Visium Technologies, Inc. Issues Letter to Shareholders
Visium Technologies, a global cybersecurity and IT infrastructure services company, has provided an update on its business activities for 2024. The company has initiated project work in Africa in partnership with Cybastion Institute of Technology, focusing on infrastructure and cybersecurity projects in Côte D'Ivoire, Benin, and Burkina Faso. This includes a $20 million contract set to start in June. Additionally, Visium is working with IREX.AI on a video surveillance technology project in Peru. These activities are expected to generate revenue soon. CEO Mark Lucky thanked shareholders for their patience regarding delays in revenue recognition and emphasized that 2024 is set to be a year of execution with multiple contracts across Africa, South America, and the US.
- Initiation of $20 million contract in Côte D'Ivoire starting in June.
- Partnership with Cybastion Institute of Technology and IREX.AI, opening multiple revenue-generating opportunities.
- Engagement with prominent US companies like Cisco Systems and Dell in African projects.
- New contract with the City of Miraflores in Peru for video surveillance solutions.
- Expected revenue flow from multiple contracts in 2024.
- Delayed revenue recognition causing potential investor concern.
- Dependence on project execution in regions with potential geopolitical instability.
- Revenue generation is still in the future, creating uncertainty.
Update on Business Activities Including Initiation of Project Work in Africa with Partner, Cybastion Institute of Technology
FAIRFAX, VA / ACCESSWIRE / May 28, 2024 / Visium Technologies, Inc., ("Visium" or the "Company") (OTC PINK:VISM), a global cybersecurity and IT infrastructure professional services company, today released an investor update highlighting their recent progress and current status.
Dear Fellow Shareholders of Visium Technologies:
In an effort to keep our investors informed, I am providing this update on the Company's activities this year. 2024 has been off to a productive start for Visium Technologies as we continue to develop opportunities with our key partners, Cybastion Institute of Technology ("Cybastion"), and IREX.AI ("IREX"). These efforts will begin to generate revenue in the coming weeks.
This Spring Visium attended the Global Business Development Summit held in Washington, DC. There, I met with representatives from Cybastion and the Export Import Bank (EXIM) of the United States to discuss the infrastructure and cybersecurity projects in Côte D'Ivoire, Benin, and Burkina Faso. Leading US-based companies involved in these initiatives include Cisco Systems (CSCO), (DELL), Schneider Electric (SBGSY), George Mason University (GMU), Washington DC-based CWP Consulting, Lilium Group, and US based Cybersecurity Coalition Companies.
The long-awaited agreements related to the Côte D'Ivoire projects have been finalized and Visium is now poised to begin work under the already-awarded
In addition to these Cybastion-led opportunities we continue to pursue opportunities with our partner IREX. We recently announced a joint contract with the City of Miraflores in Peru to deliver our Ethical Layered Intelligence (ELI) video surveillance technology solution. This project is just beginning and Visium expects to see revenue from this partnership in the near future.
Altogether, 2024 is shaping up to be a year of execution as we look forward to engaging in multiple contracts across the African continent, South America, and the US.
As the CEO of Visium, I am personally appreciative of shareholders' patience and understanding of the unexpected delays in revenue recognition from these large projects. Both Cybastian and Visium see these projects starting soon and the resulting revenue flow to begin.
Regards,
Mark Lucky
CEO
About EXIM:
The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov.
About Cybastion Institute of Technology
Cybastion Institute of Technology, is a leading cybersecurity business providing state-of-the-art technology and solutions with a particular focus on emerging markets, especially in Africa. Cybastion is a one-stop shop for all cybersecurity needs, offering cybersecurity solutions, infrastructure, and digital technologies. The company has a large footprint in Africa, working in eight countries. Cybastion seeks to bridge the gap between Africa's cybersecurity and more developed countries with cybersecurity solutions, infrastructure, and digital technologies. For more information, please visit https://www.cybastiontech.com/.
About IREX AI, Inc.
IREX AI, Inc. is a provider of AI-powered video analytics operating in over 30 countries worldwide. IREX's mission is to mold cities of the future: safe, comfortable, and sustainable. The IREX Ethical AI and Big Data platform focuses on public safety and connects cameras and sensors to a secure private cloud, analyzing data in real-time and providing vital, proactive opportunities to prevent security and safety incidents. IREX allows cities to adapt to ever-changing threats, using Ethical AI technology to combat 21st-century problems such as pandemics, overcrowding, missing children, mass shootings, rising crime rates, and much more.
For more information, please visit www.IREX.AI
About Visium Technologies, Inc.
Visium Technologies (OTC PINK:VISM) is a cyber security solutions provider that uses graph database technology to deliver an analytics-driven, risk-based approach to cybersecurity that provides context to data so that users can make intelligent decisions in real time. Built for the US Army Cyber Command by MITRE Corporation (CyGraph), and then further developed by Visium, our world class TruContext™ technology provides visualization, advanced cyber monitoring intelligence, data modeling, analytics, and automation to help reduce risk, simplify cyber security, and deliver better security outcomes. TruContext™ plugs the gaps left by other security tools.
For more information please visit www.visiumtechnologies.com and our YouTube Channel.
Safe Harbor Statement: Under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements that reflect management's current views with respect to future events and performance. These forward-looking statements are based on management's beliefs and assumptions and information currently available. The words "believe," "expect," "anticipate," "intend," "estimate," "project" and similar expressions that do not relate solely to historical matters identify forward-looking statements. Investors should be cautious in relying on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed in any such forward-looking statements. These factors include, but are not limited to, whether the reverse stock split will be beneficial to the Company and its shareholders, any inability to meet the NYSE American continued listing standards in the future for any reason, and those other factors described in our filings with the U.S. Securities and Exchange Commission. Any responsibility to update forward-looking statements is expressly disclaimed.
CONTACT:
Visium Technologies, Inc.
Corporate: Mark Lucky, Chief Executive Officer
mlucky@visiumtechnologies.com
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Corporate Office:
4094 Majestic Lane Suite 360
Fairfax, VA 22033
Phone: 703-273-0383
SOURCE: Visium Technologies, Inc.
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FAQ
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