2,000,000 Common Shares Outstanding to be Cancelled & Removed from Float
- Cancellation of approximately 17% of common shares outstanding as of today
- Settlement allows all parties to avoid expenses and distractions of continued litigation
- Nominal settlement amount of $65,000 to be paid by Data443
RALEIGH, N.C., November 18, 2019 – Data443 Risk Mitigation, Inc. (“Data443”) (OTCPK: LDSR, LDSRD), a leading data security and privacy software company, announced today that it has entered into an agreement (the “Settlement Agreement”) to settle previously disclosed litigation LandStar. Inc. vs. Hubai Chuguan Industry Co., Ltd. and Madison Stock Transfer Inc. (the “Lawsuit”) that was filed February 25, 2019 in the United States District Court, Eastern District of New York (the “Court”).
Once signed and entered by the Court, the Settlement Agreement provides that Data443 (the “Plaintiff”) and Hubai Chuguan Industry Co., Ltd. (“Defendant”) will waive any and all claims against each other related to this litigation, and each will provide a General Release in favor of each other. A Stipulation of Dismissal/Discontinuance will be filed with the Court upon Plaintiff’s payment of $65,000 to Defendant.
Plaintiff and Defendant also unconditionally and generally releases Madison Stock Transfer, Inc. (the “Nominal Defendant”) from any and all claims related to this Lawsuit, and all parties agree to cancel One Billion Five Hundred Million (1,500,000,000) common shares represented by a certificate issued on January 27, 2009, which is Two Million (2,000,000) common shares post the 1:750 reverse stock split effected by Data443 on October 28, 2019.
“We are encouraged by the progress made to resolve this case, and we believe this settlement is in the best interests of Data443 and its shareholders,” said Data443 Risk Mitigation, Inc. founder and CEO Jason Remillard. “With this settlement, we have resolved all issues in this matter. Also, as disclosed in our Q3-2019 filings last week, we consider all other current legal matters to be closed at this time. These significant milestones allow us to focus on growing Data443 into what we do and what we are; ‘All Things Data Security.’”
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About Data443 Risk Mitigation, Inc.
Data443 Risk Mitigation, Inc. (OTCPK: LDSRD) provides an expanding suite of products and services highlighted by: (i) ArcMail, which is a leading provider of simple, secure and cost-effective enterprise data retention management, archiving and management solutions; (ii) ARALOC™, which is a market leading secure, cloud-based platform for the management, protection and distribution of digital content to the desktop and mobile devices, which protects an organization’s confidential content and intellectual property assets from leakage — malicious or accidental — without impacting collaboration between all stakeholders; (iii) ClassiDocs™, the Company’s award-winning data classification and governance technology, which supports CCPA, LGPD and GDPR compliance; (iv) ClassiDocs™ for Blockchain, which provides an active implementation for the Ripple XRP that protects blockchain transactions from inadvertent disclosure and data leaks; (v) Data443 Privacy Manager™, which is integrated with ClassiDocs to do the delivery portions of GDPR and CCPA as well as process DSARs – removal request – with inventory by ClassiDocs; (vi) Data443 Protect™, which provides nearly instant Cloud-deployed Data Loss Prevention capabilities with false positive rates unmatched enabled by ClassiDocs™; (vii) the Data443 virtual Data Protection Officer, program that offers a turnkey and outsourced DPO capability for smaller organizations; (viii) DATAEXPRESS™, the leading Data transport, transformation and delivery product trusted by leading financial organizations worldwide; and (ix) the WordPress GDPR Framework with over 30,000 active site owners, enables organizations of all sizes to comply with the GDPR and other privacy frameworks. For more information, please visit https://www.data443.com.
The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Data443’s plans, objectives, future opportunities for Data443’s services, future financial performance and operating results and any other statements regarding Data443’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties, and assumptions, many of which are beyond Data443’s control, and which could cause actual results to differ materially from the results expressed or implied by the statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, and include, without limitation, results of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending; global economic conditions; ability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and integration of acquisitions; product liability; cybersecurity risk; and, anti-takeover measures in our charter documents. These and other important risk factors are described more fully in our reports and other documents filed with the Securities and Exchange Commission (“the SEC”), including under “Part I, Item 1A. Risk Factors”, in our Registration Statement on Form 10 filed with the SEC on January 11, 2019 and amended on April 24, 2019. Any forward-looking statement is made only as of the date of which such statement is made. Except as otherwise required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
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