Leonovus Inc. Announces Year End 2021 Financial Results and Business Update

Ottawa, Ontario, CANADA


OTTAWA, April 28, 2022 (GLOBE NEWSWIRE) -- Leonovus Inc. ("Leonovus") (TSXV: LTV) announces the filing of its audited Financial Statements, Annual Information Form and Management Discussion and Analysis ("MD&A") for the year ended December 31, 2021. The MD&A contains a comprehensive discussion of Leonovus' financial position and results of operations and is available on SEDAR at www.sedar.com

"Our primary product development and sales focus was the federal government over the past three years. From 2019 to 2021, the Departments of Justice ("Justice") and National Defence ("Defence") completed testing our Vault and Smart Filer technologies. On March 21, 2022, Leonovus received a standing offer to supply the Government of Canada ("GoC") with a next-generation secure file sharing, transfer, and cloud storage solution. XVault was the original name for the product, now renamed Torozo. Justice and Shared Services Canada completed production testing of the software last week and as of April 27, 2022, we have moved to the next evaluation phase,” said Michael Gaffney, Chair and CEO.

"Our Torozo www.torozo.com hyper-secure file sharing, transfer, and cloud storage Software as a Service ("SaaS") was officially released to the private sector on April 26, 2022. Torozo is virtually the identical product selected by the GoC, plus additional features needed by the business and enterprise markets. Security of private personal information is paramount in today’s digital world. Torozo business segment is the multi-billion fast growing secure file sharing and transfer market. Examples of feature needs for this market include a hyper-secure digital safety deposit box with secure sharing and work-from-home capabilities for legal documents, medical information, created content, backup hard and soft crypto wallets, NFT storage and backup, work at home files, and secure messaging,” said Gaffney.

About Torozo

Torozo is hyper-security for data made easy. The key factors in cybersecurity are CIA (confidentiality, integrity, and availability). Torozo hyper-secures data through strict adherence to these precepts. With a combination of controls, encryption, life cycle management, separation, and reliability, in Torozo data is safer than if it was in your own hands.

About Leonovus

Leonovus is a software provider that offers storage solutions that untether your data, allowing you to embrace cloud storage securely, simply, and cost-effectively while giving you the flexibility to deal with the ever-evolving cloud storage landscape.

This press release may contain forward-looking statements and information, which may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with Leonovus growth, the state of the financial markets, regulatory risks and other factors. There can be no assurance or guarantees that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, Leonovus disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise. Readers should not place undue reliance on any statements of forward-looking information that speak only as of the date of this release. Further information on Leonovus’s public filings, including its most recent audited consolidated financial statements, are available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For More Information, please contact:

George Pretli
Chief Financial Officer
gpretli@leonovus.com