Sonasoft Corp. (OTCPK:SSFT) announced that PCAOB Auditors, Thayer O’Neil, have completed and signed off on a two-year audit of Sonasoft for the fiscal years of 2016 and 2017.
FOR IMMEDIATE RELEASE
(As published on Nasdaq GlobeNewswire)
September 5, 2018 – San Jose, California, Sonasoft Corp. (OTCPK: SSFT), a leader in eDiscovery and Artificial Intelligence (AI) enabled discovery solutions, is pleased to announce that its PCAOB Auditors, Thayer O’Neil, have completed and signed off on the audit of its financial statements for fiscal years 2016 and 2017.
The audited statements for 2016 and 2017 have been posted to OTC Markets, along with the OTCQB Certification document confirming that the company is current with its reporting obligations and meets all the requirements to uplist from OTC Pink to the OTCQB Venture Market. The uplist is currently pending approval by OTC Markets which the Company expects this to be completed in the coming days.
In February 2018, the company announced its “Growth and Revenue Strategy” for 2018. One of the key initiatives outlined in the plan was the completion of the independent audit of its financial statements to provide investors with increased transparency and confidence. Now that this initial task has been completed, it allows the Company to accelerate forward and execute the remaining initiatives to rapidly expand operations, boost revenues, and significantly increase shareholder value.
“The company has made significant strides in terms of growth over the past six months,” said Andy Khanna, CEO of Sonasoft Corp. “We have bolstered our management team with industry leading professionals, developed strategic partnerships, and now the independent audit and pending uplist. I truly believe that the coming months will be monumental for the company and its shareholders. We plan to show the market that we really mean business.”
The next tasks to be completed as part of the “Growth and Revenue Strategy” include:
- Uplist to OTCQB Venture Exchange
Uplisting to the OTCQB Exchange provides shareholders with greater transparency, opens the stock up to new market-makers, and is likely to attract larger independent and institutional investors. When listed on the OTCQB Exchange, the public will have access to free in-depth Level II quotes, and the company will be able to reach a broader audience of investors through the various “visibility” resources provided to companies on the exchange such as the OTCQB Podcast, social platforms, newsletter, and website.
- The Completion of the Cornerstone Technologies Acquisition
The acquisition of Cornerstone Technologies will be finalized upon audit completion of their financial statements. This is expected to be completed in the coming weeks. Cornerstone Technologies is a key delivery partner for Microsoft, Dell/EMC, cloud, and infrastructure-based solutions as well as engineering solutions for TransVault, Veritas, and Exterro. The Silicon Valley-based IT company has built an impressive list of customers across multiple verticals including retail, high tech, healthcare, state, and local government, and financial services. The merging of Cornerstone Technologies with Sonasoft will add an estimated $13M in annual revenues. This would mark a 1500% increase from Sonasoft’s fiscal 2017 revenues.
- Preferred Stock Initiative
The Company will issue preferred stock and implement an initiative that will allow shareholders to convert their common stock into preferred stock. The Company anticipates that at least 25 percent of its outstanding shares will be converted into preferred stock. This roll-up will tighten the float of tradable shares, add investment stability, and assure investors that many of the large stakeholders are taking a long-term view to their investments. The company has already begun this process and will provide further details in the coming weeks.
“Now that we completed the audit and will move to become a fully reporting company, investors will now have a verified look into the Company’s projected expansion moving forward,” said Mike Khanna, Director of Marketing and Business Development. “The Company anticipates exponential growth as a result of the Cornerstone acquisition, and shareholders can expect to hear about major contracts with large enterprise customers regularly. The previously announced Golden Gate Bridge contract is just the tip of the iceberg. Our future is looking bright, to say the least.”
The company continues to make significant strides to extend its core business beyond email archiving and eDiscovery to intelligent discovery with AI solutions while concurrently executing on multiple corporate objectives.
Building upon the forward momentum generated by the audit completion and pending OTCQB uplist, the company will continue to accelerate forward with its growth and expansion strategy. This includes expanding core operations, developing new and disruptive AI based tech solutions, and capitalizing on several lucrative opportunities that have become available through the execution of the 2018 growth strategy.
Sonasoft, alongside its current partner and future subsidiary, Cornerstone Technologies, is actively pursuing and developing multiple exciting initiatives behind the scenes which should significantly increase revenues, market share, and shareholder value moving forward.
Further announcements from the Company can be expected in the coming weeks as corporate and technology-specific initiatives continue to develop and finalize.
To view Sonasoft’s two-year audit that is posted on OTC Markets, visit:
To view Sonasoft’s OTCQB Certification Application, visit:
For a no-cost consultation and to learn more about more about the power of SonaVault 6.1 eDiscovery and Email Archiving Solution, visit us here:
To obtain the latest company updates in between press releases, please follow us on Twitter @Sonasoft or visit us here:
Sonasoft Corporation is a publicly traded corporation and is listed on the OTC Markets under the trading symbol SSFT. Sonasoft is now an AI-first company. The Company intends to integrate artificial intelligence (AI) into the Company’s core business model, which includes enterprise-class email archiving, eDiscovery, and business continuity software solutions for Microsoft Business Applications on Microsoft Windows platforms. Sonasoft’s signature products for eDiscovery tools, which include SonaVault 5.0 Email Archiving and eDiscovery Software, as well as SonaVault Email Archiving Appliances, deliver affordable enterprise-level functionality that exceeds compliance and ease-of-use requirements of small and medium-sized businesses, governments, school districts, organizations, and enterprises. The company also launched SonaSecure, which protects systems from ransomware and other email-based threats as well as provides email continuity services. In addition, Sonasoft offers data export and migration services for competing email archiving solutions. Sonasoft email archiving and eDiscovery solutions have hundreds of deployments with an exceptionally high degree of customer satisfaction. Founded in 2003, the company is headquartered in San Jose, California.
For more information about Sonasoft’s email archiving solutions and business continuity software, contact:
Phone: (408) 708-4000
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This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
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