Completed Payments for
Modevity, the Enterprise Cloud-Based Data Storage, Protection, and
Workflow Automation Platform known as ARALOC™
Reached Shareholder-Friendly
Forbearance Agreements for Outstanding Convertible
Notes
RESEARCH TRIANGLE PARK, NC -- July 13, 2020 -- InvestorsHub
NewsWire -- Data443 Risk Mitigation, Inc. (“Data443” or the
“Company”) (OTCPK:
ATDS), a leading data security and privacy software company,
today provided updates on its current business and financing
arrangements:
Completed Payments to Modevity,
LLC for the ARALOC™
platform, the Secure
Private Data Storage, Protection,
and enablement platform
As previously disclosed, on October 22, 2018, Data443 acquired all
technology, sales assets, and customers of Modevity’s enterprise
cloud-based data storage, protection, and workflow automation
platform, ARALOC™. ARALOC continues to lead the industry with
Digital Rights Management, Secure Content Distribution and nearly
instant large organization implementation. Data443 continues to
innovate with the product and will have forthcoming product and
customer announcements in the near term. Additionally, Data443 has
now remitted to Modevity all amounts due under the purchase
transaction (over $1.2MM USD) and owes no further amounts or any
other consideration to Modevity.
Reached Shareholder-Friendly Forbearance Agreements for
Outstanding Convertible Notes
Effective July 1, 2020, Data443 entered into privately
negotiated agreements with a number of existing holders of the
company’s outstanding convertible notes, which is intended to
reduce short-term debt obligations of the company, while also
deferring a significant amount of debt which otherwise could have
been converted into common stock. The revised terms of these
existing convertible notes can be found in the Form 8-K that was
filed by the Company on July 10, 2020, which can be accessed
at:
https://www.sec.gov/Archives/edgar/data/1068689/000149315220013083/form8-k.htm
Management Commentary:
Jason Remillard, CEO of Data443, commented, “Today’s
announcement consists of two important milestones for our business.
Since acquiring ARALOC, we have built upon the unbeatable customer
base by strengthening existing product functionality and offerings,
with to the ARALOC product set contributing regularly to our
growing and stable regular and deferred revenue base. We understood
the great potential for ARALOC when we acquired it in 2018 as
immediately accretive for Data443, which has proven to be the
case.”
“Our team worked very hard with our financing partners to come
to terms with holders of certain of our convertible notes which
enables our business to continue to pay down both our financing and
acquisitions costs when and how appropriate – in response to market
and cost of capital conditions. We continue to work on myriad
financing options that make sense for the Company and our
shareholders.”
“What continues to have our whole team optimistic is that we
continue to build and grow our business. We continue to perform for
our clients, just not growing their capabilities but helping them
through their challenging needs and enabling them to deliver their
critical functions. From school divisions, major banks,
pharmaceuticals, first responders and numerous associations – our
client base all have specific and important requirements. We take
these to heart every time we login, boot up, or check our alerts.
Just last week, we fully re-opened our headquarters in the Research
Triangle Park to our tireless staff. We truly have an exciting
business emerging at Data443. I look forward to providing further
significant updates to our loyal shareholders, including a report
on our second quarter earnings, which I expect to be completed by
the first week in August,” concluded Mr. Remillard.
About Data443 Risk Mitigation, Inc.
Data443 Risk Mitigation, Inc. (OTCPK:
ATDS), is an industry leader in All Things Data
Security, providing software and services to enable secure
data across local devices, network, cloud, and databases, at rest
and in flight. Its suite of products and services is highlighted
by: (i) ARALOC™, which is a market leading secure, cloud-based
platform for the management, protection and distribution of digital
content to the desktop and mobile devices, which protects an
organization’s confidential content and intellectual property
assets from leakage — malicious or accidental — without impacting
collaboration between all stakeholders; (ii) ArcMail, which is a
leading provider of simple, secure and cost-effective email and
enterprise archiving and management solutions; (iii) ClassiDocs™,
the Company’s award-winning data classification and governance
technology, which supports CCPA, LGPD and GDPR compliance; (iv)
ClassiDocs™ for Blockchain, which provides an active implementation
for the Ripple XRP that protects blockchain transactions from
inadvertent disclosure and data leaks; (v) Data443 Global Privacy
Manager, the privacy compliance and consumer loss mitigation
platform which is integrated with ClassiDocs™ to do the delivery
portions of GDPR and CCPA as well as process Data Privacy Access
Requests – removal request – with inventory by ClassiDocs™; (vi)
Data443 Protect™ (enabled by ClassiDocs™), which provides nearly
instant Cloud-deployed Data Loss Prevention capabilities with
unmatched false positive rates; (vii) Data443 Virtual Data
Protection Officer program, which offers a turnkey and outsourced
DPO capability for smaller organizations; (viii) DATAEXPRESS™, the
leading data transport, transformation and delivery product trusted
by leading financial organizations worldwide; (ix) The CCPA
Framework WordPress plugin, which enables organizations of all
sizes to comply with the CCPA privacy framework; and (x) the GDPR
Framework WordPress plugin, with over 30,000 active users it
enables organizations of all sizes to comply with the GDPR and
other privacy frameworks. For more information, please
visit http://www.data443.com
Forward-Looking Statements
The statements contained in this release that are not historical
facts are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Words such as “may,”
“will,” “could,” “should,” “expect,” “plan,” “project,” “intend,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“pursuant,” “target,” “continue,” and similar expressions are
intended to identify such forward-looking statements. The
statements in this press release that are not historical
statements, including statements regarding Data443’s plans,
objectives, future opportunities for Data443’s services, future
financial performance and operating results and any other
statements regarding Data443’s future expectations, beliefs, plans,
objectives, financial conditions, assumptions or future events or
performance that are not historical facts, are forward-looking
statements within the meaning of the federal securities laws. These
statements are not guarantees of future performance and are subject
to numerous risks, uncertainties, and assumptions, many of which
are beyond Data443’s control, and which could cause actual results
to differ materially from the results expressed or implied by the
statements. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict, and include, without limitation, results
of litigation, settlements and investigations; actions by third
parties, including governmental agencies; volatility in customer
spending; global economic conditions; ability to hire and retain
personnel; loss of, or reduction in business with, key customers;
difficulty with growth and integration of acquisitions; product
liability; cybersecurity risk; anti-takeover measures in our
charter documents; and, the uncertainties created by the ongoing
outbreak of a respiratory illness caused by the 2019 novel
coronavirus that was recently named by the World Health
Organization as COVID-19. These and other important risk factors
are described more fully in our reports and other documents filed
with the Securities and Exchange Commission (“the SEC”), including
under (i) “Part I, Item 1A. Risk Factors”, in our Registration
Statement on Form 10 filed with the SEC on January 11, 2019 and
amended on April 24, 2019; and, (ii) “Part I, Item 1A. Risk
Factors”, in our Annual Report on Form 10-K filed with the SEC on
17 April 2020. Any forward-looking statement is made only as of the
date of which such statement is made. Except as otherwise required
by applicable law, we undertake no obligation to publicly update or
revise any forward-looking statements, whether because of new
information, future events, or otherwise.
Data443™, ClassiDocs™, ARALOC™ and DATAEXPRESS™ are registered
trademarks of Data443 Risk Mitigation, Inc.
All product names, trademarks and registered trademarks are
property of their respective owners. All company, product and
service names used in this website are for identification purposes
only. Use of these names, trademarks and brands does not imply
endorsement.
All other trademarks cited herein are the property of
their respective owners.
For Further Information:
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Investor Relations Contact:
Matthew Abenante
ir@data443.com
919.858.6542
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