TORONTO, ON / ACCESSWIRE / October 15, 2020 / 01 Communique Laboratory Inc. (the 'Company') (TSXV:ONE) is pleased to announce that the Company has completed its previously announced debt settlement transactions (see press releases dated October 1, 2020 and October 5, 2020) pursuant to which it has settled its outstanding $400,000 principal amount of debentures due on April 24, 2021 (the 'Debentures'). Pursuant to the settlements the Company (i) issued 416,667 common shares of the Company at a deemed price of C$0.24 per share and paid $100,000 in cash plus accrued interest in respect of $200,0000 principal amount of the Debentures ('Settlement 1') and (ii) issued 350,000 common shares of the Company, 100,000 common share purchase warrants (with each warrant entitling the holder to acquire one common share in the capital of the Company at an exercise price of $0.35 per share for a period of 24 months) and paid $100,000 in cash plus accrued interested in respect of the remaining $200,000 principal amount of Debentures ('Settlement 2').
The common shares issued pursuant to Settlement 1 are subject to a hold period that expires on February 2, 2021 and the securities issued pursuant to Settlement 2 are subject to a hold period that expires on February 15, 2021
About IronCAP and IronCAP X.
IronCAP is at the forefront of the cyber security market and is designed to protect our customers from cyber-attacks. IronCAP's patent-pending cryptographic system is designed to protect users and enterprises against the ever-evolving illegitimate and malicious means of gaining access to their data today as well as in the future with the introduction of powerful quantum computers. Based on improved Goppa code-based encryption it is designed to be faster and more secure than current standards. It operates on conventional computer systems so users are protected today while being secure enough to safeguard against future attacks from the world of quantum computers. An IronCAP API is available which allows vendors of a wide variety of vertical applications to easily transform their products to ensure their customers are safe from cyber-attacks today and from quantum computers in the future.
IronCAP X, a new cybersecurity product for email/file encryption, incorporating our patent-pending technology. was made available for commercial use on April 23, 2020. The new product has two major differentiations from what is in the market today. Firstly, many offerings in today's market store users secured emails on email-servers for recipients to read, making email-servers a central target of cyber-attack. Our new product, on the other hand, delivers each encrypted message end-to-end to the recipients such that only the intended recipients can decrypt and read the message. Consumer's individual messages are protected, eliminating the hackers' incentive to attack email servers of email providers. Secondly, powered by our patent-pending IronCAP technology, we believe our new product will be the world's first quantum-safe end-to-end email encryption system; secured against cyberattacks from today's systems and from quantum computers in the future. Consumers and businesses using our new products will have tomorrow's cybersecurity today.
About 01 Communique.
Established in 1992, 01 Communique (TSX-V: ONE) has always been at the forefront of technology. The Company's cyber security business unit focuses on post-quantum cybersecurity with the development of its IronCAP technology. IronCAP's patent-pending cryptographic system is an advanced Goppa code-based postquantum cryptographic technology that can be implemented on classical computer systems as we know them today while at the same time can also safeguard against attacks in the future post-quantum world of computing. The Company's remote access business unit provides its customers with a suite of secure remote access services and products under its I'm InTouch and I'm OnCall product offerings. The remote access offerings are protected in the U.S.A. by its patents #6,928,479 / #6,938,076 / #8,234,701; in Canada by its patents #2,309,398 / #2,524,039 and in Japan by its patent #4,875,094. For more information, visit the Company's web site at www.ironcap.ca and www.01com.com.
Cautionary Note Regarding Forward-looking Statements.
Certain statements in this news release may constitute 'forward-looking' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use such words as 'may', 'will', 'expect', 'believe', 'plan', 'intend', 'are confident' and other similar terminology. Such statements include statements regarding the future of quantum computers and their impact on the Company's product offering, the functionality of the Company's products and the intended product lines for the Company's technology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under 'Risk and Uncertainties' in the Company's Management`s Discussion and Analysis document filed on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances.
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.
Chief Financial Officer
(905) 795-2888 x204
SOURCE: 01 Communique Laboratory Inc.
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