CYBEATS TECHNOLOGIES CORP - $CYBCF STOCK NEWS

Cybeats Technologies Corp. provides a corporate update showcasing significant commercial delivery and strategic positioning to capitalize on sector growth. The company has achieved 100% client retention, 144% net revenue retention, 322% revenue growth to $2.1M ARR, zero client churn, and high conversion rates on pilot projects. Cybeats has secured top clients in ICS, medical device manufacturing, and the EU telecom market. The SBOM Studio product offers a comprehensive solution to address cybersecurity challenges and operational demands, revolutionizing vulnerability handling for modern applications.

Cybeats Technologies Corp. announces that it has been granted a management cease trade order (MCTO) by the Ontario Securities Commission due to the delay in filing its annual audited financial statements. The company expects to file the required documents by June 30, 2024, and will issue bi-weekly default status reports until then. Cybeats confirms its compliance with alternative information guidelines and that it is not undergoing insolvency proceedings.

Cybeats Technologies Corp. announces a SaaS agreement with a major U.S. electrical infrastructure company, expanding its presence in the critical infrastructure sector. The deal highlights the increasing demand for cybersecurity solutions in the ICS industry, driven by regulatory pressures on U.S. critical infrastructure. Cybeats' SBOM Studio offers advanced vulnerability management solutions, addressing urgent cybersecurity challenges and compliance requirements in the industry.

Cybeats Technologies Corp. announces a contract renewal for its cybersecurity software SBOM Studio with a Top 10 global Medical Device Manufacturer that has a $70 Billion USD market cap. The FDA released new guidelines emphasizing the importance of Software Bills of Materials (SBOM) for medical device security. Cybeats' SBOM Studio helps MDMs understand software components, comply with FDA regulations, and manage cybersecurity risks effectively. The company's participation in the H-ISAC Summit highlights the critical role of SBOM in the healthcare industry.

Cybeats Technologies Corp. responds to OTC Markets' request on recent promotional activity. The company, listed as CYBCF on OTCQB, has been asked by OTC Markets to issue a statement regarding this matter.

Cybeats Technologies Corp. is attending the RSA Cybersecurity Conference in San Francisco from May 6-9, a major event with over 45,000 IT security professionals. They will host their third annual 'SBOM Meetup' for discussions on software supply chain security. Cybeats has a successful track record of gaining client attention and generating commercial sales at RSA.

Cybeats Technologies Corp. announces a delay in filing its audited annual financial statements for the year ended December 31, 2023, due to the current auditor's inability to continue public company audits. The company has applied for a management cease trade order to address the late filing and anticipates completing the filings by June 30, 2024. Cybeats will provide bi-weekly default status reports and confirms no insolvency proceedings or undisclosed material information.

Cybeats Technologies Corp. is positioned to benefit from the new EU Cyber Resilience Act, which enforces SBOM compliance with fines of up to €15 million or 2.5% of gross sales. The company's SBOM Studio offers a leading interface for managing software assets, aligning with increasing regulatory requirements. CEO Justin Leger emphasizes the importance of proactive cybersecurity measures. The Act covers all products with software connections, including IoT devices. The FDA also mandates SBOM for medical device cybersecurity, highlighting the importance of solutions like SBOM Studio.

Cybeats Technologies Corp. signs a cybersecurity deal with a top 3 European telecom leader, marking a significant milestone in the company's commercial journey. The SaaS agreement for SBOM Studio1 product aims to enhance cybersecurity practices in the telecom sector, leveraging Cybeats' industry-leading software. With a focus on regulatory compliance and security risks, Cybeats expects substantial commercial traction in this new market vertical.