Toronto-based 01 Communique Laboratory has secured a drawdown equity facility of up to C$5 million from U.S. private equity firm Alumina Partners. 01 Communique is a provider of remote access software, remote PC access software and remote desktop connection solutions.
TORONTO, ON / ACCESSWIRE / October 7, 2020 / 01 Communique Laboratory Inc. (TSXV:ONE) (the “Company”) has entered into a non-binding agreement for a drawdown equity facility (the “Draw Down Facility”) of up to $5 million with Alumina Partners (Ontario) Ltd. (“Alumina Partners”), a subsidiary of Alumina Partners LLC, a New York-based private equity firm. The agreement provides for equity private placement offerings, to be conducted in drawdowns of up to $250,000 per tranche over a period of 24 months with the timing of each tranche to be made by the Company at its sole discretion. The amount and terms of each tranche will be subject to the mutual agreement of the Company and Alumina Partners.
“This financing has been structured to allow for quick access to capital for growth when it is required. We believe a financing along the lines of this equity facility provides us with the ability to access the capital we require when we need it while at the same time minimizing shareholder dilution,” commented Andrew Cheung President and CEO for 01 Communique.
“We are delighted to support 01 Communique as they work to commercialize the next generation of encryption,” added Adi Nahmani, Managing Member of Alumina Partners. “While conventional cryptographic techniques have carried us through the present day, they will no longer offer any protection in a post-Q-Day world. With daily progress announced by the global industry leaders in quantum computing, it is only a matter of time before quantum-grade encryption becomes mission critical for all secure computing use cases. 01 Communique’s effective and resource-light solution is already available today across the IronCAP family of products. We look forward to watching management continue to improve their software offerings and expand their user base in preparation for Q-Day.”
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About IronCAP and IronCAP X:
IronCAP is at the forefront of the cyber security market and is designed to protect our customers from cyber-attacks. IronCAP’s patent-pending cryptographic system is designed to protect users and enterprises against the ever-evolving illegitimate and malicious means of gaining access to their data today as well as in the future with the introduction of powerful quantum computers. Based on improved Goppa code-based encryption it is designed to be faster and more secure than current standards. It operates on conventional computer systems, so users are protected today while being secure enough to safeguard against future attacks from the world of quantum computers. An IronCAP API is available which allows vendors of a wide variety of vertical applications to easily transform their products to ensure their customers are safe from cyber-attacks today and from quantum computers in the future.
IronCAP X, a new cybersecurity product for email/file encryption, incorporating our patent-pending technology was made available for commercial use on April 23, 2020. The new product has two major differentiations from what is in the market today.
Firstly, many offerings in today’s market store users secured emails on email-servers for recipients to read, making email-servers a central target of cyber-attack. Our new product, on the other hand, delivers each encrypted message end-to-end to the recipients such that only the intended recipients can decrypt and read the message. Consumer’s individual messages are protected, eliminating the hackers’ incentive to attack email servers of email providers. Secondly, powered by our patent-pending IronCAP technology, we believe our new product will be the world’s first quantum-safe end-to-end email encryption system; secured against cyberattacks from today’s systems and from quantum computers in the future. Consumers and businesses using our new products will have tomorrow’s cybersecurity today.
About 01 Communique
Established in 1992, 01 Communique (TSX-V:ONE) has always been at the forefront of technology. The Company’s cyber security business unit focuses on post-quantum cybersecurity with the development of its IronCAP technology. IronCAP’s patent-pending cryptographic system is an advanced Goppa code-based post-quantum cryptographic technology that can be implemented on classical computer systems as we know them today while at the same time can also safeguard against attacks in the future post-quantum world of computing. The Company’s remote access business unit provides its customers with a suite of secure remote access services and products under its I’m InTouch and I’m OnCall product offerings. The remote access offerings are protected in the U.S.A. by its patents #6,928,479 / #6,938,076 / #8,234,701; in Canada by its patents #2,309,398 / #2,524,039 and in Japan by its patent #4,875,094. For more information, visit the Company’s web site at www.ironcap.ca and www.01com.com.