OTTAWA, Aug. 14, 2018 /CNW/ - Leonovus Inc.
("Leonovus") (TSXV: LTV) announces another major trial of Leonovus
software for a Government of Canada ("GOC") department.
This department, like many of our customers, is faced with both
the preservation of and access to documents over an extended
period. The critical requirements provided by the Leonovus solution
include WORM (Write Once, Read Many), a blockchain-enabled digital
chain of evidence, ultra-secure data storage, multi-cloud vendor
management, control over where the data resides and avoiding
storage vendor lock-in, which enables the department to take
advantage of data storage pricing opportunities. As previously
announced, Leonovus is in discussions with several Government of
Canada departments. We expect more
of these departments to install our unique 'encrypt – shred –
spread' data storage technology with military-grade data durability
by the end of the year.
Currently, there are fifty companies in the company's sales
pipeline with a gross annual revenue potential of more than
$8M CAD. Applying a twenty-five
percent sales probability model to these opportunities results in
the potential for $2M in annual
recurring revenues. The sales cycle is twelve to eighteen months,
which means this revenue, except for current proof of concept
invoices, would begin to appear in 2019. The current sales forecast
includes only Canada and the
USA.
"Going into the fall of 2018 we expect to increase the number of
trial customers further and announce the conversion of our initial
proof of concept ("POC") customers into production customers. To
date, we have been 100% successful in retaining POCs and expect
most if not all to convert into production customers. Over the past
six months our primary investment was in product hardening and
building out our marketing. I am very pleased with the sales funnel
given that we only had two sales professionals on staff. We are
currently increasing our sales staff and expanding our partner
program. We believe we can increase our sales pipeline by a factor
of five in the next twelve to eighteen months," said
Michael Gaffney, Chairman, and
CEO.
About Leonovus
We offer the leading software-defined storage (SDS) solution
combined with blockchain auditing and management capabilities that
contribute to governance, risk management and compliance (GRC) 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 and/or
multi-cloud storage nodes – allowing for the most flexible yet
secure object data storage while ensuring full visibility and
compliance across the entire solution. The advanced geo-distributed
architecture minimizes latency, optimizes geo-availability, reduces
remote backup costs and allows organizations to meet data
sovereignty requirements. With its software- and hardware-agnostic
design, Leonovus is architected for 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.
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 because 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.
Investor Relations
www.leonovus.com
SOURCE Leonovus Inc.