NEWPORT BEACH, Calif.,
Dec. 4, 2013 /PRNewswire/ -- Cloud
Security Corporation (OTCBB: CLDS), an emerging technology company
focused on the next generation of Internet and mobile security,
today announced that the Company signed an asset purchase agreement
to acquire the assets of Hong
Kong-based App Ventures. The acquisition of App
Ventures' assets will allow Cloud Security the opportunity to
expand its App and website security technology and marketing in
North America, as well as give it
access to critical Asian markets.
The two companies formed a joint venture agreement to pursue
technology and intellectual property that was equally owned.
Cloud Security Corporation and the joint venture filed a patent (US
Serial Number 61/832,534) for a process and methods for one-time
password generation on mobile computing devices. This
patent-pending process reduces several risk factors related to
current one-time password technology. Cloud Security
Corporation now owns 100% of this patent following signature of the
asset purchase agreement.
In addition to the aforementioned intellectual property, the
Company also gains access to AppSecure™, part of the AppFence
technology, a cutting-edge sensor technology with a secure
communication framework that detects web-based attacks on web apps
and websites. While continuing to vigilantly monitor
security, the built-in intelligence provides analysis, affirmation
and impediment of cyber attacks in real time instead of after the
fact. The asset purchase agreement will include AppVentures'
interest in AppSecure™ and AppFence.
Safa Movassaghi, President of
Cloud Security commented, "We are pleased to sign this asset
purchase agreement adding to our product line with App Secure™ and
other App Fence products from the App Ventures' assets.
A key advantage is that App Secure is ready-for-market and is
already being used."
Kerry Singh, President of App
Ventures Ltd. stated, "Signing the asset purchase agreement
completes our alignment with a growing Company in the cloud
security sector and further provides access to new markets.
As part of this asset purchase agreement, we will be offering
our extensive developer and business relationships in Asia to Cloud Security Corporation."
About Cloud Security Corporation
Cloud Security Corporation is an innovative cloud computing
company whose technology and products allow for secure data
connections to the cloud, through networks, traditional computers
and mobile devices such as smartphones and tablets. The
Company's flagship product - MyComputerKey™ - provides the ability
for remote access security to any computer around the world.
The Company also develops online application security products and
mobile security technology in the Bring-Your-Own-Device (BYOD)
market, a growing trend in today's mobile workforce. For more
information about the Company, please visit
www.cloudsecuritycorporation.com.
Investor Relations
Mass Depth Corp
(949) 441.6668
ir@cloudstarcorp.com
"Safe Harbor" Statement: Under The Private Securities Litigation
Reform Act of 1995: The statements in the press release that relate
to the Company's expectations with regard to the future impact on
the Company's results from new products in development are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Notice Regarding
Forward Looking Statements - This press release includes
forward-looking statements that involve a number of risks and
uncertainties, including the success of the programs it is
commercializing and developing. Further, the risks involve the
ability of the Company to raise capital to fund its operations and
the capital requirements for the development and marketing of its
products. Investors are encouraged to review the risk factors
listed or described from time to time in the Company's filings with
the Securities and Exchange Commission.
SOURCE Cloud Security Corporation