Attached files
Exhibit 99.1
Visium Technologies Repays Outstanding Variable Rate Convertible
Notes
Repayment of Toxic Convertible Debt Reduces Potential Equity
Dilution and
Readies Company for Rapid Expansion
FAIRFAX,
VA / ACCESSEWIRE / OCTOBER 22, 2020
/ Visium
Technologies, Inc. (“Visium” or the
“Company”) (OTC PINK: VISM), a provider of Big
Data analytics and real-time cybersecurity context focused on
visualization technologies, announced today that the Company
has repaid and satisfied in full the remaining $77,000 that
had been owed to two noteholders pursuant to variable rate toxic
convertible notes which were initially issued in January 2019. Such
notes are being paid off using the proceeds from the issuance of
two unsecured promissory notes totaling $150,000. The new
promissory notes have a one-year term and bear interest at 8%. As
part of the purchase and sale of such promissory notes, the Company
issued 90,000,000 restricted shares of its common stock to the
purchasers, but such notes are not convertible, making these new
notes more favorable to the Company as there will be no future
dilution resulting from variable-rate conversion
terms.
Mr.
Lucky commented, "I know the importance to our shareholders of
paying off these toxic notes; it is an important first step in
creating shareholder value by eliminating the dilution and the
continued downward selling pressure that these notes have had on
our share price over the last year. We continue to focus on
cybersecurity and CyGraph, and are making great strides behind the
scenes to bring CyGraph to market very soon.
The
Company believes it is well-positioned to accelerate our growth
strategy and close several near-term revenue opportunities, as we
expect to see our first significant revenue from
CyGraph in
the coming weeks.”
CyGraph
is a cybersecurity platform that allows its users to quickly turn
information into knowledge
by providing comprehensive visualization and
context.
With
CyGraph®, network
operators are able to have real-time visibility of their security
posture and quickly and easily identify potential threats to their
assets.
MITRE-developed
CyGraph is a military-grade cybersecurity analytics and
visualization platform that delivers a data and analytics-driven
approach to cybersecurity which includes:
●
A
graph knowledge base about attack vulnerability, threat indicators,
and mission dependencies within a network environment
●
A
predictive model of possible attack paths and critical
vulnerabilities that correlates network events to known
vulnerability paths.
●
The
capability to greatly reduce effort within enterprise security
operations centers for prevention of, and response to cyberattacks,
by providing situational awareness, and assuring business
operations are stable and secure.
About
MITRE
For a
half century, MITRE has worked as a strategic partner to federal
agencies to solve hard problems in cybersecurity. MITRE's
mission-driven teams are dedicated to solving problems for a safer
world. Through public-private partnerships, as well as the
operation of federally funded R&D centers, we work across
government to tackle challenges to the safety, stability, and
well-being of our nation.
About
Visium Technologies, Inc.
Visium
Technologies, Inc. (OTC: VISM) is a Florida corporation based in
Fairfax, Virginia, focused on global cybersecurity clarity, machine
learning, advancing technology and automating services to support
enterprises in protecting their most valuable assets - their data,
business applications, and IoT on their networks and in the
cloud.
For
more information please visit www.visiumtechnologies.com
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.
Contact:
Visium
Technologies, Inc.
Corporate: Mark
Lucky, Chief Executive Officer
mlucky@visiumtechnologies.com
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Corporate
Office:
4094
Majestic Lane Suite 360
Fairfax, VA
22033
Phone:
703-225-3443
Investor
Relations:
Peter
Nicosia
Bull in
Advantage, LLC
Phone:
585-703-6565
Email:
Info@BlueHorseshoeStocks.com
SOURCE: Visium Technologies,
Inc.