Cipherloc Files Form 10-Q Report, Provides Update on CEO Search

BUDA, TX / ACCESSWIRE / November 1, 2019 / Cipherloc Corporation (OTCQB:CLOK), a developer of highly secure, quantum-safe data protection technology, today announced filing of its Form 10-Q for the period ended June 30, 2019. The filing enables Cipherloc to regain current status as a public issuer.

"We are pleased to regain current status with the filing of our Form 10-Q for the June quarter," said Tom Wilkinson, Interim Chief Executive Officer and Chairman of the Board. "Since the June quarter closed, the Company has undertaken an extensive restructuring process. The result is a strengthened sales team, expanded development resources, an expert financial team and a pipeline of opportunities with prospective industry partners and customers. We have accomplished this while maintaining a strong balance sheet with $7.6 million in cash as of October 12."

As previously reported, the board of directors has created a committee to address the hiring of a permanent Chief Executive Officer. Tom Wilkinson will remain with the Cipherloc Board of Directors.

"Tom has done a tremendous job as Interim CEO stabilizing and streamlining the company to focus on commercialization," stated lead Independent Director, Anthony Ambrose. "We congratulate him on his recent appointment as CEO of a publicly traded rugged mobile products company, and wish him the best in that role. As previously disclosed, a committee of the board of directors is conducting a search for a permanent CEO, and we look forward to announcing this role. Tom will remain with Cipherloc's Board, and we are excited that he will continue to contribute as part of our leadership team."

About Cipherloc Corporation (OTCQB:CLOK)

Cipherloc Corporation is a provider of highly secure, quantum-safe data protection technology. Our highly innovative solutions are based on our patented Polymorphic Cipher Engine which is designed to enable an ironclad layer of protection to be added to existing products, services, or applications. We deliver solutions that are highly secure, synergistic, and scalable. In short, we keep information safe in today's highly dangerous world. For further information, please go to www.cipherloc.net.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set forth in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

Investor Contact:

Matt Kreps
Darrow Associates Investor Relations
214-597-8200
mkreps@darrowir.com

SOURCE: CipherLoc Corporation