AUSTIN, TX / ACCESSWIRE / May 18, 2021 / Cipherloc Corporation (OTCQB:CLOK) ("CipherLoc"), a developer of advanced encryption technology, today provided an update on its business developments and capitalization following the filing of its Form 10-Q for the fiscal second quarter, ended March 31, 2021.
"We have made significant progress with Cipherloc's business objectives over the past few months, including both the development of our software solutions and strengthening our balance sheet to drive our commercialization programs," said David Chasteen, CEO. "We continue to maintain our lean operating structure while working closely with our partners to integrate our solutions and SDK into their products for customers. Testing and evaluation have consistently affirmed the effectiveness and performance of our solutions, and we have used those results to further strengthen our products and align them to market needs in a post-quantum encryption environment."
In March and April of 2021, Cipherloc raised gross proceeds of approximately $10 million to further strengthen its balance sheet and support commercialization and sale of its products.
"Our recent capital raise provides for a stronger balance sheet to fuel our investment in growth, including additional sales and marketing expansion and customer support," said Chasteen. "We hope to manage our business such that the existing liquidity carries the Company to positive cash flow from operations as we move our products into revenue generating activities with our existing partners."
Since 2020, Cipherloc worked to develop commercial applications of its technology by advancing a Software Development Kit ("SDK") for its Polymorphic Encryption Core. By doing so, potential customers can integrate and configure the PEC using the SDK. Cipherloc's technology now supports commercial application through three distinct products.
- For data-in-motion applications, Cipherloc Sentinel allows a customer to build a post-quantum encryption solution into their product environment.
- Cipherloc Armor employs the sentinel solution in a hardware appliance that can be deployed in front of any IT system and encrypts the traffic between paired Armor devices with little setup needed.
- Cipherloc Shield addresses data-at-rest needs, securely encrypting data, using the PEC, that is placed on a hard drive or in a database for long term storage.
Cipherloc believes its solutions enable IT professionals to secure existing, old and non-traditional network hardware while preparing all networks for the introduction of new ciphers, including the next NIST standard.
"We believe that Cipherloc is the only solution currently available deploying the AES algorithm in a quantum-resistant way with a FIPS-certified product," said Chasteen. "Our solution is agile and algorithm-independent for problems of quantum decryption across multiple data needs within a network or storage architecture while also addressing future proofing considerations ahead of anticipated changes in encryption standards, such as the NIST PQE standard algorithm expected to be selected."
About Cipherloc Corporation (OTCQB:CLOK)
Cipherloc Corporation provides advanced technology and expertise to secure your data Cipherloc Corporation provides advanced technology and expertise to secure your data and safeguard your privacy with the speed you need today and the agility you'll need tomorrow. Our patented Polymorphic Encryption technology provides a layer of security that is stronger, adaptable, and scalable across a variety of applications and systems. Learn more at www.cipherloc.net.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set forth in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investor Contact:
Matt Kreps
Darrow Associates Investor Relations
214-597-8200
mkreps@darrowir.com
SOURCE: Cipherloc Corporation
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