RE:New Press Release - 01 Communique Provides Update on Business Developments and First Quarter Fiscal 2023 ResultsSo losing money compared to the last quarter ? this is all they have for this past quarter? Pathetic!
TORONTO, ON / ACCESSWIRE / March 21, 2023 / 01 Communique Laboratory Inc. (the "Company") (TSXV:ONE)(OTCQB:OONEF), one of the first-to-market, enterprise level cybersecurity providers for the quantum computing era, is pleased to report the Company's first quarter fiscal 2023 results, which ended January 31, 2023.
Andrew Cheung, CEO of the Company, commented, "Every organization is concerned about security and protecting their data and systems from hackers. These security concerns are even more intensified with the advent of Quantum computing as current encryption standards will not be up to the task of defending against attacks by bad actors using Quantum Computers. As I look ahead, I feel confident that IronCAP™, a combination of NIST-approved post-quantum algorithms as well as our patent-protected Goppa code-based algorithm can accomplish the task of providing protection against bad actors using Quantum Computers."
Andrew Cheung continued, "We have made a significant financial investment to develop our leading-edge post-quantum cryptographic technologies. Unlike our competitors, we have created not just the quantum-safe cryptographic engine but also products with recurring revenue and Proof-of-Concepts for our partners such as the patent-pending quantum-safe blockchain, quantum-safe email, and others. With the major part of our development efforts on post-quantum cryptography completed, our product development will be focused on integrating applications and feature enhancements for our partners. As such, we expect research and development expenses to be less than the current level. Moving forward, with our recurring revenue in combination with reducing operating expenses, we are confident that our cash flow along with our existing cash will be sufficient to see us through and allow us to take advantage of the post-quantum cryptography market potential that is in front of us."