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GlobeNewswire2021-04-30

OTTAWA, April 30, 2021 (GLOBE NEWSWIRE) -- Leonovus Inc.(Leonovus) (TSXV: LTV) announces the filing of its audited Financial Statements and Management Discussion and Analysis (MD&A) for the year ended December 31, 2020. A comprehensive discussion of Leonovus financial position and results of operations is provided in the MD&A is available on SEDAR atwww.sedar.com.

The federal government (FedGov) has been our primary sales focus over the past 18 months with 2020 revenues from the Departments of Justice (Justice) and National Defence (Defence). While we continue to focus on Justice and Defence for new 2021 revenues, new FedGov opportunities are coming to our attention. Over the past few months we identified, and expect to contract with, several FedGov system integrators (SIs) and value-added resellers (VARs) with expertise in information technology and cybersecurity. These Sis and VARs already have the security clearances and sales relationships with the FedGov, said Michael Gaffney, Chair and CEO.

Regardless of our two-year focus on the public sector, word of mouth about our new technology has already stirred up interest in the private sector. A significant portion of the proceeds from the financing will be directed towards private sector sales and marketing initiatives. Finally, we are excited about our new XVault solution as both the public and private sectors show interest, said Gaffney.

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.

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.

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. It allows the enterprise to use its existing idle storage resources, extend the useable lifespan of depreciated resources and improve the enterprise's overall ROI.

To learn more, please visitwww.leonovus.com.

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 as a result 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 public filings, including its most recent audited consolidated financial statements, are available atwww.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 PretliChief Financial Officergpretli@leonovus.com

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Leonovus Inc. Announces Year End 2020 Financial Results and Business Update - IT News Online