacy and meet compliance rules

“The benefits of identity management in the cloud are obvious, however any practical approach for large financial services enterprises require a hybrid environment with some data and services on-premise,” said Chad Cromwell, vice president, Information Security, Corporate Security, E*TRADE. “This is why I believe the ForgeRock Identity Cloud is a compelling solution for demanding, heavy-resourced enterprises.”  

Hybrid Cloud Approach – Comprehensive, Delightful and Simple
The ForgeRock Identity Cloud is the most comprehensive cloud solution on the market. It provides a full range capabilities for any identity requirements using the same APIs and SDKs as the ForgeRock Identity Platform, so customers can consume ForgeRock in any deployment model: on prem, hybrid cloud, public cloud, or as-a-service. The Identity Cloud is a modern, multi-tenant architecture with full tenant isolation; it is a ‘shared-nothing’ security model with unified REST APIs and common SDKs for portability of workloads.

ForgeRock Identity Cloud Express – Simple, Developer-focused SaaS
Express is a SaaS self-service solution that is designed for common use cases and helps organizations speed time-to-market and build rich applications with integrated and secure registration, account recovery, and modern multi-factor authentication in minutes. Express is developer friendly – it’s preconfigured and loaded with best practices for rapid, successful implementation. It also avoids vendor lock in so organizations can seamlessly transition between Express to the Identity PaaS. Express is now generally available.

ForgeRock Identity Platform as a Service (IDPaaS) – First of its Kind
The ForgeRock Identity Cloud PaaS is the first Identity Platform as a service on the market. Targeted for Global 5000 companies, Identity PaaS removes the heavy lifting of managing an identity platform while delivering far more capabilities than a traditional Identity-as-a-Service (IDaaS) solution. It offers several enterprise features including full identity lifecycle & relationship management, identity sync & provisioning, and end user self-service; as well as adaptive & risk-based authentication including SSO and MFA, fine-grained authorization policy, and a universal directory.. Identity PaaS also features dynamic orchestration and intelligence that optimizes the user experience while improving security, the broadest and most flexible integration options, and is built for scale and with open standards, synonymous with the ForgeRock brand.

The ForgeRock Identity Cloud builds on ForgeRock’s earlier multi-cloud innovation for deploying the ForgeRock Identity Platform in any public or private cloud using DevOps.

Availability
ForgeRock Identity Cloud Express is available today, and the PaaS solution is in early access for customers to work with the ForgeRock development team as the solution moves to availability.

About the ForgeRock Identity Platform
The ForgeRock Identity Platform offers robust capabilities for all identities – workforce, consumer, and things – fueled by intelligent identity orchestration with extensive adaptive and contextual authentication, comprehensive integration accelerators, and rich security, privacy, and consent features. The platform is cloud and DevOps-ready, enabling customers to automate cloud deployments and to deploy millions of identities within minutes on any cloud.

About ForgeRock
ForgeRock®, the leader in digital identity, delivers modern and comprehensive Identity and Access Management solutions for consumers, employees and things to simply and safely access the connected world. Using ForgeRock, more than a thousand global organizations orchestrate, manage, and secure the complete lifecycle of identities from dynamic access controls, governance, APIs, and storing authoritative data – consumable in any cloud or hybrid environment. The company is privately held, and headquartered in San Francisco, California, with offices around the world. For more information and free downloads, visit www.forgerock.com or follow ForgeRock on social media:

Facebook
ForgeRock |Twitter @ForgeRock | LinkedIn ForgeRock |

Copyright ©2019. ForgeRock is a registered trademark of ForgeRock, Inc. All rights reserved.

Contact:
Dave De Jear
ForgeRock Communications
dave.dejear@forgerock.com

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