DATA443 RISK MITIGATION PROVIDES BUSINESS UPDATE

Nachrichtenquelle: globenewswire
13.07.2020, 16:35  |  116   |   |   

Completed Payments for Modevity, the Enterprise Cloud-Based Data Storage, Protection, and Workflow Automation Platform known as ARALOC

Reached Shareholder-Friendly Forbearance Agreements for Outstanding Convertible Notes

RESEARCH TRIANGLE PARK, NORTH CAROLINA, July 13, 2020 (GLOBE NEWSWIRE) -- Data443 Risk Mitigation, Inc. (“Data443” or the “Company”) (OTCPK: ATDS), a leading data security and privacy software company, today provided updates on its current business and financing arrangements:

Completed Payments to Modevity, LLC for the ARALOC platform, the Secure Private Data Storage, Protection, and enablement platform

As previously disclosed, on October 22, 2018, Data443 acquired all technology, sales assets, and customers of Modevity’s enterprise cloud-based data storage, protection, and workflow automation platform, ARALOC. ARALOC continues to lead the industry with Digital Rights Management, Secure Content Distribution and nearly instant large organization implementation. Data443 continues to innovate with the product and will have forthcoming product and customer announcements in the near term. Additionally, Data443 has now remitted to Modevity all amounts due under the purchase transaction (over $1.2MM USD) and owes no further amounts or any other consideration to Modevity.

Reached Shareholder-Friendly Forbearance Agreements for Outstanding Convertible Notes

Effective July 1, 2020, Data443 entered into privately negotiated agreements with a number of existing holders of the company’s outstanding convertible notes, which is intended to reduce short-term debt obligations of the company, while also deferring a significant amount of debt which otherwise could have been converted into common stock. The revised terms of these existing convertible notes can be found in the Form 8-K that was filed by the Company on July 10, 2020, which can be accessed at:
https://www.sec.gov/Archives/edgar/data/1068689/000149315220013083/for ...

Management Commentary:

Jason Remillard, CEO of Data443, commented, “Today’s announcement consists of two important milestones for our business. Since acquiring ARALOC, we have built upon the unbeatable customer base by strengthening existing product functionality and offerings, with to the ARALOC product set contributing regularly to our growing and stable regular and deferred revenue base. We understood the great potential for ARALOC when we acquired it in 2018 as immediately accretive for Data443, which has proven to be the case.”

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Data443 Risk Mitigation Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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DATA443 RISK MITIGATION PROVIDES BUSINESS UPDATE Completed Payments for Modevity, the Enterprise Cloud-Based Data Storage, Protection, and Workflow Automation Platform known as ARALOC Reached Shareholder-Friendly Forbearance Agreements for Outstanding Convertible Notes RESEARCH TRIANGLE …

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