Leonovus Closed Canadian $3.44 Million Marketed Short Form Prospectus Offering

Leonovus Inc. announces the filing of its unaudited Interim Financial Statements and Management Discussion and Analysis (MD&A) for the quarter ended June 30, 2021.

Its MD&A contains a comprehensive discussion of its financial position and results of operations and is available on SEDAR. Amounts are in Canadian dollars.

The company closed a $3.44 million marketed short form prospectus offering on May 2, 2021. These funds supported hiring additional sales staff and software developers and funding new marketing and product initiatives. 
 
“As noted in previous communications, our sales strategy focuses on the Canadian federal government (GOC) as the anchor set of customers. We are three years into this strategy, and the number of departments interested in our technology has increased over the past quarter. We are currently responding to a major GOC RFP regarding our XVault and Smart Filer technology. Because of recent accelerating GOC interest, product management has prioritized completing several XVault features, which will delay our standalone ransomware offering by a quarter. However, ransomware protection will be a key feature in our XVault solution,” said Michael Gaffney, chair and CEO.

“Given our current accelerating traction in the GOC, several resellers and system integrators have started engaging and testing our technology. We expect to announce new GOC sales channel partners in the next few months,” he added.