Visium Technologies Receives Letter of Intent from Cybastion Institute of Technology for Major Projects in Côte d'Ivoire
News provided byACCESSWIRE
Sep 18, 2023, 8:45 AM ET
Contracts valued at $50 Millon expected to commence in October
FAIRFAX, VA / ACCESSWIRE / September 18, 2023 / Visium Technologies, Inc. ("Visium" or the "Company") (OTC PINK:VISM), a leading global cybersecurity, data analytics, and advisory enterprise, announced today that the Company has received a Letter of Intent ("LOI") to collaborate with Cybastion Institute of Technology, a leading cybersecurity business providing state-of-the-art technology and solutions with a particular focus on emerging markets, on a series of groundbreaking projects in Côte d'Ivoire ("Ivory Coast"). The LOI outlines the commitment of both organizations to work together on initiatives that promise to drive technological innovation and economic growth in Africa.
There are several projects to be undertaken in Côte d'Ivoire where Visium will provide network engineering services, system engineering services, converged infrastructure deployment, software development, and cybersecurity, featuring the TruContextTM data analytics and visualization platform.
The total estimated value of contracts to be awarded to Visium for these projects in Côte d'Ivoire is conservatively estimated to be $50 million, with the possibility of adjustments as the projects progress and their specific requirements become more defined.
The projects under this agreement are expected to commence in October 2023.
The shared goal of Cybastion and Visium is to contribute to the successful realization of these transformative projects, which have the potential to significantly impact technological advancement and economic growth in Côte d'Ivoire.
Representatives from both organizations will convene for in-depth discussions on critical aspects of the partnership, including scope of work, timelines, responsibilities, financial arrangements, and other pertinent considerations of the collaboration. The partnership will leverage the combined expertise and resources of both companies to drive the successful execution of these vital projects in Côte d'Ivoire.
Mark Lucky, Chief Executive Officer of Visium Technologies, commented, "In our initial discussions with Cybastion, it became evident that, beyond delivering our data analytics platform, TruContextTM, as a key component of their cybersecurity solution, Visium will assume an expanded role in these projects. Cybastion's expressed interest in expanding our scope of responsibilities has led to a longer-than-expected go-to-market process. Significantly for Visium, with the broadening of our responsibilities comes substantially higher revenues per project. Currently we are slated to be engaged in four specific projects within Côte d'Ivoire."
Lucky continued, "We are fortunate to have a team of experienced technology experts at Visium, enabling us to transition the company from just being a provider of a cyber technology platform, TruContextTM, to becoming a world-class full-service technology and security firm. We now offer a comprehensive range of services, including Network Engineering, System Engineering, Converged Infrastructure deployment, Software Development, Project Management, Consulting, and Cybersecurity Solutions. Our partnership with Cybastion in Côte d'Ivoire marks our first step in this expanded role. We anticipate similar opportunities arising in several other countries in the near future."
Lucky added, "We are excited to be working with a world class organization like Cybastion - one who is committed to transforming Africa's digital landscape by strengthening cyber defenses, fostering innovation, and empowering governments and businesses to embrace the opportunities presented by the digital era."
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 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 US Army Cyber Command by MITRE Corporation (CyGraph), and then further developed by Visium, our world class TruContextTM technology provides visualization, advanced cyber monitoring intelligence, data modeling, analytics, and automation to help reduce risk, simplify cyber security, and deliver better security outcomes. TruContextTM plugs the gaps left by other security tools.
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.
Visium Technologies, Inc.
Corporate: Mark Lucky, Chief Executive Officer
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SOURCE: Visium Technologies, Inc.
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