Recent Equity Financing Leads to Stronger Balance Sheet, Free of Convertible Debt with Sufficient Cash Reserves to Drive Growth.
HERZLIYA, Israel, April 27, 2020 — Safe-T® Group Ltd. (NASDAQ, TASE: SFET) (Safe-T or the Company), a provider of Secure Access solutions for on-premise and hybrid cloud environments, today announced that on April 23, 2020, the Company retired in full its outstanding debenture debt.
On April 20, 2020, the Company reported a significant decrease of approximately 93% in its liabilities of a total of $8.23 million pertaining to the convertible debentures issued in April 2019 and in subsequent convertible loan transactions undertaken by the Company. On April 23, 2020, the Company retired in full its outstanding debenture debt, including redemption premium and accrued interest.
“Full retirement of our convertible debentures represents another important milestone in the continual improvement of the Company’s balance sheet,” commented Shachar Daniel, Chief Executive Officer. “The convertible debenture facility provided us with the required financing to complete the acquisition of our IP Proxy business, which was an important market expansion of our offering portfolio. Now that we cleared the convertible debt and following our recent successful equity offering, we are in a stronger financial position with sufficient cash reserves to continue to drive revenue growth and to further fortify our position as a leading provider of secure access solutions.“
About Version 2 Limited
Version 2 Limited is one of the most dynamic IT companies in Asia. The company develops and distributes IT products for Internet and IP-based networks, including communication systems, Internet software, security, network, and media products. Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 Limited offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.
About Safe-T® Group Ltd.
Safe-T Group Ltd. (Nasdaq, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity. Safe-T’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.
Safe-T’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.
With Safe-T’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats.