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Sollensys Corp. Unwinds Acquisition of Login Custom Software, LLC

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Sollensys Corp. (OTC PINK:SOLS) has announced the termination of its acquisition of Login Custom Software, LLC, due to legal restrictions preventing the deal's completion. Both parties are now exploring alternative transaction structures. Sollensys Corp. specializes in data management and offers innovative blockchain solutions, including its Blockchain Archive Server, which ensures data security by creating redundant, immutable backups. This product integrates seamlessly into existing systems, reinforcing the company's position in the blockchain application market.

Positive
  • Sollensys Corp. specializes in data management and has an innovative product in the Blockchain Archive Server.
  • The Blockchain Archive Server offers a turn-key solution that integrates with existing data infrastructures.
Negative
  • Acquisition of Login Custom Software was terminated due to legal restrictions, impacting potential growth opportunities.
  • Uncertainty regarding the future structure and direction of the company following the failed acquisition.

PALM BAY, FL / ACCESSWIRE / December 11, 2020 / Sollensys Corp. (OTC PINK:SOLS) Sollensys Corp. previously announced the acquisition of Login Custom Software, LLC, a technology, consulting, engineering and custom software development company. Due to certain legal restrictions, the transaction as contemplated is not capable of being consummated. Accordingly, the parties have agreed to terminate the related transaction documents and will investigate alternative structures.

ABOUT SOLLENSYS CORP.

Sollensys Corp. ("Company") is a U.S. based, public company specializing in data management and preparation. The Sollensys Corp. team is comprised of academics, PhDs and industry experts with decades of data security management experience. Sollensys Corp. manufactures the Blockchain Archive Server that maintains a redundant, immutable backup of data. In this innovative product, redundant backups and blockchains work together to assure not only the physical security of the database but also the integrity of the information held within. Uniquely, the Blockchain Archive Server works with the client's existing equipment without the need to replace or eliminate any part of the client's data security already in place. The Blockchain Archive Server is compatible with virtually all hardware and software combinations currently in use.

The Company's Blockchain Archive Server encrypts, fragments and distributes data across thousands of secure nodes every day, which makes it virtually impossible for hackers to compromise. The product is a turn-key solution that can stand alone or seamlessly integrate into an existing data infrastructure to quickly recover from a cyber attack. We believe that Sollensys Corp. is positioned to become a leader in commercial blockchain applications due to its technology's low cost and short time to implement, which is far less than existing solutions.

FORWARD-LOOKING STATEMENTS:

Certain information in this press release relating to the Company contains forward-looking statements. All statements other than statements of historical facts included herein are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company is under no obligation (and expressly disclaim any such obligation) to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Investor Relations:
Sollensys Corp.
866.438.7657
www.sollensys.com
info@sollensys.com
https://business.facebook.com/Sollensys/
https://www.linkedin.com/company/sollensys-corp/

SOURCE: Sollensys Corp.



View source version on accesswire.com:
https://www.accesswire.com/620580/Sollensys-Corp-Unwinds-Acquisition-of-Login-Custom-Software-LLC

FAQ

Why did Sollensys Corp. terminate the acquisition of Login Custom Software?

Sollensys Corp. terminated the acquisition due to legal restrictions that made the transaction unfeasible.

What is the significance of the Blockchain Archive Server?

The Blockchain Archive Server provides a secure data management solution by maintaining immutable backups and integrating with existing systems.

How does the termination of the acquisition affect Sollensys Corp.'s future?

The termination introduces uncertainty regarding future growth strategies, as the company will need to explore alternative transaction structures.

What are the implications of the failed acquisition on SOLS stock?

The failed acquisition may lead to decreased investor confidence and potential stock price volatility as the company navigates future opportunities.

SOLLENSYS CORP

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Software - Infrastructure
Technology
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United States of America
Palm Bay