Lies and half-truths and more lies. The MDLG legacy lives on! MDLG, Dr. Al Carlson and Joe Gangi would all be so proud of this letter of lies:
“To my fellow shareholders”. Someone please ask Mr. Chasteen how many shares he owns and is currently buying in the market? How about none.
“First quarter was an important turning point”. He is correct. It was an important turning point towards bankruptcy as it was the first quarter CipherLoc finally flushed every last penny raised by Paulson Investment down the toilet. Now they live on a few thousand dollars of the remaining Covid-19 money.
“Mission focused”. Someday ask Mr. Chasteen how focused can a bunch of part time executives be. Ask him how much time each day he is dedicating to CipherLoc vs. his full time job with the COO who is his boss.
“We launched a proactive sales and marketing effort last spring”. Ask Mr. Chasteen to show us proof of even one marketing effort that’s been made. Where is it? Oh, let me guess....it doesn’t exist.
“We now have multiple partners ready to integrate our solutions”. Someone ask Mr. Chasteen how many POC’s have been completed to be able to say the company has “multiple partners ready to integrate”. Someone needs to call these so called partners and ask if they have products "ready to integrate". MDLG is smiling ear to ear right now.
“Google has achieved Quantum Supremacy”. Someone ask Mr. Chasteen if he even knows what Quantum Supremacy means. Obviously, he does not know, or he wouldn’t have made the statement.
“The solar winds breach…” …it had nothing to do with encryption.
“…Cipherloc is the only company currently deploying the AES algorithm in a quantum-resistant way with a FIPS-certified product. We are particularly well-suited to solve the problem of quantum decryption with a solution that is agile and algorithm-independent.” Someone ask Mr. Chasteen what CipherLoc’s competitive edge is in deploying a coming FREE Quantum encryption? The answer is they have no advantage because the encryption is free and anyone will be able to download it just like they can now with AES 256 that is also free. Mr. Chasteen pulled out the old regimes playbook and is proudly running with it like it in 2017.
“…a FIPS-certified product.” Someone ask Mr. Chasteen if anyone in the US Government has ever tested the polymorphic encryption engine (pee) or has even heard of the pee?
“We look forward to an exciting and productive 2021 as we continue to advance our efforts with partners, distributors, and customers ready to move into the post-quantum world.” Someone ask Mr. Chasteen exactly how they are advancing their efforts with partners, distributors, and customers. Someone also should ask Mr. Chasteen if he understands that in order to be a “customer”, CipherLoc would have to have a finished product to sell, and one would have to have someone buying it. How does a non-revenue generating company say they have customers?
The bottom line is the pee is competing with free. The pee is a flawed concept. The pee needs to be flushed down the toilet.
omtrader
Tuesday, 03/09/21 10:31:44 AM
Re: None 0
Post # of 22533
Cipherloc Provides Business Update Letter from CEO
Press Release | 03/09/2021
AUSTIN, TX / ACCESSWIRE / March 9, 2021 / Cipherloc Corporation (OTCQB:CLOK) ("CipherLoc"), a developer of advanced encryption technology, today provided a business update letter from Chief Executive Officer David Chasteen.
To my fellow shareholders,
The first quarter of 2021 is an important turning point for Cipherloc as we continue to move forward in our top priority - transitioning our commercial ready software into revenue.
We start 2021 an extremely lean, focused and mission-oriented organization. We look forward to excellent opportunities in the year ahead. Today I want to share a number of updates with you as we continue to move our business forward.
First, we have drastically reduced our operating expenses over the past year. The global COVID pandemic hit just as we were preparing to launch a proactive engineering, marketing and sales effort last spring. We moved quickly to halt those plans, then began a rapid cost reduction program to conserve capital and lean out the business. Those efforts have been very successful, enabling us to operate through the pandemic and continue advancing key development programs.
We also settled ongoing litigation issues over the past few months, ultimately returning more than 14.5 million shares to the company and wrapping up legal expenses. The shares returned represented approximately one-third of our total shares outstanding.
But our focus was not strictly on conserving capital or reclaiming shares. We have made consistent forward progress over the past year, with multiple partners and distributors now ready to integrate and sell our solutions.
Every stage of testing done over the past year, whether by customers or third parties, has shown that our software not only works, it works extremely well for both present and future encryption needs. Where we have seen opportunities for further performance improvement, we have done so as part of our relentless focus on giving customers the best performance possible using Cipherloc's products.
The market for quantum-resistant market solutions is growing quickly and, according to analysts, is expected to hit $9.5B by 2029. And quantum is no longer a concept - it is reality. Google arguably achieved "quantum supremacy" at the end of 2019, and quantum computers are becoming increasingly capable of breaking existing encryption.
And that threat is real.
The SolarWinds breach makes it clear that private companies need to worry about threats from foreign nation state actors, who are making significant investments in quantum and encryption.
We believe that post-quantum encryption will be one of the largest and most critical technology migrations since Y2K. And like Y2K, organizations that plan for transition early in the product lifecycle will have an easier, lower cost transition process. Organizations that wait until the last minute will spend a lot more money fighting for scarce resources.
As far as we know, today Cipherloc is the only company currently deploying the AES algorithm in a quantum-resistant way with a FIPS-certified product. We are particularly well-suited to solve the problem of quantum decryption with a solution that is agile and algorithm-independent.
We are also future proof, helping to de-risk customers who choose Cipherloc for their encryption needs. When the NIST PQE standard algorithm is selected in 2022, we will be ready to deploy it to our customers, making Cipherloc a true quantum-ready solution.
We look forward to an exciting and productive 2021 as we continue to advance our efforts with partners, distributors and customers ready to move into the post-quantum world.
David Chasteen
Chief Executive Officer
AI
