Leonovus Terminates its Acquisition LOI with PureColo
OTTAWA, June 19, 2020 (GLOBE NEWSWIRE) — Leonovus Inc. (“Leonovus” or the “Company”) (TSXV: LTV) today announced that given the current economic environment, it was unable to secure financing to purchase the shares of PureColo Inc. and, effective June 18, 2020, has terminated the Letter of Intent (the “LOI”) between the parties originally announced on March 5, 2020.
“We hope to have the opportunity to revisit this opportunity in the future. However, given today’s economic realities, we felt it was better to focus on a smaller financing to support our current commercial activities. We expect trading in the Company’s shares to resume following a regulatory review of the termination of the LOI,” said Michael Gaffney, Chair and CEO.
Leonovus is a software provider that offers storage solutions that allow organizations to embrace cloud storage securely, simply and cost-effectively while giving them the flexibility to deal with the ever-evolving cloud storage landscape.
Designed with the IT manager in mind, Leonovus Vault uses patented algorithms to analyze, classify, encrypt, shred and spread data across a network of on-premises, hybrid or multi-cloud storage nodes – allowing for the most secure yet internally accessible form of object-based data storage across the entire solution. The advanced geo-distributed architecture minimizes latency, optimizes geo-availability, reduces remote backup costs and meets data sovereignty requirements. With its software and hardware agnostic design, Vault provides petabyte scalability. It allows the enterprise to use its existing idle storage resources, extend the useable lifespan of depreciated resources and improve the enterprise’s overall ROI.
Leonovus Smart Filer is an information lifecycle management (ILM) solution that analyzes existing file storage and extends its capacity automatically and transparently. According to customer-defined policies, infrequently accessed files are automatically removed from high-cost, high-performance primary storage, and placed in secondary or cloud storage, without any changes to how users and applications access them.
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For more information, please contact:
George Pretli, Chief Financial Officer