CYBEATS TECHNOLOGIES CORP - CYBCF STOCK NEWS

Cybeats Technologies Corp. is attending the RSA Cybersecurity Conference in San Francisco from May 6-9, a major event with over 45,000 IT security professionals. They will host their third annual 'SBOM Meetup' for discussions on software supply chain security. Cybeats has a successful track record of gaining client attention and generating commercial sales at RSA.

Cybeats Technologies Corp. announces a delay in filing its audited annual financial statements for the year ended December 31, 2023, due to the current auditor's inability to continue public company audits. The company has applied for a management cease trade order to address the late filing and anticipates completing the filings by June 30, 2024. Cybeats will provide bi-weekly default status reports and confirms no insolvency proceedings or undisclosed material information.

Cybeats Technologies Corp. is positioned to benefit from the new EU Cyber Resilience Act, which enforces SBOM compliance with fines of up to €15 million or 2.5% of gross sales. The company's SBOM Studio offers a leading interface for managing software assets, aligning with increasing regulatory requirements. CEO Justin Leger emphasizes the importance of proactive cybersecurity measures. The Act covers all products with software connections, including IoT devices. The FDA also mandates SBOM for medical device cybersecurity, highlighting the importance of solutions like SBOM Studio.

Cybeats Technologies Corp. signs a cybersecurity deal with a top 3 European telecom leader, marking a significant milestone in the company's commercial journey. The SaaS agreement for SBOM Studio1 product aims to enhance cybersecurity practices in the telecom sector, leveraging Cybeats' industry-leading software. With a focus on regulatory compliance and security risks, Cybeats expects substantial commercial traction in this new market vertical.

Cybeats Technologies Corp. extends the expiry date of 32,591,800 common share purchase warrants, benefiting shareholders with extended exercise periods at unchanged prices.

Cybeats Technologies Corp. has signed a renewed and expanded license agreement for SBOM Studio with a Top 5 global Medical Device Manufacturer, solidifying its position in the medical device industry. The contract term is now for three years and for over seven figures in total contract value. The company continues to achieve commercial progress evidenced by client retention and organic contract growth, illustrating increased product usage and demand. The FDA's role in regulating medical device cybersecurity and the significance of SBOM management solutions like SBOM Studio have been emphasized, highlighting the pivotal role of SBOM Studio in fortifying software supply chains, especially for globally-operating companies.

Cybeats Technologies Corp. closed a non-brokered private placement, raising $2,025,000 through the issuance of debenture units. The company intends to use the net proceeds for working capital and general corporate purposes. Each debenture unit consists of unsecured convertible debentures and common share purchase warrants. The debentures mature in 24 months and accrue interest at 12% per annum. The principal amount is convertible into common shares at a conversion price of $0.30 per share. The forced conversion clause is triggered if the shares trade at or above $0.60 for 20 consecutive days. The securities issued are subject to a hold period of four months plus a day from the date of closing. The offering was a related party transaction, with an insider of the company subscribing for 210 debenture units.

Cybeats Technologies Corp. has increased its non-brokered private placement to up to 2,025 debenture units for gross proceeds of up to $2,025,000. The company intends to use the net proceeds for working capital and general corporate purposes. Each debenture unit consists of unsecured convertible debentures and common share purchase warrants. The debentures accrue interest at 12% per annum and are convertible into common shares at a conversion price of $0.30 per share. The offering is subject to certain conditions including regulatory approvals.

Cybeats Technologies Corp. (CYBT) provides a year-end letter to shareholders, showcasing a 250% annual recurring revenue growth and total contract values exceeding $4M in their first full year of commercial operations. The company's cybersecurity software, SBOM Studio, has 100% customer retention and has expanded contracts with 30% of existing customers. The 2024 growth strategy includes contract expansions, acquiring new enterprise clients, and entering new market segments.