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LeoNovus Inc
Symbol LTV
Shares Issued 252,385,424
Close 2018-08-13 C$ 0.15
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LeoNovus to provide software trial to Cdn government

2018-08-14 09:32 ET - News Release

Mr. Michael Gaffney reports


LeoNovus Inc. will provide a major trial of its software to a government of Canada (GOC) department.

This department, like many of the company's customers, is faced with both the preservation of and access to documents over an extended period of time. The critical requirements provided by the LeoNovus solution include WORM (write once, read many), a blockchain-enabled digital chain of evidence, ultrasecure data storage, multicloud vendor management, control over where the data reside and avoiding storage vendor lock-in, which enables the department to take advantage of data storage pricing opportunities. As previously announced, LeoNovus is in discussions with several departments of the Canadian government. The company expects more of these departments to install its unique "encrypt-shred-spread" data storage technology, with military-grade data durability by the end of the year.

Currently, there are 50 companies in the company's sales pipeline, with a gross annual revenue potential of more than $8-million. Applying a 25-per-cent sales probability model to these opportunities results in the potential for $2-million in annual recurring revenues. The sales cycle is 12 to 18 months, which means this revenue, except for current proof-of-concept invoices, would begin to appear in 2019. The current sales forecast includes only Canada and the United States.

"Going into the fall of 2018, we expect to increase the number of trial customers further and announce the conversion of our initial proof-of-concept (POC) customers into production customers. To date, we have been 100 per cent successful in retaining POCs and expect most, if not all, to convert into production customers. Over the past six months, our primary investment was in product hardening and building out our marketing. I am very pleased with the sales funnel given that we only had two sales professionals on staff. We are currently increasing our sales staff and expanding our partner program. We believe we can increase our sales pipeline by a factor of five in the next 12 to 18 months," said Michael Gaffney, chairman and chief executive officer of LeoNovus.

About LeoNovus Inc.

Designed with the IT (information technology) manager in mind, LeoNovus's patented algorithms virtualize, transform, slice and disperse data across a network of on-premise, hybrid or multicloud storage nodes -- allowing for the most secure yet internally accessible form of object-based data storage that provides GRC across the entire solution. The advanced geo-distributed architecture minimizes latency, optimizes geo-availability, reduces remote backup costs and meets data sovereignty requirements. With its software and hardware agnostic design, LeoNovus provides petabyte scalability and allows the enterprise to utilize its existing idle storage resources, extend the usable lifespan of depreciated resources and improve the enterprise's overall ROI (return on investment).

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