Mr. Justin Leger reports

CYBEATS SIGNS THREE YEAR, SEVEN FIGURE CONTRACT WITH GLOBAL TOP 5 MEDICAL DEVICE MANUFACTURER

Cybeats Technologies Corp. has signed a renewed and expanded licence agreement for SBOM Studio with a top 5 global medical device manufacturer (MDM). The contract term is now for three years and for over seven figures in total contract value.

"Cybeats' rapid growth trajectory continues as we proudly announce our selection as the SBOM management solution by yet another leader in the medical device industry. This milestone highlights the pivotal role of SBOM Studio in fortifying software supply chains, especially for globally operating companies. A Fortune 500 client of Cybeats that chooses to both renew and expand their licence with us underscores our value and commitment to securing digital infrastructure -- which has never been more relevant or vital," said Justin Leger, chief executive officer, Cybeats.

"We've been dedicated to helping companies manage the economic, security and regulatory challenges of adopting SBOMs," said Dmitry Raidman, chief technology officer, Cybeats. "From the early days of our involvement with shaping SBOM standards, to now leading the SBOM management market, we're quite proud. We're excited to drive further innovation and growth with health care customers and beyond."

While SBOM Studio has been implemented into some of the largest global enterprises, the technology team has continued to add unique and in-demand new features like governor view, SBOM auto-repair and alerting functionalities. These product features also enhance SBOM Studio's capacity to handle and provide relevant data to customers -- improving overall satisfaction, and supporting two key drivers to revenue growth. Cybeats continues to achieve commercial progress evidenced by client retention and organic contract growth, illustrating increased product usage and demand.

New 2023 regulation -- Food and Drug Administration and medical device security

The U.S. Food and Drug Administration (FDA) solidified its role in regulating medical device cybersecurity with its authority to approve or reject premarket submissions based on compliance with Section 524B of the Federal Food, Drug, and Cosmetic Act (FD&C Act). This section mandates that medical device manufacturers provide an SBOM (software bill of materials) for their devices' commercial, open-source and off-the-shelf software components. To pro-actively manage cybersecurity risks, MDMs must maintain an accurate inventory of device components, develop vulnerability management and risk assessment processes, provide device patches, and maintain device change records. The FDA's refuse-to-accept (RTA) authority as of March 29, 2023, emphasizes the significance of SBOM management solutions like SBOM Studio. On Sept. 26, 2023, the FDA released final (revised) premarket cybersecurity guidance, which supersedes premarket cybersecurity guidance issued on Oct. 2, 2014. The recommendations in the FDA guidance are intended to help manufacturers meet their obligations under Section 524B of the FD&C Act.

About Cybeats Technologies Corp.

Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Its platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue.

We seek Safe Harbor.