OTTAWA, Jan. 24, 2018 /CNW/ - Leonovus Inc. ("Leonovus") (TSXV: LTV) is pleased to announce that after four months of technical and market evaluation by the Government of Canada ("GOC"), the Company was pre-qualified to receive up to a $500,000 CDN purchase order from the Build in Canada Program ("BCIP") to install its industry-leading blockchain hardened storage technology in one or more government departments. Because of the BCIP rules, that help accelerate the purchasing process for new Canadian innovations by the GOC, there is the potential for three additional $500,000 purchase orders, paid from departmental budgets, for an aggregate revenue potential of $2M in 2018. The next step is to choose the sponsoring GOC department.
"Over the past year, at numerous meetings, we presented our technology to several different Canadian government departments. Each of these departments could immediately use our unique software-defined storage technology to reduce the cost and increase the security of their data storage along with full compliance. We anticipate that it will take a few months to select the sponsoring department(s), create a statement of work, and sign the final contract. The Government of Canada is about to become a large Leonovus reference customer, which is hugely important for our marketing communications to other large enterprises", said Michael Gaffney, Chairman and CEO.
'Having a major government department install our product, because of the BCIP, is tremendous news for the company. We are pleased to support our latest customer with our unique blockchain-hardened, petabyte-scale software-defined storage solution will help these government departments dramatically reduce their storage costs and ensure protection of their data' said Dan Willis, CTO
Leonovus is a software solutions provider that offers the leading blockchain hardened software-defined object storage solution (SDOSS) and governance, risk management and compliance ('GRC') solution 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 or multi-cloud storage nodes – allowing for the most secure yet internally accessible form of object-based data storage that provides governance, risk-management, and compliance 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, Leonovus provides 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. To learn more, please visit www.leonovus.com.
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 as a result 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.
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SOURCE LeoNovus Inc.
For further information: Investor Relations: George Aizpurua, Tel: 647-500-2389/416-742-5600