SAN JOSE, Calif., March 26, 2018 /CNW/ -- Nubeva Technologies
Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA), a cybersecurity
SaaS software developer for enterprises with public cloud assets,
announces that Nubeva, Inc., its operating company, has SEDAR filed
its unaudited consolidated financial statements for the three and
nine months ended January 31, 2018.
These financial statements are for the period concluding prior to
the Company's February 28, 2018
reverse takeover of Sherpa Holdings Corp. and do not represent the
current consolidated financial position of the Company. The
financial statements can be viewed at www.sedar.com.
During the nine months ended January 31,
2018 Nubeva, Inc. Reported revenue of US$238,125 (2017 – NIL) from two customers,
US$123,125 (2017 – NIL) for the most
recent quarter. The Company reported a loss for the nine months of
US$1,071,973 (2017 - US$302,203) and for the most recent quarter of
US$522,878 (2017 - US$195,160). The increased operating loss is due
to increased development costs including costs related to filing
provisional patents, and also to the Company's launch of its sales
and marketing campaign as Nubeva's StratusEdge software became
commercially available.
Subsequent to January 31, 2018 the
Company completed its reverse takeover of a capital pool company,
Sherpa Holdings Corp. and listed on the TSX Venture Exchange. In
connection with the reverse takeover Nubeva raised C$10,100,020 strengthening its working capital
position and providing it with the runway continue to develop its
product offerings for an expanded customer base.
"We're pleased at the investor response to our successful
C$10 million financing," said
Randy Chou, Nubeva's CEO. "With a
strong balance sheet, major cybersecurity channel partners, and the
continuing enterprise migration to unsecured cloud services, we're
confident that our blockchain routing solution will continue to
gain adoption beyond our current Fortune 500 client accounts."
Nubeva Grants Director Stock Options
Nubeva also announces that it has granted 570,600 incentive
stock options to directors and employees of the Company. Nubeva
granted 193,000 options (representing 0.375% of the Company's
issued and outstanding common shares) to each of Mr. David Wu and Mr. David
Warner, who were appointed as directors effective
February 28, 2018 upon completion of
the Company's reverse takeover transaction. The remaining 193,600
options were granted to a Company employee. The options granted to
directors vest over 24 months in equal monthly installments and have an exercise price of
$1.52 per share. The total options
outstanding are now 5,185,743 or approximately 10% of the Company's
issued and outstanding common shares, which at the date of this
release are 51,900,295.
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. develops SaaS software and services
that enables enterprises to run best of breed cybersecurity in
public clouds environments. Nubeva's products provide enhanced
visibility and control over network traffic and simplified
automation and operation that is essential to run top-tier security
technologies and services in the cloud easily and at low costs.
With Nubeva organizations can leverage existing policies,
technologies and operations and accelerate their move to the cloud
with confidence. San Jose, CA
headquartered Nubeva is committed to the vision of dramatically
broader and lower cost availability of the world's best security to
confront the rising cyber-crime threat. Visit www.nubeva.com for
more information.
Forward Looking Statements
This news release contains "forward-looking information" within
the meaning of applicable securities laws relating to the Company's
business plans and the outlook of the shared transportation
industry. Although the Company believes in light of the experience
of its officers and directors, current conditions and expected
future developments and other factors that have been considered
appropriate that the expectations reflected in this forward-looking
information are reasonable, undue reliance should not be placed on
them because the Company can give no assurance that they will prove
to be correct. Actual results and developments may differ
materially from those contemplated by these statements. The
statements in this press release are made as of the date of this
release and the Company assumes no responsibility to update them or
revise them to reflect new events or circumstances other than as
required by applicable securities laws. The Company undertakes no
obligation to comment on analyses, expectations or statements made
by third-parties in respect of the Company, its subsidiaries, their
securities, or their respective financial or operating results (as
applicable).
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Nubeva, Inc.