LeoNovus Inc. Releases Restated Financial Results for 2nd Quarter Ending June 30, 2017 in Preparation for Previously Announced Bought Deal
Nov 21, 2017, 20:28 ET
OTTAWA, Nov. 21, 2017 /CNW/ - LeoNovus Inc. ("LeoNovus" or the "Company") (TSXV: LTV) today announced its restated operating and financial results for the quarter ended June 30, 2017.
The Company's auditors have reviewed the unaudited interim consolidated financial statements. The unaudited interim consolidated financial statements were amended to include additional disclosure, to correct for an error regarding functional currency, to correct the fair value of warrants as a liability, and to include additional subsequent events up to the date of refiling. The additional subsequent event disclosure reflects material information that the Company has previously announced. LeoNovus has also filed updated management's discussion and analysis for the period ended June 30, 2017 to incorporate consequential changes in the unaudited interim consolidated financial statements.
As disclosed in Note 2 of the unaudited interim consolidated financial statements, the functional currency was reassessed for the Company and was determined by management to be Canadian dollars and not US dollars, as originally reported. The Company's liability of outstanding warrants was corrected for their value on June 30,2017 to be $66,000 resulting in an increase in loss due to change in fair value of outstanding warrants of $47,000.
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.
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.
SOURCE LeoNovus Inc.
For further information: George Aizpurua, 1-647-500-2389, [email protected]
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