Validian Announces Sale To U.S. Regional IT Company
OTTAWA, Nov. 9, 2010 (GLOBE NEWSWIRE) -- Validian Corporation, (OTCBB:VLDI), a world wide leader in the software based policy management and protection of digital information and assets is pleased to announce a confirmed sale of its Validian Protect product. The customer, a U.S. based IT / Accounting Services company, has requested to remain anonymous at this time due to its focus on U.S. Government and large corporate IT contracts. Validian has received an initial payment of $156,000 USD as a license fee for the installation of its Validian Protect server plus support for 100 user seats. Validian expects this initial sale will expand to support more than several thousand user seats, and ultimately lead to additional sales to the clients of this Regional IT / Accounting firm.
The funds received have been recorded by Validian as deferred revenue and will be booked as revenue upon delivery and acceptance testing of the initial installation of Validian Protect by this IT firm. Delivery is expected in Q1 2011.
Validian management estimates this sale will provide much of the revenue for its 2011 annual cash flow breakeven of $700,000. Validian's investors are supporting Validian to increase expenses to achieve expected revenue growth from opportunities currently in the Validian Sales Opportunities pipeline.Validian has been very active developing new products during the recent economic downturn in anticipation of a boom in the policy management and secure protection of digital information and assets now underway. Validian is planning more exciting announcements in the very near future. About Validian Corporation Validian Corporation, (OTCBB:VLDI), is first-to-market technology that provides secure access, transfer and storage of digital information on wired, wireless or mobile networks over the Internet. The Company provides solutions that can be customized to the client's business process to ensure end-to-end authenticity, integrity and custody of high value digital assets. Validian has the only technology that enables IT managers to change on demand encryption algorithms, keys, key life time and level of compression and to distribute these automatically, immediately and transparently to all end points without having to re-develop or re-install the software. Validian is a U.S. public company with offices in the U.S. and Canada.
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