/IT News Online – 01 Communique Provides Quarterly Update on Business Developments and First Quarter Fiscal 2021 Results (via Qpute.com)

IT News Online – 01 Communique Provides Quarterly Update on Business Developments and First Quarter Fiscal 2021 Results (via Qpute.com)


TORONTO, ON / ACCESSWIRE / March 15, 2021 / 01 Communique Laboratory Inc. (the “Company”) (TSX-V:ONE)(OTCQB:OONEF) one of the first-to-market, enterprise level cybersecurity providers for the quantum computing era is pleased to report that the Company continued to make progress with an increase in revenue and reduction in the quarterly loss for the first quarter 2021, and the building of revenue from its remote access service business to help ensure the successful commercialization of its IronCAP™ technology.

Andrew Cheung, CEO of 01 Communique, stated, “Last quarter we achieved a number of milestones. We ramped up our sales and marketing efforts, increased revenues from our remote access service, and reduced our quarterly loss. In addition, we have expanded co-marketing activities with our partners and started our CAD $100,000 bounty contest with exclusive sponsorship by one of our global partners. This Bounty Contest is very significant as it should demonstrate to the world that IronCAP™ is a best-in-class solution in the post-quantum cybersecurity market. This is just the beginning for us as we expect this positive trend in sales and marketing to continue throughout 2021.”

First quarter 2021 results:

In the First Quarter 2021, the Company continued to focus its fiscal 2021-2025 business plan initiatives designed to achieve growth in revenues and earnings. The Company increased sales and marketing efforts with major global enterprise partners to help ensure the successful commercialization of IronCAP X™ and IronCAP™ API. Discussions with other leading technology firms are in progress.

The Company reduced its loss for the first quarter to $112,734 from $194,391 in 2020 while still increasing its investment in the development and commercialization of its IronCAP™ technology. The adjusted loss for the first quarter was $89,697 (2020 – $161,499) a reduction of $71,802. The adjusted loss excludes stock-based compensation and depreciation which are non-cash operating expenses.

At the end of the quarter the cash and cash equivalents were $1,100,876 compared to $1,022,337 at October 31, 2020 an increase of $78,539.

Revenue for the quarter was $213,262 compared to $41,370 in 2020 an increase of $171,892. The Company’s remote access service business continues to see an increase in subscriber numbers and revenue.

The increase in research and development costs were attributable to the investment the Company continues to make in the development of products based on its IronCAP™ technology and as well enhancements that were made to the remote access service to support the Japanese market.

The Company spent more on sales and marketing activities with the goal to commercialize IronCAP X™ as well as continue its efforts to build partnerships with companies for the integration of the IronCAP™ API with third party applications. The Company expects to make significant investments in Company infrastructure over the next few years including marketing, sales and business development, R&D, finance and business processes. The Company expects these investments will support the growth of the business thereby enabling significant future levels of profitability.

Business Development Highlights:

On February 22, 2021 the Company announced the start of our Bounty Contest, sponsored by one of its global partners. The Bounty Contest is available online to contestants from around the world. Registered contestants will have a maximum of 30 days to explore IronCAP™ encryption and try their hands at breaking it. A cash prize of CAD$100,000 will be awarded to the first person able to break the encryption. The result will be announced on or about Thursday, March 25th where the outcome of the Bounty Contest will be revealed. This Bounty Contest is an ideal platform for participants who are innovators, researchers, scientists, domain experts, academics to test the IronCAP™ technology. The Bounty Contest is designed to demonstrate that the Company is one of the first-to-market with proprietary, patent-pending, enterprise software for the quantum computing era that the Company believes has the potential to become the de-facto solution globally.

On February 11, 2021 the Company announced that we retained the services of Renmark Financial Communications Inc. (“Renmark”) to handle our investor relations activities and reinforce our profile in the financial community as well as enhancing the visibility of our company both in the U.S. and here in Canada.

On December 8, 2020, the Company and ixFintech announced the introduction of the world’s first quantum-safe Bitcoin ATM machine, DAEM (Digital Asset Exchange Machine) by ixFintech, using IronCAP™’s quantum-safe cryptographic technology. The work is the result of a previous MOU with ixFintech to adopt IronCAP™ as their quantum computing security solution in the development of future technology solutions.

On December 14, 2020, the Company signed a partnership agreement with U.K. based Mirata Ltd. to provide patent-pending IronCAP™ post-quantum cybersecurity technology to their web-based technology solutions. Mirata services and solutions include email security, website hosting and server management, e-learning, web software and application development, etc. using both a cloud-based platform and a single-server platform.

Conference Call Reminder and Information:

01 Communique will host a live teleconference allowing for questions and answers later today at 10:00AM EST (March 15, 2021) to discuss the Company’s results as well as providing an update on the business prospects for IronCAP™ and IronCAP X™.

Browser (please cut-and-paste the following link into your browser):

https://us02web.zoom.us/j/83272630612?pwd=ZGRGMU5aWUY0Z3N3SFgvT2s0VlVrZz09

Passcode: ironcap21

Dial-in:

Within Canada (647) 374-4685 or (647) 558-0588

Within the USA (646) 558 8656 or (669) 900 9128

Webinar ID when prompted is 832 7263 0612

About 01 Communique

Established in 1992, 01 Communique (TSX-V: ONE; OTCQB: OONEF) 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.

Cautionary Note Regarding Forward-looking Statements.

Certain statements in this news release may constitute “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use such words as “may”, “will”, “expect”, “believe”, “plan”, “intend”, “are confident” and other similar terminology. Such statements include statements regarding the commercial success of IronCAP X™, the future of quantum computers and their impact on the Company’s product offering, the functionality of the Company’s products and the intended product lines for the Company’s technology and the potential licensing of the Company’s technology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under “Risk and Uncertainties” in the Company’s Management`s Discussion and Analysis document filed on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances.

Neither TSX Venture Exchange (“TSX-V”) 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.

INVESTOR CONTACT:
Brian Stringer
Chief Financial Officer
01 Communique
(905) 795-2888 x204
[email protected]

01 Communique Laboratory Inc.
SELECTED FINANCIAL INFORMATION
Consolidated Statements of Financial Position
Unaudited

As at January 31, 2021 and October 31, 2020

             

 

  31-Jan-21     31-Oct-20  

 

           

Assets

           

Current assets

           

Cash and cash equivalents

  1,040,876     962,337  

Guaranteed investment certificate

    60,000       60,000  

Accounts receivable

    149,836       202,974  

Prepaid expenses and other assets

    20,754       25,343  

 

    1,271,466       1,250,654  

 

               

Plant and equipment

    24,533       35,253  

 

               

Total assets

  1,295,999     1,285,907  

 

               

Liabilities and Shareholders’ Deficit

               

 

               

Current liabilities

               

Accounts payable and accrued liabilities

  151,549     151,111  

Deferred revenue

    6,788       7,679  

Lease liability

    7,046       18,704  

 

    165,383       177,494  

 

               

CEBA loan payable

    60,000        

 

    225,383       177,494  

Shareholders’ deficit

               

Share capital

    43,462,102       43,395,752  

Contributed surplus

    5,737,073       5,717,636  

Warrants

    255,285       266,135  

Deficit

    (48,383,844 )     (48,271,110 )

 

    1,070,616       1,108,413  

 

               

Total liabilities and shareholders’ deficit

  1,295,999     1,285,907  
                 

 

01 Communique Laboratory Inc.
SELECTED FINANCIAL INFORMATION
Consolidated Statements of Operations and Comprehensive Income
Unaudited

For the 3 month periods ended January 31, 2021 and 2020

 

  three months ended        

 

  31-Jan-21     31-Jan-20  

 

           

Revenue

  213,262     41,370  

 

               

Expenses:

               

Selling, general and administrative

    168,284       141,652  

Research and development

    137,229       71,094  

Withholding taxes

    20,784       3,456  

 

    326,297       216,202  

Loss before accretion on liability component of

               

debenture, interest, and other income

    (113,035 )     (174,832 )

 

               

Interest on debenture

          15,000  

Accretion on liability portion of debenture

          4,535  

Loss before other income and expense

    (113,035 )     (194,367 )

 

               

Interest income

    576       725  

Interest expense

    275       750  

Loss for the period and comprehensive loss

  (112,734 )   (194,392 )

 

               

Basic

  (0.00 )   (0.00 )

Diluted

  (0.00 )  


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