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OTTAWA, Sept. 20, 2018 /CNW/ - Leonovus Inc., ("Leonovus" or the "Company") (TSXV: LTV) (OTC: LVNSF). On October 23, 2017 the Company announced that it had signed a proof of concept ("POC") contract with a major Canadian bank. Leonovus is pleased to announce that it has signed a new contract with the bank to install its software in a production deployment.
Over the last ten months, Leonovus has successfully demonstrated the benefits, and the performance, of its secure object-based storage solution in the bank's lab with non-production data. This contract marks the transition from a ten-month long laboratory test and verification process to an in-production deployment of the Leonovus software defined storage solution into a major financial institution. Leonovus will aggregate the institution's on-premises storage resources with multiple subscribed public clouds to provide the data resiliency, security, and architecture necessary for the bank to benefit from the lower costs and the increased flexibility from this hybrid, multi-cloud, data storage strategy.
"Migrating the data storage of large enterprises from on-premises to the public-cloud, or hybrid-cloud, while providing a hyper-secure single storage gateway to these storage endpoints, is a key strategic objective of the Company's technology. Enterprise customers, like the bank, can now easily use any public cloud solution without sacrificing corporate data governance, or controls, and benefit from significant cost savings while preventing cloud service provider or storage vendor lock-in. I would like to give kudos to the entire Leonovus team for the speed at which this project closed. To close an enterprise customer of this size from POC to production in ten months is extraordinary work," said Michael Gaffney, Chairman and CEO.
This press release may contain forward-looking statements and information, which may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with Leonovus' growth, the state of the financial markets, regulatory risks and other factors. There can be no assurance or guarantees that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, Leonovus disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise. Readers should not place undue reliance on any statements of forward-looking information that speak only as of the date of this release. Further information on Leonovus' public filings, including its most recent audited consolidated financial statements, are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Leonovus Inc.