SINGAPORE, Nov. 30, 2018 /CNW/ -- Nubeva Technologies Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA, OTC: NBVAF), announces that its wholly owned Singapore subsidiary, CBR Project Pte. Ltd. ("CBR Project") has cancelled plans to launch its previously announced token offering.
The token network was being developed to provide cybersecurity technology outside of North America. CBR Project's cancelation of the token offering, and the reimbursement of presales, which will be refunded in digital currency, is not expected to affect Nubeva's cash position.
Randy Chou, Nubeva CEO, comments, "Despite strong interest in the presale phase, CBR Project has determined that the token offering is untenable due to a broad based and continued softening of the ICO marketplace, compounded by a complex and changing regulatory environment. The Company continues to focus on delivering its products to a North American market and will expand internationally in due course." Mr. Chou continued, "We are extremely excited about the positive momentum we are seeing in our new flagship solution, Nubeva Prisms, which is where we intend to focus all of our attention and resources. Prisms was showcased by Microsoft in September at its annual Azure Cloud conference, demonstrating customer use cases and related features from Microsoft that Prisms enhances."
About Nubeva Prisms
When companies migrate to the public clouds, they lose real-time access into their networks. The impact is that the critical tools they depend upon to monitor security, networks and applications cannot function, and therefore, businesses face increased exposure to cyberattacks and limited diagnostics to their infrastructures. Nubeva Prisms, released in September, 2018, is a breakthrough solution that restores network access and control inside public clouds, allowing customers to utilize their strategic tools and close their security and visibility gaps.
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. develops Software-as-a-Service ("SaaS") software and services that enable enterprises to run best-of-breed cybersecurity in public cloud environments. Nubeva's products provide enhanced visibility and control over network traffic and simplified automation and operation that is essential to run top-tier security technologies and services in the cloud easily and at low costs. With Nubeva, organizations can leverage existing policies, technologies and operations and accelerate their move to the cloud with confidence. San Jose, CA-headquartered Nubeva is committed to the vision of dramatically broader and lower cost availability of the world's best security to confront the rising cyber-crime threat. Visit www.nubeva.com for more information.
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the cybersecurity industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Nubeva Technologies Ltd.
Chief Marketing Officer
Marcel Valentin, Investor Relations
SOURCE Nubeva Technologies Ltd.