SAN JOSE, Calif., March 21, 2019 /CNW/ -- Nubeva Technologies Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA, OTC: NBVAF), today published its unaudited consolidated financial statements for the three and nine months ended January 31, 2019 and 2018. Financial statements along with management discussion and analysis of financial results can be found at www.sedar.com. All dollar amounts in this release are quoted in U.S. Dollars.
The Company reported no revenue from software and services for the quarter due to a shift in business focus following the launch of Nubeva Prisms in the previous quarter. The Company reported that it has 121 active users at the end of the quarter, up from 57 subscribers at the end of the previous quarter, and 173 active users as of the date of this press release.
“Active users represent several top tier corporations including a top 5 SaaS company, a top 5 cellular company and multiple top 50 financial institutions.” said Nubeva CEO Randy Chou. “Our cash balance remains healthy at $5.7 million, providing plenty of runway to execute on our business plan.”
Expenses for the three months ended January 31, 2019 grew by 116% over the prior comparable quarter due to overall growth in operations. An increase in sales and marketing expense accounted for 53% of the increase, an increase in research and development 20%, and general and administrative expense 21%.
Selected operating data follows:
As previously disclosed, the Company discontinued operations of CBR Project Pte Ltd. (“CBR”), its Singapore subsidiary, during the quarter ended January 31, 2019. The Company had established CBR in April 2018 to provide cybersecurity technology outside North America.
In accordance with its token presale contracts related to CBR, the Company distributed digital currency received as consideration for token presales and wrote off the remaining consideration it received in tokens of other issuers. The dissolution of CBR and write off of digital currencies had no effect on the Company’s cash position. The Company plans to continue to focus on delivering its products to a North American market and expand internationally in due course.
Assets as at January 31, 2019 decreased by $1,863,911 over assets at April 30, 2018 due mainly to a decrease in cash of $1,793,258. The decrease in cash was due to $2,709,847 in operating activities, offset by $964,799 raised by financing activities.
About Nubeva Prisms
When companies migrate to the public clouds, they lose real-time access into their networks. The impact is that the critical tools they depend upon to monitor security, networks and applications cannot function, and therefore, businesses face increased exposure to cyberattacks and limited diagnostics to their infrastructures. Nubeva Prisms, released in September, 2018, is a breakthrough solution that restores network access and control inside public clouds, allowing customers to utilize their strategic tools and close their security and visibility gaps.
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the cybersecurity industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Nubeva Technologies Ltd.
Steve Perkins
Chief Marketing Officer
1(844)538-4638
Marcel Valentin, Investor Relations
1(647)697-0498
