Falanx Group Limited Operational Update (7942P)
September 05 2017 - 2:00AM
UK Regulatory
TIDMFLX
RNS Number : 7942P
Falanx Group Limited
05 September 2017
Falanx Group Limited
("Falanx" or "the Company")
OPERATIONAL UPDATE
Falanx (AIM:FLX), the global intelligence, security, and cyber
provider, is pleased to provide an Operational Update prior to the
period end.
-- Significant new sales contracts with recurring revenue.
Remain on course for operational breakeven this financial year.
o Business on track to reach breakeven during the financial year
with sufficient cash to see all current operations through to
profitability.
o Falanx Cyber business has secured a new Security-as-a-Service
contract with a leading UK-based IT Service Provider, worth more
than GBP200k.
o Falanx Assynt has won new multi-year contracts for 'Embedded
Analysts' with a large US-based Insurance company and a global high
street Retailer of beverages.
-- Launch of full MidGARD capability
o MidGARD is our proprietary Advanced Threat Detection
Platform.
o MidGARD is part of our Managed Detection & Response
service and underpins our monitoring capability.
o MidGARD Pilot over the last six months is now complete.
o MidGARD v2 - latest and most advanced iteration of the
platform and based on the latest open source components - completed
on schedule and ready for main launch. Pre-launch briefings and
social media campaigns have begun.
www.falanx.com/technology/midgard/
o The full MidGARD service will be launched to the market at the
UK's leading Cyber Security Conference, 44CON 2017. [ www.44con.com
] from 13(th) to 15(th) September at the ILEC Conference Centre,
Earls Court, London. [www.ilecconferencecentre.co.uk ]
o The board believes this highly exciting, disruptive and
long-awaited technology will redefine Managed Cyber Security
Services. [ www.falanx.com/44con-emerge-shadows/ ]
-- Falanx Intelligence Business Rebranded as Falanx Assynt
o Falanx's highly regarded Intelligence organisation continues
to grow and retain the confidence and business of a raft of
Blue-Chip companies.
o Today, Stirling Assynt has been rebranded Falanx Assynt to
provide more visible joint identity and cross-selling opportunity
with other Falanx businesses.
-- New London HQ Opens Today and change of registered address
o In the heart of the City of London, our new HQ at Five Kings
House is the new home of Falanx Group and our intelligence
business, Falanx Assynt.
o New HQ is close to our financial services clients and provides
improved client reception and sales facilities, and more capacity
to meet demand across our lines of business.
-- New subsidiaries established in USA and Spain
o New USA subsidiary established to capture, and provide local
service for, US clients.
o New Spanish subsidiary established to support Falanx CyberTech
and the growth of our software development team, sourcing talent
from Spain and wider Europe.
Stuart Bladen, Chief Executive Officer of Falanx, commented:
"It has been an incredibly busy time at Falanx, with key
milestones delivered that underpin our business performance going
forward. Falanx has secured significant new business contracts with
ongoing revenue streams that provides us with confidence to reach
operational breakeven during the financial year with sufficient
cash to see all current operations through to profitability. We are
also delighted to launch both MidGARD and our US service this month
whilst our new sales, new HQ and new Falanx Assynt Brand are all
key steps in the rapid evolution of our business."
Enquiries:
Falanx Group Limited www.falanx.com
Stuart Bladen, Chief Executive
Officer
--------------------------------- ----------------------
SPARK Advisory Partners
Limited
Nominated Adviser
Matt Davis / James Keeshan +44 (0) 203 368 3551
Turner Pope Investments
(TPI) Ltd
Joint-Broker
Ben Turner / James Pope +44 (0) 203 621 4120
IFC Advisory Ltd
Graham Herring
Miles Nolan +44 (0) 203 053 8671
About Falanx
Falanx Group Limited, is a global intelligence and cyber defence
provider working with blue chip and government clients. The Group
listed on AIM in June 2013 under ticker FLX For more information:
http://www.falanxgroup.com/
MAR
This announcement contains inside information for purposes of
Article 7 of Regulation (EU) No 596/2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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