OTTAWA, Nov. 21, 2017 /CNW/ - LeoNovus Inc. ("LeoNovus"
or the "Company") (TSXV: LTV) today announced its restated
operating and financial results for the quarter ended June 30, 2017.
The Company's auditors have reviewed the unaudited interim
consolidated financial statements. The unaudited interim
consolidated financial statements were amended to include
additional disclosure, to correct for an error regarding functional
currency, to correct the fair value of warrants as a liability, and
to include additional subsequent events up to the date of refiling.
The additional subsequent event disclosure reflects material
information that the Company has previously announced. LeoNovus has
also filed updated management's discussion and analysis for the
period ended June 30, 2017 to
incorporate consequential changes in the unaudited interim
consolidated financial statements.
As disclosed in Note 2 of the unaudited interim consolidated
financial statements, the functional currency was reassessed for
the Company and was determined by management to be Canadian dollars
and not US dollars, as originally reported. The Company's
liability of outstanding warrants was corrected for their value on
June 30,2017 to be $66,000 resulting in an increase in loss due to
change in fair value of outstanding warrants of $47,000.
About Leonovus
Leonovus is a software solutions provider that offers the leading
blockchain hardened software-defined object storage solution
(SDOSS) and governance, risk management and compliance('GRC')
solution for the modern enterprise. Designed with the IT manager in
mind, Leonovus' patented algorithms virtualize, transform, slice
and disperse data across a network of on-premises, hybrid or
multi-cloud storage nodes – allowing for the most secure yet
internally accessible form of object-based data storage that
provides governance, risk-management, and compliance across the
entire solution. The advanced geo-distributed architecture
minimizes latency, optimizes geo-availability, reduces remote
backup costs and meets data sovereignty requirements. With its
software and hardware agnostic design, Leonovus provides Petabyte
scalability and allows the enterprise to utilize its existing idle
storage resources, extend the useable lifespan of depreciated
resources and improve the enterprise's overall ROI. To learn more,
please visit www.leonovus.com.
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 as a
result 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.