Leonovus Receives $435,000 Canadian Federal Government Contract
OTTAWA, Feb. 20, 2020 (GLOBE NEWSWIRE) — Leonovus Inc., (“Leonovus or the Company”) (TSXV: LTV) (OTC: LVNSF) today announced that it was awarded a $435,000 contract with the Canadian Federal Government through the Innovative Solutions Canada Program – formerly called the Build in Canada Innovation Program (BCIP). The Company expects to perform the work and recognize the revenue in the first three quarters of this fiscal year. The contract will involve the Department of Justice Canada and the Department of National Defense Canada performing rigorous testing of Leonovus Vault software (the Innovation), enhanced with our new Smart Filer technology.
“The Government of Canada recognises that cloud represents an increasingly important way of delivering data storage infrastructure and is looking for potential technology innovations, such as Leonovus Vault software, to support the adoption of hybrid cloud, securely and efficiently,” said Michael Gaffney, CEO.The Leonovus Innovation is a secure multi-cloud data controller that manages storage on premises and across multiple public clouds. The Innovation presents a single, consistent object storage interface through which documents are uploaded, encrypted and fragmented using an enhanced erasure coding algorithm developed and owned by Leonovus. The fragments are then dispersed across configured storage endpoints, including public cloud storage and on-premises file servers.The Leonovus Vault innovation decouples data from storage infrastructure, allowing organizations to: Leverage under-utilized and idle on-premises storage,Pursue a true multi-cloud strategy with no cloud vendor lock-in,Provide flexibility to evolve storage strategies as cloud offerings and costs evolve,Enhance the security of their data across a complex storage infrastructure, andAchieve true data sovereignty across many geographies with multiple cloud vendors.In addition, the awarded contract includes testing the use of Leonovus Smart Filer to facilitate the automatic transferal of file data to Leonovus Vault. “Another federal government department recently deployed our Smart Filer product. We anticipate finishing the installation and testing by the end of Q1,” said Gaffney.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.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 and 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.For more information, please contact:George Pretli
Chief Financial Officer