Cloud Security Corporation Signs LOI to Acquire Slice Networks
NEWPORT BEACH, Calif., Oct. 29, 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 signed a letter of intent to acquire Slice Networks, LLC, a leading Southern California technology firm. (www.slicenetworks.com).
Slice Networks helps content creators and publishers develop, manage, and monetize their brand and digital presence. Slice specializes in developing video-heavy web platforms and mobile applications ranging from social media, to online video, to distribution of content to multiple devices. They are experts in the latest technologies, mobile and tablet applications, and custom development around multiscreen devices and settop boxes.
"We are pleased to sign this LOI with Slice Networks," commented Safa Movassaghi, CEO of Cloud Security Corporation. "The Company is led by a seasoned management team and is a rapidly expanding innovator in technology platforms related to video content being delivered through the cloud. This acquisition will provide additional revenue streams and an amazing in house development team."
"Slice is ecstatic about its future partnership with Cloud Security Corp," states Lawrence Lam, CEO of Slice Networks. "Joint technology sharing combined with access to public markets to catalyze growth portends a bright future for both companies."
The proposed acquisition is subject to customary terms and conditions, including the negotiation of a definitive agreement, receipt of necessary approvals and consents, completion of a due diligence investigation, delivery of audited financial statements, and delivery of necessary and customary closing documentation.
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