AUSTIN, TX / ACCESSWIRE / December 29, 2020 / Cipherloc Corporation (OTCQB:CLOK) ("CipherLoc"), a developer of advanced encryption technology, today provided a business update and announced the filing of its Form 10-K for the fiscal year ended September 30, 2020.
"Cipherloc made significant strides during the last fiscal year, transforming the company into a lean organization with products and services built around our proprietary polymorphic encryption technology," said David Chasteen, CEO of Cipherloc. "All of our efforts are now focused on product development, product engineering and revenue-generating sales activity. We believe this focus is starting to pay off, as we are engaged with a growing list of partners and distributors actively working with our software."
"Cipherloc is now positioned with sale-ready software and services in a large and growing market as customers come to understand the need for new encryption capabilities in the post-quantum environment," said Chasteen. "With our reduced operating cost approach and shift from a one-time sales focus to a continuous service delivery approach, even modest sales activity could cover our operating costs, enabling us to invest in further growth and development. We are excited for the year ahead, as we look to sales of our tested and FIPS 140-2 certified products."
Additionally, the company settled litigation with its former chief executive officer earlier in the year, resulting in the return of 13.1 million shares of common stock for payment of $400,000, leaving just 27.5 million shares of stock outstanding.
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.
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.
Darrow Associates Investor Relations
SOURCE: CipherLoc Corporation
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