SCOPE AI to Acquire Advanced Quantum Security Technology to Fortify Data Protection
Key Benefits of the Acquisition:
-
Enhanced Cyber-Security Product Suite:
- Immediate Expansion: This acquisition broadens Scope AI's cybersecurity offerings by integrating Ovryde's advanced quantum security technologies, providing more comprehensive solutions for clients.
- Addressing New Threats: With the QSE Technology, Scope AI can tackle emerging quantum-computing threats, ensuring robust protection for sensitive data in transit and at rest.
-
Efficient Synergies and New Revenue Streams:
- Faster Deployment: The integration of QSE Technology creates synergies that enable faster and more efficient deployment of solutions.
- New Revenue Opportunities: This opens new revenue streams by catering to industries with stringent data security needs, such as finance, healthcare, and government sectors.
-
Regulatory Compliance and Future-Readiness:
- Meeting Regulations: Helps clients comply with new and evolving regulatory standards for quantum-resistant encryption and data protection.
- Future-Proof Solutions: Prepares businesses for future quantum-computing advancements with robust and scalable security solutions.
-
Market Leadership and Innovation:
- Leading the Market: Positions Scope AI as a leader in quantum-resilient security solutions, setting it apart from competitors.
- Sustainable Growth: Provides a foundation for sustainable growth by continuously adapting to technological advancements in cybersecurity.
About the QSE Technology
The QSE Technology product suite offers API-based quantum-resilient entropy as a service and encrypted cloud, on-premise, and decentralized storage solutions. At its core, the platform provides a proprietary high-performance data-pipeline that can scale vertically and horizontally to protect private, business, and government applications with highly sensitive data in transit and at rest. The QSE Technology product suite uniquely protects digital assets against current and future cyber security threats and quantum-computing decryption attacks.
Terms of Transaction
Under the terms of the Technology Agreement, Scope will acquire Ovryde's ownership and rights relating to the QSE Technology. In consideration of the QSE Technology, Scope has agreed to pay to Ovryde
The Consideration Shares will be restricted for a period of four months from the date of issue and be subject to the following voluntary restrictions on resale: (i) 560,000 Consideration Shares will be subject to no additional restrictions, (ii) 560,000 Consideration Shares will be subject to restrictions on resale for a period of three (3) months from the date of issue, (iii) 560,000 Consideration Shares will be subject to restrictions on resale for a period of six (6) months from the date of issue, (iv) 560,000 Consideration Shares will be subject to restrictions on resale for a period of nine (9) months from the date of issue, and (v) 560,000 Consideration Shares will be subject to restrictions on resale for a period of twelve (12) months from the date of issue.
The transaction is subject to customary closing conditions and acceptance of the Canadian Securities Exchange.
Private Placement Financing
The Company is also pleased to announce a private placement financing of 1,250,000 common shares at a price of
The shares issued under the Offering will be subject to restrictions on resale for a period of four months from the date of issuance.
The proceeds of the Offering will be used to continue to develop the Company's GEM Platform and advance the QSE Technology as well as general working capital purposes.
About
For more information please visit
LinkedIn: scope-ai-corp
Facebook:
Twitter: https://twitter.com/ScopeAICorp
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding beliefs, plans, expectations, future, strategy, objectives, goals and targets, and more specifically, the use of proceeds of the Offering. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks and are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, those risks and assumptions described in the Company's prospectus dated
The Canadian Securities Exchange has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Contact Information
(604) 416-1720
james@scopetech.ai
View original content:https://www.prnewswire.com/news-releases/scope-ai-to-acquire-advanced-quantum-security-technology-to-fortify-data-protection-302191714.html
SOURCE