Paranotek Announces Global Restructuring to Focus on Parano Embedded Chat App and International Investment

November 06 13:30 2017 Print This Article

LOS ANGELES, Nov. 07, 2017 (GLOBE NEWSWIRE) — Paranotek, a wholly owned subsidiary of WorldFlix, Inc. (OTC:WRFX), today announced plans to release its encrypted chat demonstration app and B2B business strategy.

Paranotek is an international, end-to-end encryption software company that has developed ‘Parano’, a post-quantum, cryptographic protocol, designed to resist sophisticated security hacks both currently in use and expected in the near future from advances in super and quantum computers. The company’s latest security software solutions will allow governments and corporations across multiple industries such as healthcare and finance keep their employees and data safe while also monitoring and analyzing potential breaches and productivity with real-time, centralized reporting.

International cybersecurity expert Mick Davis recently joined Paranotek as CEO. Mr. Davis has a background in world-class commercial and military information services and security innovations, returning to part-time military service with the department of defense and intelligence community after 9-11. Mr. Davis’ career experience includes a senior role supporting the decommissioning of the Joint Task Force Global Network Operations (JTF-GNO) and standing up the United States Cyber Command (USCYBERCOM). In addition to accelerating plans to release the company’s encrypted collaboration chat app and focus on B2B solution sales, Davis today announced plans to restructure Paranotek in order to accommodate superior investment as well as attract top level developers and management.

The global encryption software market is expected to grow from USD 3.87 Billion in 2017 to USD 12.96 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 27.4%. The demand for encryption software tools is driven by stringent government regulations and the need to protect critical information. In February 2016, the National Institute for Standards and Technology (NIST) called for proposal submissionsforquantum-resistant cryptographic algorithms for new public-key crypto standards.

“Lauri Tunnela and his Finland based ‘Paranotek Team’ has built a solid foundation to serve the Global Encryption Software Market with its post-quantum cryptology flagship product ‘Parano’. Now we want to position the company correctly to achieve our next milestones – increased corporate sales, improved investment opportunities, adherence to international regulatory requirements and recruitment of the top minds in the industry,” stated Mick Davis, CEO of Paranotek. “We are currently restructuring the company to meet these growth objectives. We will accelerate the delivery of our Parano embedded chat app, focus on partnering with major service providers in the US and Europe and build out our delivery footprint for cloud based encryption services. We will also continue to support Swantry, the family oriented privacy app that uses Parano.”

“While expanding our business, we will keep a focus on international regulatory requirements to minimize our burden when it comes to exposure to dual-use item regulation and export controls. We will also structure the company to attract both international early stage investment as well as traditional institutional investment. This new structure will also enable us to recruit talented cryptologists and management as we can offer them a stake in our future success,” concluded Davis.

Brad Listermann, Chairman and CEO of WorldFlix, Paranotek’s parent company, added, “I have been working closely with Mick and am quite excited about the roadmap he has developed for Paranotek. I am confident in Mick’s vision and leadership and look forward to updating our shareholders on the company’s progress thru the end of this year and into the next.”

About WorldFlix, Inc. (www.worldflix.co)

WorldFlix, Inc. (OTC PINK:WRFX) operates in a variety of niche businesses in the technology and entertainment sphere. WorldFlix divisions include AppFarm, a platform for acquiring, developing, and growing niche apps for mobile and tablet devices; Drobbits, an interactive platform that allows users to create, play and monetize their own video games; Paranotek, a Finnish technology and design company that incorporates its military-grade, proprietary security and privacy features when developing software and apps; Swantry, designed to allow parents to ensure their child is safe on their mobile device; and WorldFlix Entertainment Management, a television and movie development and management business. For more information on WorldFlix, Inc., please visit www.worldflix.co.

About Paranotek (www.paranotek.com)

Paranotek is a partnership between WorldFlix, Inc., and Finnish-based technology and encryption experts. Lauri Tunnela, CTO, and Johannes Maliranta, CCO, have a combined 20 years of diverse and complimentary information technology experience. Tunnela’s thesis on information security vulnerabilities has been featured in major Finnish technology magazines. Paranotek’s products range from data storage, sharing and instant messaging services to various software suites, all based on our disruptive security technology. While other popular apps, software and services collect your data, Paranotek’s unique security technology never collects user data, thus providing an extra layer of enhanced privacy for our users. For more information on Paranotek, please visit www.paranotek.com.

FORWARD-LOOKING STATEMENTS: “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. These statements are based on current expectations, and are to a certain degree uncertain. Words such as expects, anticipates, intends, believe, plan, will and similar words are expressions intended to identify these forward-looking statements. These statements involve risk and subsequently are difficult to evaluate. Actual results may vary from descriptions herein due to many factors including but not limited to changes in business conditions, changes in laws and regulations, problems encountered in exploration and obtaining permits, changes in the competitive environment, technological advances, shortages of skilled workers, the need for additional capital and other risks listed in the company’s Securities and Exchange Commission filings under “risk factors” and elsewhere. Forward-looking statements speak only as of the date they were made, and the company is under no obligation to update them.

For more information, please visit: www.worldflix.co, www.paranotek.com, www.swantry.com.

CONTACT INFORMATION

WorldFlix, Inc. (OTC:WRFX)

Brad Listermann

Chairman and CEO

(310) 684-2462 / [email protected]

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Jonathan Yaniv
Jonathan Yaniv

Jonathan is the founder and editor-in-chief of TrustedNerd.com. Covering major tech shows such as CES, Jonathan is always there for the latest tech news. Want your gadget to be reviewed or have a release you’d like to be considered for publishing? Send Jonathan an email, jonathan [at] trustednerd.com

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