Revenue Increases Over 675 Percent Over Same Period Last Year
THE WOODLANDS, TEXAS, Aug. 15, 2018 (GLOBE NEWSWIRE) — Optium Cyber Systems, Inc. (the Company) (OTC:OCSY) has released its financial results for the first fiscal quarter ended June 30, 2018. The financial statements and annual report may be viewed at: www.otcmarkets.com/stock/OCSYD/disclosure
In comparison to the same period last year:
— current assets decreased $246,277 due to the write-off of prepaid expenses and uncollectable receivable;
— non-current assets grew $2,345,427 as a result of the acquisition of a technology platform and an investment in an associated company through the issuance of a licensing agreement;
— current liabilities increased $76,580 as a result of the revenue growth and associated expenses;
— operating revenue increased $289,000 as a result of the continued commencement of the monetization of the technology platform;
— operating expenses increased $153,661 due to increased revenue and associated expenses.
“We are very pleased that our company’s business continues to grow,” commented George Rutherford, President of Optium Cyber Systems. “Our revenue grew by over 675 percent compared to the same period last year. Again, we are one of a handful of startup tech companies that have been able to successfully monetize their technology in a very short period of time. Our continued goal is to be first to market with a comprehensive yet cost-effective cyber security solution that is transferrable to any situation and scalable to any size,” continued Mr. Rutherford.
About Optium Cyber Systems, Inc.
OCSI has developed a proprietary process to analyze, identify and address cyber security vulnerabilities in an organization’s critical IT infrastructure which is scalable to any size organization in any industry. OCSI has recently launched in the health care sector, focusing on protecting health care facilities including hospitals, nursing homes and doctor’s offices from cyberthreats such as the manipulation of medical devices or theft of patient records. OCSI is a publicly traded company having its common shares quoted on the OTC Markets under the symbol “OCSY”.
Ten Associates LLC
11529 N. 120th St.
Contact: Thomas E. Nelson
Optium Cyber Systems, Inc.
8350 Ashlane Way, Suite 104
The Woodlands, Texas
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Optium Cyber Systems, Inc.’s filings with OTC Markets which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.