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VANCOUVER, Sept. 12, 2016 /CNW/ - VirtualArmor International Inc. ("VirtualArmor" or the "Company") (CSE: VAI) is pleased to provide a corporate update and 2016 outlook provided by the management of VirtualArmor.
"The first 8 months of 2016 has seen us grow across all areas of our Company and more importantly close over USD $7,000,000 in orders and onboard 21 new customers so far," said Matthew Brennan, President of VirtualArmor. "Specifically, we are just coming off our strongest quarter in our history that saw us report 63% top line growth year over year in Q2 while our hardware segment grew at a rate of 70%. We have also completed our initial phase of expansion by bringing on key personnel from leading organizations in an effort to take market share in three new territories and continue building our already healthy pipeline. Our new hires are focused on driving sales around all of our solutions, including our hardware segment, and our managed services business which provides us monthly recurring revenues for a minimum 3-year period."
"In addition to our primary business initiatives we also continue to work and improve on CloudCastr, our very own private cloud that we anticipate will be a big driving force in adding high margin software revenue to the Company's bottom line," continued Matthew Brennan.
"For the duration of 2016 our new territories will continue to add to our overall revenue and profitability. In addition to our three new territories, we anticipate bringing on additional sales personnel in key locations across the U.S. and Canada that have a strong demand for a cybersecurity solutions company."
2016 YTD Company Highlights:
- Reported Q2 financial results, the strongest quarter ever in the existence of the company. During the quarter the company grew revenue 63% year over year while growing all functional areas of the business.
- Announced the promotion of Matthew Brennan to President from his previous role as Vice President of Sales.
- Partnered with CarbonBlack and Resilient systems, two leading cybersecurity solution providers to enhance the VirtualArmor product offering.
- Closed a CAD $415,000 non-brokered private placement financing in July.
- Closed a USD $486,000 first time hardware sale to a leading American university.
- The Company doubled its sales force to meet the growing demand for cybersecurity networking solutions in North America. Specifically, the new sales personnel have now expanded into Seattle, WA, Portland, OR and the Bay Area, CA.
- Closed a USD $330,000 hardware and software order from a leading American university hospital Group.
- The company received a USD $450,000 contract under its managed services platform from a leading specialty finance company.
- Added three leading cybersecurity solutions to be under the managed services platform.
VirtualArmor is a cybersecurity company that delivers solutions to help enterprises build, monitor, maintain and secure their networks from cloud to core. As a managed security services provider, VirtualArmor's services run 24 hours per day, 7 days per week, 365 days per year through its primary security operations center ("SOC") located in Middlesbrough, U.K. and a secondary SOC located in Salt Lake City, Utah. Each member of VirtualArmor's team supports the three main facets of its business: managed services, professional services, and hardware sales, by handling the design, configuration and installation of advanced network and cloud architecture solutions. VirtualArmor uses best-in-breed partnerships to provide solutions for customers that are affordable, highly reliable, scalable, and backed by thorough knowledge of the related technologies, products, and platforms. VirtualArmor has secured partnerships with established technology businesses specializing in network appliances, software, and systems and provides its services to the mid- to large- enterprise and service provider markets. VirtualArmor customers include a 13-location data center provider, a Fortune 100 oil and gas company, multiple service providers with presences throughout the United States, and household name enterprise organizations located primarily in the western United States. Further information about the Company is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and on its website, http://www.virtualarmor.com/.
This press release may include forward-looking information within the meaning of Canadian securities legislation. The forward-looking information is based on certain key expectations and assumptions made by the management of VirtualArmor. Although VirtualArmor believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information as VirtualArmor cannot provide any assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release and VirtualArmor disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE Virtual Armor
For further information: Company Contact: Todd Kannegieter, Chief Executive Officer, Office: 720-961-3304, [email protected]; Investor Relations Contact: Babak Pedram, Office: 416-644-5081, [email protected]