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AUSTIN, TX / ACCESSWIRE / September 14, 2021 / Cipherloc Corporation (OTCQB: CLOK) (“Cipherloc”), a developer of advanced encryption technology, today announced the results of its annual general meeting on September 13, 2021.
At the annual general meeting, shareholders have:
- Election of Anthony Ambrose, Sammy Davis, David Chasteen and Tom Wilkinson to the Board of Directors;
- Confirmation of Briggs & Veselka Co.’s appointment as the Company’s Independent Auditor;
- Approved and Adopted the Company’s Omnibus Equity Incentive Plan 2021;
- Approved the company’s reintegration from the state of Texas into the state of Delaware;
- The Board of Directors has the discretionary power to combine outstanding shares of Cipherloc common stock into a smaller number of outstanding shares, the exact ratio being determined by our Board of Directors within a range of 1 to 2 to a maximum of 1. for-20;
- Approve an amendment to the amended and revised articles of incorporation of the Company, as amended, to remove the statutory subscription rights of shareholders under Section 21.208 of the Texas Business Organizations Code if the Company is incorporated from the state of Texas into the State of Delaware not completed;
- Approved by a non-binding advisory vote a resolution approving the remuneration of the designated CEO; and
- Approved, by non-binding advisory vote, future non-binding advisory votes on resolutions that approve the future remuneration of the appointed board members every three years.
“We are grateful for the shareholder approval we have received for these proposals. This historic vice-president for Cipherloc represents the continued commitment of our board of directors and management team to create sustainable and shareholder value,” said David Chasteen, CEO. “We will continue to focus on generating initial customer wins from our expanding sales funnel and developing our encryption service offering.”
Since 2020, Cipherloc has developed commercial applications of its technology by advancing a software development kit (“SDK”) for its polymorphic encryption core. This allows potential customers to integrate and configure the PEC using the SDK. Cipherloc’s technology now supports commercial applications through three different products.
- For data-in-motion applications, Cipherloc Sentinel enables a customer to integrate a post-quantum encryption solution into their product environment.
- Cipherloc Armor uses the Sentinel solution in a hardware appliance that can be deployed in front of any IT system and encrypts the data traffic between paired Armor devices with little setup effort.
- Cipherloc Shield addresses data-at-rest requests and securely encrypts data with the PEC, which is stored on a hard drive or in a database for long-term storage.
About Cipherloc Corporation (OTCQB: CLOK)
Cipherloc Corporation Provides Advanced Technology and Expertise to Protect Your Data Cipherloc Corporation provides advanced technology and expertise to protect your data and protect your privacy with the speed you need today and the agility you need tomorrow. Our patented polymorphic encryption technology provides a stronger, adaptable and scalable layer of security for a wide variety of applications and systems. Learn more at www.cipherloc.net.
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management’s views regarding Cipherloc’s future expectations, plans and prospects, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, the words “believes,” “hopes,” “expects,” “intends,” “planet,” “looks ahead,” or “may” and similar conditional expressions, when used in the preceding discussion, are intended to be forward-looking in the sense of the law and are subject to the safe haven created by law and otherwise. All statements made in this press release that are not historical facts about an act, event or development are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that could cause the results of Cipherloc, its businesses and concepts to differ materially from those expressed or implied in these statements. These risk factors include, but are not limited to, statutory rights of first refusal granted to our shareholders under Texas law, our past failure to comply with such rights, dilution from exercising those rights, and potential penalties or liability in connection therewith, and our plans to terminate those rights in the future ; Fines and other amounts payable for our failure to comply with the deadlines and agreements set out in the private offer documents dated March / April 2021; that we have suffered net losses since inception, our need for additional funding, the significant doubts about our going concern and the terms of future funding we raise; that COVID-19 has had a significant impact on our operations and could continue to have a material negative impact on our operating results in the future; our dependence on current management and our ability to attract and retain qualified employees; Competition for our products; our ability to develop new products, improve current products, and innovate; Unpredictability of our operating results; our ability to retain existing licensees and add new licensees; Risks in connection with data protection breaches, security gaps, unauthorized access to our systems and those of our customers (if any) as well as to the customers of the systems and products of our licensees, hacking risks, risks of an intentional interruption of our products or services, product failures and the effects of such Outages and other events affecting our brand and operating results; Failures in third party infrastructure that we rely on; Default of payment and default of payment by the customer; Delays in product development, our failure to predict changes in technology, and actual or perceived defects or weaknesses in our products; our ability to manage our growth; our ability to protect our intellectual property (IP), enforce our IP rights, and defend ourselves against claims we have infringed against the intellectual property of others; Risks related to the volatile and sporadic trading of our common stock, dilution from future offers, anti-dilution rights in relation to our securities, overhang, effects of significant sales of our common stock, anti-dilution rights of warrants; additional restrictions on the sale of our common shares as they are penny stocks; our compliance with various rules and regulations, penalties we face for non-compliance, and the risk of new, more expensive or more restrictive rules and regulations; our ability to maintain effective controls and procedures; Limitations on our ability to issue new securities and amounts payable to our CEO on certain sales of the company; the ability of the board of directors to disclose preference shares with blank check without further shareholder approval; Risks related to future acquisitions and / or our failure to grow through acquisitions; Risks associated with pending and / or future litigation, litigation and / or government claims; and other risk factors that are contained from time to time in documents Cipherloc files with the Securities and Exchange Commission, including but not limited to Form 10-Ks, Form 10-Qs, and 8-Ks. These reports are available at www.sec.gov. Other unknown or unforeseeable factors could also have a material adverse effect on Cipherloc’s future results. The forward-looking statements contained in this press release speak only as of the date of this release. Cipherloc cannot guarantee future results, activity levels, accomplishments, or successes. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Cipherloc assumes no obligation to update these statements after the date of this publication unless required by law, and assumes no obligation to update or correct any information prepared by third parties that are not paid for by Cipherloc. If we update one or more forward-looking statements, it should not be inferred that we are additionally updating these or any other forward-looking statements.
Investor contact:
Matt Kreps
Darrow Associates Investor Relations
214-597-8200
mkreps@darrowir.com
SOURCE: CipherLoc Corporation
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https://www.accesswire.com/663945/Cipherloc-Announces-Results-of-Annual-Meeting
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