Safe-T Group Secured the Additional $2M Funding for its Customer Acquisition Program
October 31 2022 - 6:45AM
Safe-T Group Ltd. (Nasdaq: SFET) (TASE: SFET) (“Safe-T” or the
“Company”), a global provider of cybersecurity and privacy
solutions for consumers and enterprises, announced that further to
its announcement on August 10, 2022 regarding a strategic funding
agreement entered into with O.R.B. Spring Ltd. (“O.R.B.”), the
Company now successfully secured the ability to obtain the second
part of the funding in the amount of $2,000,000, which was
previously conditioned upon the Company reaching certain
milestones. In total, the funding will amount to up to $4,000,000,
of which $1,000,000 was already provided to the Company in August
2022, and the remaining balance of which will be made available by
O.R.B. through a series of cash instalments until July 2023.
As a result of the Company’s successful
performance around its consumer privacy solutions and its customer
acquisition program, the Company and O.R.B. agreed to cancel and
waive conditional milestones set by O.R.B. in connection with the
remaining balance of the funding. On October 28, 2022, the Company
furnished a Report on Form 6-K with the Securities and Exchange
Commission with the amendment to the funding agreement, reflecting
the lifting of any such conditions, and the related amended and
restated warrants to O.R.B.
“We are happy with the progress of our customer
acquisition program,” said Chen Katz, Active Chairman of Safe-T.
“Since we launched on all leading application platforms in the past
few months, we have seen an increase in our user base. We are
pleased with O.R.B.’s confidence in our consumer acquisition
program, which we intend to continue to support to grow our
business. “
About Safe-T Group Ltd.
Safe-T Group Ltd. (Nasdaq, TASE: SFET) is a
global provider of cyber-security and privacy solutions to
consumers and enterprises. The Company operates in three distinct
segments: enterprise cyber-security solutions, enterprise privacy
solutions, and consumer cyber-security and privacy solutions.
Our cyber-security and privacy solutions for
consumers provide a wide security blanket against ransomware,
viruses, phishing, and other online threats, as well as a powerful,
secured and encrypted connection, masking their online activity and
keeping them safe from hackers. The solutions are designed for both
advanced and basic users, ensuring full protection for all personal
and digital information.
Our privacy solutions for enterprises are based
on our advanced and secured proxy network, the world’s fastest,
enabling our customers to collect data anonymously at any scale
from any public sources over the web using a unique hybrid network.
Our network is the only one of its kind that is comprised of
millions of residential exit points based on our proprietary
reflection technology and hundreds of servers located at our ISP
partners around the world. The infrastructure is optimally designed
to guarantee the privacy, quality, stability, and the speed of the
service.
Our cyber-security solutions for enterprises,
designed for cloud, on-premises and hybrid networks, mitigates
attacks on enterprises’ business-critical services and sensitive
data, while ensuring uninterrupted business continuity.
Organizational data access, storage and exchange use cases, from
outside the organization or within, are secured according to the
“validate first, access later” philosophy of Safe-T’s zero trust.
Our ZoneZero® solutions are available by our reseller, TerraZone
Ltd., a global information security provider, as a solution or
cloud service.
For more information about Safe-T, visit
www.safetgroup.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, Safe-T is using
forward-looking statements in this press release when it discusses
the funding available to the Company under the O.R.B. agreement and
the potential use of funding for investment in the Company’s
customer acquisition program for its consumer privacy solution and
the Company’s continued support and growth of its business. Because
such statements deal with future events and are based on Safe-T’s
current expectations, they are subject to various risks and
uncertainties and actual results, performance or achievements of
Safe-T could differ materially from those described in or implied
by the statements in this press release. The forward-looking
statements contained or implied in this press release are subject
to other risks and uncertainties, including those discussed under
the heading “Risk Factors” in Safe-T’s annual report on Form 20-F
filed with the Securities and Exchange Commission (“SEC”) on March
29, 2022, and in any subsequent filings with the SEC. Except as
otherwise required by law, Safe-T undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. References and
links to websites have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release. Safe-T is not responsible for
the contents of third-party websites.
INVESTOR RELATIONS CONTACTS:
Michal Efraty+972-(0)52-3044404investors@safetgroup.com
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