Cloud Security Corporation and App Ventures Limited Agree to Complete Asset Purchase
NEWPORT BEACH, Calif., Oct. 3, 2013 /PRNewswire/ -- Cloud Security Corporation (OTCBB: CLDS), an emerging technology company focused on the next generation of Internet and mobile security, today announced that the Company is pursuing the purchase option of the assets of Hong Kong-based, App Ventures Ltd. as part of its previously announced joint venture agreement. The acquisition of App Ventures' assets will allow Cloud Security the opportunity to expand its App and website security development and marketing in North America, as well as give it access to critical Asian markets.
The two companies formed a joint venture agreement to pursue technology and intellectual property that was equally owned. Cloud Security Corporation and the joint venture filed a patent (US Serial Number 61/832,534) for a process and methods for one-time password generation on mobile computing devices. This patent-pending process reduces several risk factors related to current one-time password technology. Cloud Security Corporation will own 100% of this patent following completion of the asset purchase agreement.
In addition to the aforementioned intellectual property, the Company also gains access to AppSecure™, part of the AppFence technology, a cutting-edge sensor technology with a secure communication framework that detects web-based attacks on web apps and websites. While continuing to vigilantly monitor security, the built-in intelligence provides analysis, affirmation and impediment of cyber attacks in real time instead of after the fact. The asset purchase agreement will include AppVentures' interest in AppSecure™ and AppFence.
Safa Movassaghi, President of Cloud Security commented, "We are pleased to expand our product line with App Secure™ and other App Fence products from this pending acquisition of App Ventures' assets. A key advantage is that App Secure is ready-for-market and is already being used. This gives us the opportunity to market products while the prototype of MyComputerKey™, our remote-location security device, completes Beta testing."
Kerry Singh, President of App Ventures Ltd. stated, "Obviously our collaboration with Cloud Security not only provides us an opportunity to bring App Secure™ to North America, which we have wanted to do for some time, but also aligns us with a company we believe in, and a market that is strong and growing. We are thrilled that Cloud Security has decided to pursue the acquisition. As part of this asset purchase agreement, we will be offering our extensive developer and business relationships in Asia to Cloud Security Corporation."
About Cloud Security Corporation
Cloud Security Corporation is an innovative cloud computing company whose technology and products allow for secure data connections to the cloud, through networks, traditional computers and mobile devices such as smartphones and tablets. The Company's flagship product - MyComputerKey™ - provides the ability for remote access security to any computer around the world. The Company also develops online application security products and mobile security technology in the Bring-Your-Own-Device (BYOD) market, a growing trend in today's mobile workforce. For more information about the Company, please visit www.cloudsecuritycorporation.com.
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"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Notice Regarding Forward Looking Statements -This press release includes forward-looking statements that involve a number of risks and uncertainties, including the success of the programs it is commercializing and developing. Further, the risks involve the ability of the Company to raise capital to fund its operations and the capital requirements for the development and marketing of its products. Investors are encouraged to review the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE Cloud Security Corporation
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