OTTAWA, Sept. 16, 2016 /CNW/ - LeoNovus Inc. ("LeoNovus") (TSXV: LTV, OTCBB: LVNSF) announces that it has received $330,000 from the sale of a software license to Soft Machines Inc. Soft Machines was then itself reportedly bought by Intel Corp in the last few days. The $330,000 non-dilutive inflow of cash is the first tranche of a previously announced expected inflow of approximately 1.3M CDN$. The company expects the remaining $1M from director and corporate loans to be received by the end of October 2016.
"These funds are critical to the development of our direct and channel sales programs, to leverage our new Oracle Cloud Partner status; the sales programs will be announced in October," said Dan Willis CEO and Chief Architect of LeoNovus Inc.
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: Michael Gaffney, [email protected], 408-703-1458