RE:RE:RE:RE:RE:When's the next update? 01 Communique Provides Corporate Update and Announces Fourth Quarter Fiscal 2019 Results
Canada NewsWire
TORONTO, Feb. 6, 2020
TORONTO, Feb. 6, 2020 /CNW/ - 01 Communique Laboratory Inc. (the "Company") (ONE:TSX-V) is pleased to report on significant advances the Company has made in developing its quantum-safe cyber security systems, including initiatives to help ensure successful commercialization of IronCAP X and IronCAP API. IronCAP X, a new cybersecurity product for email/file encryption, is planned for commercial release around Q1 2020. IronCAP's strength has been endorsed by industry experts to be the most secure quantum safe encryption today as industry and governments face the serious threat that quantum computing poses to traditional encryption.
Fourth Quarter Fiscal 2019 Results The Company today reported a profit for its 4
th quarter 2019 of $238,494 compared to a net loss in 2018 of $229,045. Excluding a one-time reversal for a prior year accrued liability and non-cash operating expenses which include stock-based compensation and depreciation, the adjusted loss was $177,070 (2018 - $194,202). The Company completed the year with $583,712 of cash and cash equivalents and GIC.
Andrew Cheung, 01 Communique CEO, stated, "I am pleased with the significant progress we made throughout 2019 in developing what we believe to be the most advanced quantum-safe cryptographic system in the world. We completed development of our IronCAP API, making it available to vendors. We are adding the finishing touches to IronCAP X, which we believe is the world`s first quantum-safe end-to-end email encryption system, as we get ready for its commercial availability."
Business Development Highlights: The Company has several ongoing initiatives to help ensure the successful commercialization of IronCAP X and IronCAP API including:
- Increased business development activities have resulted in the signing of a memorandum of understanding (MOU) with Hitachi Solutions Create Ltd in Japan and with ixFintech in Hong Kong with respect to licensing IronCAP technology. Discussions with other leading technology firms are in progress.
- The Company had a successful business development trip in Asia in January 2020. The trip included attending the Asian Financial Forum where management met with 14 potential customers in the finance industry. In addition, management met with 6 potential customers in mainland China and had further meetings with Hitachi in Tokyo to discuss plans following the MOU.
- A world class development team has been assembled for the completion of IronCAP X as well as for the development of an impressive product road map that would incorporate the Company's IronCAP technology into a number of new products.
- The addition of new board and advisory committee members with significant business expertise.
- A new web site (www.ironcap.ca) has been launched to provide quick access to critical information about IronCAP technology and its family of products, including IronCAP X.
- The new web site provides IronCAP X beta users the ability to register for a trial of IronCAP X when it is available.
The Company has received several endorsements supporting management's belief that IronCAP is secure enough to safeguard against potential attacks from quantum computers:
- IronCAP proved to be un-hackable after the Company issued a world-wide challenge to hackers to crack their quantum-safe encryption in 36 days in exchange for a $100,000. All 517 hackers from various countries failed miserably, validating the strength of IronCAP's encryption platform.
- IronCAP was selected to receive the Editor's Choice Award in a special "Quantum Computing" edition of the CIOReview magazine. CIOReview profiled the "10 Most Promising Quantum Computing Solution Providers" of 2019, and selected IronCAP as the Editor's choice.
About IronCAP and IronCAP X: IronCAP is at the forefront of the cyber security market and is designed to protect our customers from cyber-attacks. IronCAP's patent-pending cryptographic system is designed to protect users and enterprises against the ever-evolving illegitimate and malicious means of gaining access to their data today as well as in the future with the introduction of powerful quantum computers. Based on improved Goppa code-based encryption it is designed to be faster and more secure than current standards. It operates on conventional computer systems so users are protected today while being secure enough to safeguard against future attacks from the world of quantum computers. An IronCAP API is available which allows vendors of a wide variety of vertical applications to easily transform their products to ensure their customers are safe from cyber-attacks today and from quantum computers in the future.
IronCAP X, a new cybersecurity product for email/file encryption, incorporates our patent-pending technology and is planned for commercial release around Q1 2020. The new product has two major differentiations from what is in the market today. Firstly, many offerings in today's market store users secured emails on email-servers for recipients to read,