Leonovus Terminates its Acquisition LOI with PureColo
June 19 2020 - 4:37PM
Leonovus Inc.
(“Leonovus” or the
“Company”) (TSXV: LTV) today announced that given the
current economic environment, it was unable to secure financing to
purchase the shares of PureColo Inc. and, effective June 18, 2020,
has terminated the Letter of Intent (the “LOI”) between the parties
originally announced on March 5, 2020.
“We hope to have the opportunity to revisit this opportunity in
the future. However, given today’s economic realities, we felt it
was better to focus on a smaller financing to support our current
commercial activities. We expect trading in the Company’s shares to
resume following a regulatory review of the termination of the
LOI,” said Michael Gaffney, Chair and CEO.
About LeonovusLeonovus is a software provider
that offers storage solutions that allow organizations to embrace
cloud storage securely, simply and cost-effectively while giving
them the flexibility to deal with the ever-evolving cloud storage
landscape.
Designed with the IT manager in mind, Leonovus Vault uses
patented algorithms to analyze, classify, encrypt, shred and spread
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 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, Vault provides petabyte scalability. It allows the
enterprise to use its existing idle storage resources, extend the
useable lifespan of depreciated resources and improve the
enterprise's overall ROI.
Leonovus Smart Filer is an information lifecycle management
(ILM) solution that analyzes existing file storage and extends its
capacity automatically and transparently. According to
customer-defined policies, infrequently accessed files are
automatically removed from high-cost, high-performance primary
storage, and placed in secondary or cloud storage, without any
changes to how users and applications access them.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accept responsibility for the adequacy or accuracy of
this release.
This news release contains “forward-looking statements”.
Forward-looking statements can be identified by words such as:
“anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,”
“project,” “estimate,” “expect,” “strategy,” “future,” “likely,”
“may,” “should,” “will” and similar references to future
periods.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements.
Any forward-looking statement made by us in this news release is
based only on information currently available to us and speaks only
as of the date on which it is made. Except as required by
applicable securities laws, we undertake no obligation to update
any forward-looking statement publicly, whether written or oral,
that may be made from time to time, whether as a result of new
information, future developments or otherwise.
For more information, please contact:George Pretli, Chief
Financial Officer+1.613.319.3540gpretli@leonovus.com
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