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VANCOUVER, May 11, 2016 /CNW/ - VirtualArmor International Inc. ("VirtualArmor" or the "Company") (CSE: VAI) is pleased to announce that it has received an order for USD $450,000 under its managed services platform from a leading specialty finance company. The agreement is for an initial term of three years with the option to extend paid in equal monthly payments.
"We continue to see our recurring revenue managed security services platform gaining traction amongst leading multinational companies that are looking to protect their network from everyday threats," said Matthew Brennan, Vice President of Sales at VirtualArmor. "Under the agreement, this leading brand will pay a monthly fee of $12,500 for a period of three years, with the option to extend, to have our expert staff provide security intelligence to strengthen their overall cybersecurity posture. In addition, the client spent approximately USD $100,000 in hardware and professional services with us prior to commencing the managed services program."
"Our managed services platform serves as a source of predictable cash flow as we are engaged for a minimum of three years with every customer, with our longest standing customers having been with us for 10 years," continued Matthew Brennan. "As cybersecurity threats continue to rise for companies of all sizes, we anticipate our managed services platform will provide a growing base of revenue for our company, while our hardware sales component serves as an entry point with future customers looking to secure every aspect of their network with leading cybersecurity solutions."
VirtualArmor is a cyber security 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.
For further information: Company Contact: Todd Kannegieter, President and CEO, Office: 720-961-3304, [email protected]; Investor Relations Contact: Babak Pedram, Office: 416-644-5081, [email protected]