Leonovus Business and Financing Update
OTTAWA, May 07, 2020 (GLOBE NEWSWIRE) — Leonovus Inc. (“Leonovus” or the “Company”) (TSXV: LTV) today provides a business update regarding its March 5, 2020 announcement that it had entered into a non-binding agreement to purchase PureColo Inc. (“PureColo” or the “Acquisition”).
The COVID-19 crisis continues to impair the Company’s ability to raise funds needed to complete the Acquisition. Leonovus will continue due diligence on PureColo along with the search for financing. Trading in the shares of the Company will remain halted until the funding, and the Company submits the required documentation regarding the Fundamental Acquisition, according to Section 5.6(d) of TSXV Exchange Policy 5.3 to the TSXV for their review and such review are completed.The testing of Leonovus Vault software is ongoing at the Department of Justice. The software installation and proof of concept architecture planning are complete, and the Department of Justice staff members have received preliminary training on the use of the system. The project is now entering the last testing phase, which has a Q3 2020 completion target.“We submitted a COVID-19 proposal to Innovation Canada. It is a unique new product solution that adapts our core software assets to secure near-real-time 24×7 country-wide consolidated COVID-19 hospitalization, hotspot, testing, and critical care information, with electronic forms, checklists, reports and email/SMS alerts. It is platform agnostic and accepts data from any health care information system. Dashboards and analytics are available through any mobile or desktop device, in both official languages. Accredited stakeholders access the data from any hospital, nursing home, office or home location. We intend to partner with another company that will supply the Business Intelligence software and mobile technology. We hope to receive feedback from the Federal Government on our proposal shortly but caution investors that there are hundreds of submissions under review. About Leonovus
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.