CORRECTION BY SOURCE: Sekur Private Data Ltd. Announces 2023 Budget – Cuts Costs by 50%, Plans to Increase Sales by 70% to 100%, Has Plenty of Cash for 2023 Budget

Rhea-AI Summary

Sekur Private Data Ltd. (OTCQX:SWISF) has announced its finalized budget for fiscal year 2023, reducing expenses by approximately 50% to CA$3,200,000 (US$2,360,000). The company anticipates gross sales to rise to CA$800,000 to CA$950,000 (US$590,000 to US$700,000) from CA$475,000 (US$350,000) in 2022, representing a year-over-year increase of 70% to 100%. With CA$4,050,000 (US$3,000,000) in cash and no debt, Sekur is positioned to meet its budgetary requirements without the need for additional funding.

Positive

• Projected sales increase of 70% to 100% year-over-year.
• Reduction in budget expenses by approximately 50%.
• No debt, with sufficient cash reserves of CA$4,050,000 (US$3,000,000) to support operations.

Negative

• None.

Correction is sales increase up to 100%.

TORONTO, ON and NEW YORK, NY / ACCESSWIRE / December 27, 2022 / Sekur Private Data Ltd. (OTCQX:SWISF)(CSE:SKUR)(FRA:GDT0) ("Sekur" or the "Company"), the leader in Swiss hosted secure communications and secure data management, is pleased announce that it has finalized its budget for fiscal year 2023.

The Company has established a new budget of CA$3,200,00 (US$2,360,000), for all its expenses including G&A, marketing and hardware. This represents a reduction of approx 50% from the budget established in 2022 for its G&A, marketing and harware purchases. The Company is targeting gross sales of CA$800,000 to CA$950,000 (US$590,000 to US$700,000), up from gross sales of estimated CA$475,000 (US$350,000) for 2022, representing an increase of approximately 70% to 100% year-over-year. The company is ending 2022 with a annualized monthly sales rate of CA$555,000/year (US$410,000/year) as of the date of this press release.

The Company has cash and cash equivalent of CA$4,050,000 (US$3,000,000) as of the date of this press release with all expenses for 2022 fully paid up and no debt or convertible debt. The Company has no need to raise cash to meet its budget obligations for 2023.

Alain Ghiai, CEO of Sekur Private Data said: "We are pleased to announce that we have been able to cut close to 50% of our expenses for 2023, and still expect an increase in sales. Some of the assumptions are due to the new marketing plan we have and some of the sales increases are attributed to the B2B relationships we have signed and established in Latin America and the USA. There has been a lot of chatter, on some investment forums notably, about our need to raise funds in 2023, and we can now demonstrate with certitude that we have no need for new funding to meet the needs of the Company for the 2023 fiscal year. 2023 will increase focus on establishing more B2B relationships and on SMB marketing, as we continue to expand our direct-to-consumer base. As we are not connected to any Big Tech platform, we offer a truly independent, private and secure means of communications without any data mining, through our proprietary technology and our secure servers based in Switzerland. We look forward to continuing to offer true data privacy to all individuals and their businesses and protect their intellectual property, and their privacy, from data miners and malicious hackers."

Sekur, which includes SekurMessenger and SekurMail, is part of a bundle of email, messaging and file transfer into one application, includes the Company's latest SekurMail technology, which includes proprietary anti-phishing and privacy feature called SekurSend®. SekurSend® lets a user send an email to any other recipient, whether they have Sekur or not, in full privacy and security as the email never leaves Sekur's encrypted email servers based in Switzerland. The recipient can then click on the notification and reply in the same manner using SekurReply®, without the recipient having to register for a Sekur account. The sender can also decide to protect any email sent by adding a password to open it, a read-limit and a self-destruct timer as well. Sending an email with the SekurSend® feature allows the senders and recipients to add limitless size attachments to the emails without crowding the recipients' email box. This also eliminates BEC attacks for businesses and email phishing attacks. Additionally, SekurMail includes full control of email delivery, automatic data export for large Enterprises and an automatic Data Loss Prevention technology ("DLP") with real time continuous archiving.

Recent data breaches in messaging applications have created a certain urgency for businesses and data privacy advocates to protect their communications from cyber-attacks and identity theft via mobile and desktop devices.

SekurMessenger now comes with a proprietary feature and technology called "Chat-By-Invites". This feature allows a SekurMessenger user ("SM user") invite a non-SM user, or a group of non-SM users, to chat in a fully private and secure way, without the recipient ever having to register to SekurMessenger or download the app. At the end of the chat, the initiator of the conversation can remotely terminate the conversation and all traces of the conversation are deleted from all users, including the recipient. This unique feature is now fully deployed and functional on all iOS and Android devices and web platforms. The target sectors are numerous, including but not limited to real estate, legal, finance, insurance, medical, government, energy, manufacturing, trade and pharmaceutical sectors.

SekurMessenger also eliminates many of the privacy and security risks by not only not requiring a phone number, which would divulge a user's phone device ID, but also by not social engineering a user's phone or computer contact list and infecting the contacts by default as well, eliminating a huge loophole in security and privacy. SekurMessenger issues each user a username and a Sekur number. The Sekur number is the contact ID a user would disclose in order for other Sekur users to be added. The service comes with a self-destruct timer and other features as well, including Sekur's proprietary VirtualVaults and HeliX technologies with all data stored in Swiss hosted encrypted servers.

Sekur's Data privacy solutions are all hosted in Switzerland, protecting users' data from any outside data intrusion requests. In Switzerland, the right to privacy is guaranteed in article 13 of the Swiss Federal Constitution. The Federal Act on Data Protection ("FADP") of 19 June 1992 (in force since 1993) has set up a strict protection of privacy by prohibiting virtually any processing of personal data which is not expressly authorized by the data subjects. The protection is subject to the authority of the Federal Data Protection and Information Commissioner.

Under Swiss federal law, it is a crime to publish information based on leaked "secret official discussions." In 2010 the Federal Supreme Court of Switzerland found that IP addresses are personal information and that under Swiss privacy laws they may not be used to track Internet usage without the knowledge of the individuals involved.

About Sekur Private Data Ltd.
Sekur Private Data Ltd. is a Cybersecurity and Internet privacy provider of Swiss hosted solutions for secure communications and secure data management. The Company distributes a suite of encrypted e-mails, secure messengers, secure communication tools, and secure cloud-based storage, disaster recovery and document management. Sekur Private Data Ltd. sells its products through its approved wholesalers and distributors, and telecommunications companies worldwide. Sekur Private Data Ltd. serves consumers, businesses and governments worldwide.

On behalf of Management
SEKUR PRIVATE DATA LTD.
Alain Ghiai
President and Chief Executive Officer
+1.416.644.8690
corporate@sekurprivatedata.com

For more information, please contact Sekur Private Data at corporate@sekurprivatedata.com or visit us at https://www.sekurprivatedata.com
For more information on Sekur visit us at: https://www.sekur.com .

Forward Looking Information
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guaranteeing future performance. Sekur cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sekur's control. Such factors include, among other things: risks and uncertainties relating to the future of the Company's business; the success of marketing and sales efforts of the Company; the projections prepared in house and projections delivered by channel partners; the Company's ability to complete the necessary software updates; increases in sales as a result of investments software development technology; consumer interest in the Products; future sales plans and strategies; reliance on large channel partners and expectations of renewals to ongoing agreements with these partners; anticipated events and trends; the economy and other future conditions; and other risks and uncertainties, including those described in Sekur's prospectus dated May 8, 2019 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Sekur undertakes no obligation to publicly update or revise forward-looking information.

SOURCE: Sekur Private Data Ltd.

View source version on accesswire.com:
https://www.accesswire.com/733327/CORRECTION-BY-SOURCE-Sekur-Private-Data-Ltd-Announces-2023-Budget-Cuts-Costs-by-50-Plans-to-Increase-Sales-by-70-to-100-Has-Plenty-of-Cash-for-2023-Budget

FAQ

What is Sekur Private Data's projected sales for 2023?

Sekur Private Data anticipates gross sales between CA$800,000 and CA$950,000 (US$590,000 to US$700,000) for 2023.

How much has Sekur reduced its budget for 2023?

Sekur has reduced its budget by approximately 50%, resulting in a total budget of CA$3,200,000 (US$2,360,000) for 2023.

What is the current cash position of Sekur Private Data?

As of the press release date, Sekur has CA$4,050,000 (US$3,000,000) in cash and cash equivalents.

Does Sekur Private Data need to raise funds for 2023?

No, Sekur has confirmed it does not need to raise additional funds to meet its budget obligations for 2023.

What was Sekur's estimated gross sales for 2022?

Sekur's estimated gross sales for 2022 were CA$475,000 (US$350,000).