SAN JOSE, Calif., March 26, 2018 /PRNewswire/ -- Nubeva
Technologies Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA), a cybersecurity SaaS software developer for enterprises with public
cloud assets, announces that Nubeva, Inc., its operating company, has SEDAR filed its unaudited consolidated financial statements
for the three and nine months ended January 31, 2018. These financial statements are for the period
concluding prior to the Company's February 28, 2018 reverse takeover of Sherpa Holdings Corp. and
do not represent the current consolidated financial position of the Company. The financial statements can be viewed at www.sedar.com.
During the nine months ended January 31, 2018 Nubeva, Inc. Reported revenue of US$238,125 (2017 – NIL) from two customers, US$123,125 (2017 – NIL) for the most
recent quarter. The Company reported a loss for the nine months of US$1,071,973 (2017 -
US$302,203) and for the most recent quarter of US$522,878 (2017 -
US$195,160). The increased operating loss is due to increased development costs including costs
related to filing provisional patents, and also to the Company's launch of its sales and marketing campaign as Nubeva's
StratusEdge software became commercially available.
Subsequent to January 31, 2018 the Company completed its reverse takeover of a capital pool
company, Sherpa Holdings Corp. and listed on the TSX Venture Exchange. In connection with the reverse takeover Nubeva raised
C$10,100,020 strengthening its working capital position and providing it with the runway continue
to develop its product offerings for an expanded customer base.
"We're pleased at the investor response to our successful C$10 million financing," said
Randy Chou, Nubeva's CEO. "With a strong balance sheet, major cybersecurity channel partners, and
the continuing enterprise migration to unsecured cloud services, we're confident that our blockchain routing solution will
continue to gain adoption beyond our current Fortune 500 client accounts."
Nubeva Grants Director Stock Options
Nubeva also announces that it has granted 570,600 incentive stock options to directors and employees of the Company. Nubeva
granted 193,000 options (representing 0.375% of the Company's issued and outstanding common shares) to each of Mr. David Wu and Mr. David Warner, who were appointed as directors effective
February 28, 2018 upon completion of the Company's reverse takeover transaction. The remaining
193,600 options were granted to a Company employee. The options granted to directors vest over 24 months in equal monthly
installments and have an exercise price of $1.52 per share. The
total options outstanding are now 5,185,743 or approximately 10% of the Company's issued and outstanding common shares, which at
the date of this release are 51,900,295.
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. develops SaaS software and services that enables enterprises to run best of breed cybersecurity in
public clouds environments. Nubeva's products provide enhanced visibility and control over network traffic and simplified
automation and operation that is essential to run top-tier security technologies and services in the cloud easily and at low
costs. With Nubeva organizations can leverage existing policies, technologies and operations and accelerate their move to the
cloud with confidence. San Jose, CA headquartered Nubeva is committed to the vision of
dramatically broader and lower cost availability of the world's best security to confront the rising cyber-crime threat. Visit
www.nubeva.com for more information.
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the
Company's business plans and the outlook of the shared transportation industry. Although the Company believes in light of the
experience of its officers and directors, current conditions and expected future developments and other factors that have been
considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should
not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and
developments may differ materially from those contemplated by these statements. The statements in this press release are made as
of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or
circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses,
expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their
respective financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Nubeva, Inc.