NEWPORT BEACH, Calif., Dec. 12, 2014 (GLOBE NEWSWIRE) -- Cloud Security Corporation (OTC:CLDS) (the "Company"), an emerging technology company focused on the next generation of Internet and mobile security, today announced that the Company signed a stock purchase agreement with Goldenrise Development, Inc., a California corporation ("Goldenrise"), for the purpose of accelerating development of its existing mobile security platform and searching for acquisition targets to increase shareholder value. The Company intends to use Goldenrise's international contacts to assist with this purpose.
On December 8, 2014, the Company entered into a Stock Purchase Agreement (the "Agreement") with Goldenrise. In connection with the Agreement, the Company also agreed to effectuate a 1:100 reverse stock split of the Company's issued and outstanding common stock ("Reverse Split"). At the Agreement's closing, the Company must sell and Goldenrise will acquire 12,000,000 shares (the "Shares") of the Company's common stock which will be equal to approximately 92% of the Company's outstanding shares following the Reverse Split.
In order to close the transaction contemplated by the Agreement, the Company must, among other things, file an Information Statement pursuant to Section 14(c) of the Securities Exchange Act of 1934 ("Information Statement") with the SEC to effect the Reverse Split.
The transaction contemplated by the Agreement would effectuate a change in control of the Company should it ultimately close. Goldenrise would own approximately 92% of the Company's issued and outstanding common stock at the closing.
Further details in regards to the transaction can be found in an 8-K filing with the United States Securities and Exchange Commission filed on December 12, 2014.
About Cloud Security Corporation
Cloud Security Corporation is an innovative cloud computing company whose technology and products allow for secure data connections to the cloud, through networks, traditional computers and mobile devices such as smartphones and tablets. The Company's flagship product - MyComputerKey(TM) - provides the ability for remote access security to any computer around the world. The Company also develops online application security products and mobile security technology in the Bring-Your-Own-Device (BYOD) market, a growing trend in today's mobile workforce. For more information about the Company, please visit www.cloudsecuritycorporation.com.
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting the Company please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Safa Movassaghi Safamovassaghi@gmail.com (866) 360-3544Source:Cloud Security Corporation