San Jose, CA -- September 05, 2018 -- InvestorsHub NewsWire --
Sonasoft Corp. (OTCPK: SSFT), a leader
in eDiscovery and Artificial Intelligence (AI) enabled discovery
solutions, is pleased to announce that its PCAOB Auditors, Thayer
O’Neil, have completed and signed off on the audit of its financial
statements for fiscal years 2016 and 2017.
The audited statements for 2016 and 2017 have been posted to OTC
Markets, along with the OTCQB Certification document confirming
that the company is current with its reporting obligations and
meets all the requirements to uplist from OTC Pink to the OTCQB
Venture Market. The uplist is currently pending approval by OTC
Markets which the Company expects this to be completed in the
coming days.
In February 2018, the company announced its “Growth and Revenue
Strategy” for 2018. One of the key initiatives outlined in the plan
was the completion of the independent audit of its financial
statements to provide investors with increased transparency and
confidence. Now that this initial task has been completed, it
allows the Company to accelerate forward and execute the remaining
initiatives to rapidly expand operations, boost revenues, and
significantly increase shareholder value.
“The company has made significant strides in terms of growth
over the past six months,” said Andy Khanna, CEO of Sonasoft Corp.
“We have bolstered our management team with industry leading
professionals, developed strategic partnerships, and now the
independent audit and pending uplist. I truly believe that
the coming months will be monumental for the company and its
shareholders. We plan to show the market that we really mean
business.”
The next tasks to be completed as part of the “Growth and
Revenue Strategy” include:
- Uplist to OTCQB Venture Exchange
Uplisting to the OTCQB Exchange provides shareholders with greater
transparency, opens the stock up to new market-makers, and is
likely to attract larger independent and institutional investors.
When listed on the OTCQB Exchange, the public will have access to
free in-depth Level II quotes, and the company will be able to
reach a broader audience of investors through the various
“visibility” resources provided to companies on the exchange such
as the OTCQB Podcast, social platforms, newsletter, and
website.
- The Completion of the Cornerstone Technologies
Acquisition
The acquisition of Cornerstone Technologies will be finalized upon
audit completion of their financial statements. This is expected to
be completed in the coming weeks. Cornerstone Technologies is a key
delivery partner for Microsoft, Dell/EMC, cloud, and
infrastructure-based solutions as well as engineering solutions for
TransVault, Veritas, and Exterro. The Silicon Valley-based IT
company has built an impressive list of customers across multiple
verticals including retail, high tech, healthcare, state and local
government, and financial services. The merging of Cornerstone
Technologies with Sonasoft will add an estimated $13M in annual
revenues. This would mark a 1500% increase from Sonasoft’s fiscal
2017 revenues.
- Preferred Stock Initiative
The Company will issue preferred stock and implement an initiative
that will allow shareholders to convert their common stock into
preferred stock. The Company anticipates that at least 25
percent of its outstanding shares will be converted into preferred
stock. This roll-up will tighten the float of tradable
shares, add investment stability, and assure investors that many of
the large stakeholders are taking a long-term view to their
investments. The company has already begun this process and
will provide further details in the coming weeks.
“Now that we completed the audit and will move to become a fully
reporting company, investors will now have a verified look into the
Company’s projected expansion moving forward,” said Mike Khanna,
Director of Marketing and Business Development. “The Company
anticipates exponential growth as a result of the Cornerstone
acquisition, and shareholders can expect to hear about major
contracts with large enterprise customers regularly. The previously
announced Golden Gate Bridge contract is just the tip of the
iceberg. Our future is looking bright, to say the least.”
The company continues to make significant strides to extend its
core business beyond email archiving and eDiscovery to intelligent
discovery with AI solutions while concurrently executing on
multiple corporate objectives.
Building upon the forward momentum generated by the audit
completion and pending OTCQB uplist, the company will continue to
accelerate forward with its growth and expansion strategy. This
includes expanding core operations, developing new and disruptive
AI based tech solutions, and capitalizing on several lucrative
opportunities that have become available through the execution of
the 2018 growth strategy.
Sonasoft, alongside its current partner and future subsidiary,
Cornerstone Technologies, is actively pursuing and developing
multiple exciting initiatives behind the scenes which should
significantly increase revenues, market share, and shareholder
value moving forward.
Further announcements from the Company can be expected in the
coming weeks as corporate and technology-specific initiatives
continue to develop and finalize.
To view Sonasoft’s two-year audit that is posted on OTC Markets,
visit:
https://backend.otcmarkets.com/otcapi/company/financial-report/201298/content
To view Sonasoft’s OTCQB Certification Application, visit:
https://backend.otcmarkets.com/otcapi/company/financial-report/201126/content
For a no-cost consultation and to learn more about more about the
power of SonaVault 6.1 eDiscovery and Email Archiving Solution,
visit us here:
https://www.sonasoft.com/products/sonavault-email-archiving-software/
To obtain the latest company updates in between press releases,
please follow us on Twitter @Sonasoft or visit us here:
https://twitter.com/Sonasoft
About Sonasoft
Sonasoft Corporation is a publicly traded corporation and is
listed on the OTC Markets under the trading symbol SSFT. Sonasoft
is now an AI-first company. The Company intends to integrate
artificial intelligence (AI) into the Company’s core business
model, which includes enterprise-class email archiving, eDiscovery,
and business continuity software solutions for Microsoft Business
Applications on Microsoft Windows platforms. Sonasoft’s signature
products for eDiscovery tools, which include SonaVault 6.1 Email
Archiving and eDiscovery Software, as well as SonaVault Email
Archiving Appliances, deliver affordable enterprise-level
functionality that exceeds compliance and ease-of-use requirements
of large and medium-sized businesses, governments, school
districts, organizations, and enterprises. The Company also
launched SonaSecure, which protects systems from ransomware and
other email-based threats as well as provides email continuity
services. In addition, Sonasoft offers data export and
migration services for competing email archiving solutions.
Sonasoft email archiving and eDiscovery solutions have hundreds of
deployments with an exceptionally high degree of customer
satisfaction. Founded in 2003, the Company is headquartered in San
Jose, California.
Forward-looking Statements
This release contains statements that constitute forward-looking
statements. These statements appear in a number of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief or current
expectations of the Company, its directors or its officers with
respect to, among other things: (i) the Company’s financing plans;
(ii) trends affecting the Company’s financial condition or results
of operations; (iii) the Company’s growth strategy and operating
strategy; and (iv) the declaration and payment of dividends. The
words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,”
“believe,” “intend,” and similar expressions and variations thereof
are intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company’s ability to
control, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors.
For more information about Sonasoft’s email archiving solutions and business continuity software, contact: Mike Khanna Sonasoft Corporation Phone: (408) 708-4000 Source: https://www.sonasoft.com
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