Safe-T group Ltd. Regains Compliance with NASDAQ Bid Price Requirement

Herzliya, Israel – November 5, 2019 Safe-T® Group Ltd. (NASDAQ, TASE: SFET), a provider of Secure Access solutions for on-premise and hybrid cloud environments, today announced that Nasdaq has determined that the Company has regained compliance with its minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules. The Nasdaq determination is based on the closing bid price of the Company’s American Depositary Shares (“ADS”) being at $1.00 per share or greater for at least ten consecutive business days.

As previously reported, on October 11, 2019, the Company received a written notice (the “Notice”) from the Nasdaq Stock Market LLC indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the Company’s closing bid price for its ADS was below $1.00 per share for the 30 consecutive business days prior to the Notice, between August 29, 2019 and October 10, 2019.

On November 4, 2019, Safe-T Group received a notification letter from Nasdaq,  determining that for the ten consecutive business days, being from October 21 through November 1, 2019, the closing bid price of the Company’s ADS has been at $1.00 per ADS or greater, therefore the Company has regained compliance with the Minimum Bid Price Requirement, and the matter is now closed.

About Safe-T® Group Ltd.
Safe-T Group Ltd. (NADSAQ, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity.

Safe-T Group’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.

Safe-T Group’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.

With Safe-T Group’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats.

At Safe-T Group, we empower enterprises to safely migrate to the cloud and enable digital transformation.

Safe-T Group’s SDP solution on AWS Marketplace is available here

For more information about Safe-T Group, visit www.safe-t.com

ForwardLooking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws.  Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses maintaining compliance with Nasdaq’s continued listing requirements. Because such statements deal with future events and are based on Safe-T’s current expectations, they are subject to various risks and uncertainties, are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 26, 2019, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

COMPANY CONTACT:
Shai Avnit, CFO
shai.avnit@safe-t.com
+ 972-986-661-10

Safe-T Group Ltd. Prices $3.5 Million Public Offering

Herzliya, Israel – November 1, 2019 Safe-T® Group Ltd. (NASDAQ, TASE: SFET), a provider of Secure Access solutions for on-premise and hybrid cloud environments, today announced the pricing of an underwritten public offering with gross proceeds of approximately $3.5 million, before deducting underwriting discounts, commissions and other offering expenses. The offering consists of (i) 131,400 units (the “Units”) of American Depositary Shares (each, an “ADS”) and warrants  to purchase 1.5 ADSs per warrant (the “Warrants”), with each Unit consisting of one ADS and one Warrant, and (ii) 368,500 pre-funded units (the “Pre-Funded Units”), with each Pre-Funded Unit consisting of a pre-funded warrant to purchase one ADS (a “Pre-Funded Warrant”) and a Warrant.

Each ADS represents 40 ordinary shares of the Company. Each Unit will be sold at a price of $7.00 per unit, and each Pre-Funded Unit will be sold at a price of $7.00 per unit, including the Pre-Funded Warrant exercise price of $0.001 per full ADS.  The Pre-Funded Warrants will be exercisable at any time after the date of issuance upon payment of the exercise price. The Warrants will have a per ADS exercise price of $7.70 per full ADS, are exercisable immediately, and expire five years from the date of issuance.

Safe-T Group has granted the underwriters a 45-day option to purchase up to an additional 74,985 ADSs and/or Warrants to cover over-allotments, if any.

Safe-T Group intends to use the net proceeds from the offering for working capital, general corporate purposes, and to repay up to $470,000 of a convertible loan from April 2019.

The offering is expected to close on November 5, 2019, subject to customary closing conditions.

A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.

A registration statement on Form F-1 (No. 333-233976) relating to these securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on October 31, 2019 and is available on the SEC’s website located at http://www.sec.gov.  This offering is being made only by means of a prospectus. Electronic copies of the preliminary prospectus, and the final prospectus, when available, may be obtained on the SEC’s website or from A.G.P./Alliance Global Partners, Inc., 590 Madison Avenue, 36th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: prospectus@allianceg.com. Before investing in this offering, interested parties should read in their entirety the prospectus and the other documents that Safe-T Group has filed with the SEC that are incorporated by reference in such prospectus, which provide more information about Safe-T Group and such offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Safe-T® Group Ltd.
Safe-T Group Ltd. (NADSAQ, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity.

Safe-T Group’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.

Safe-T Group’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.

With Safe-T Group’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats.

At Safe-T Group, we empower enterprises to safely migrate to the cloud and enable digital transformation.

Safe-T Group’s SDP solution on AWS Marketplace is available here

For more information about Safe-T Group, visit www.safe-t.com

ForwardLooking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others.  For example, forward-looking statements include statements regarding the offering, the expected timing of the closing of the offering and planned use of the net proceeds from the offering. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.  The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T Group’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 26, 2019, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T Group undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, the closing of the offering is subject to various conditions and contingencies as are customary in underwriting agreements. If these conditions are not satisfied or the specified contingencies do not occur, the offering may not close. Further, Safe-T Group may use the proceeds from the offering for different purposes than those described above. Safe-T Group does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in Safe-T Group’s filings. Safe-T Group does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

Contact
Safe-T Group Ltd.
Shai Avnit, Chief Financial Officer
shai.avnit@safe-t.com
+ 972-986-661-10

SAFE-T Receives Nasdaq Notification Regarding Minimum Bid Requirements

Safe-T expects to regain compliance with the minimum bid price requirement in connection with its scheduled 20:1 reverse share split

HERZLIYA, Israel, October 17, 2019 – Safe-T® Group Ltd. (NASDAQ, TASE: SFET), a provider of Secure Access solutions for on-premise and hybrid cloud environments, announced today that on October 11, 2019, the Company received a written notice (the “Notice”) from the Nasdaq Stock Market LLC indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the Company’s closing bid price for its American Depositary Shares was below $1.00 per share for the 30 consecutive business days prior to the Notice, between August 29, 2019 and October 10, 2019.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180-calendar day compliance period, or until April 8, 2020, to regain compliance with the minimum bid price requirement. During the compliance period, the Company’s American Depositary Shares will continue to be listed and traded on the Nasdaq Stock Market. To regain compliance, the closing bid price of the Company’s American Depositary Shares must meet or exceed $1.00 per share for at least 10 consecutive business days during the 180-calendar day compliance period.

If the Company is not in compliance by April 8, 2020, the Company may be afforded a second 180-calendar day compliance period. To qualify for this additional time, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq with the exception of the minimum bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period. If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company’s American Depositary Shares will be subject to delisting.

On October 7, 2019, the Company announced that its Board of Directors has approved a 20-for-1 reverse split of the Company’s share capital. The reverse split will be effective on the Nasdaq Capital Market as of market open on October 21, 2019 (due to national holiday, the first trading date for the consolidated shares on the Tel-Aviv Stock Exchange will be October 22, 2019). Safe-T expects to regain compliance with the minimum bid price requirement in connection with its scheduled reverse split, following ten consecutive trading days above $1.00.

About Safe-T®
Safe-T Group Ltd. (Nasdaq, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity.

Safe-T’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.

Safe-T’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.

With Safe-T’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats.

At Safe-T, we empower enterprises to safely migrate to the cloud and enable digital transformation.

Safe-T’s SDP solution on AWS Marketplace is available here

For more information about Safe-T, visit www.safe-t.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws.  Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses regaining compliance with Nasdaq’s continued listing requirements, the reverse split and timing and effect thereof. Because such statements deal with future events and are based on Safe-T’s current expectations, they are subject to various risks and uncertainties, are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 26, 2019, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

COMPANY CONTACT:
Shai Avnit, CFO
shai.avnit@safe-t.com

 

SAFE-T Announces Twenty-for-One (20:1) Reverse Split of its Ordinary Shares

HERZLIYA, Israel, October 7, 2019 – Safe-T® Group Ltd. (NASDAQ, TASE: SFET), a provider of Secure Access solutions for on-premise and hybrid cloud environments, today announced that following the approval of its shareholders on September 26, 2019, its Board of Directors has approved a 20-for-1 reverse split of the Company’s share capital. The reverse split will be effective on the Nasdaq Capital Market as of market open on October 21, 2019. Due to national holiday, the first trading date for the consolidated shares on the Tel-Aviv Stock Exchange will be October 22, 2019.

The reverse split will result in each outstanding twenty pre-split ordinary shares automatically combining into one new ordinary share, no par value, without any action on the part of the shareholders. The total number of outstanding ordinary shares will be reduced on the effective date at a ratio of twenty-for-one[1]. The Company’s authorized number of ordinary shares will also be proportionately decreased from 5,000,000,000 to 250,000,000 ordinary shares, no par value, each as a result of the reverse split. No fractional ordinary shares will be issued as a result of the reverse split as any fractional ordinary shares resulting from the reverse split will be rounded up to the nearest whole share on a per shareholder basis. The Board of Directors has determined that no adjustment will be made to the number of ordinary shares underlying each American Depositary Share (“ADS”) of the Company, and each ADS will continue to represent 40 of the Company’s ordinary shares, no par value.

With respect to the Company’s ADSs, no fractional ADSs will be issued in connection with the reverse stock split. The Bank of New York Mellon will attempt to sell any fractional ADSs and distribute the cash proceeds to Depositary Receipt holders.

All options and warrants of the Company outstanding immediately prior to the reverse split, will be appropriately adjusted by dividing the number of ordinary shares into which the options and warrants are exercisable by 20 and multiplying the exercise price thereof by 20, as a result of the reverse split.

The reverse split will not impact any shareholder’s percentage ownership of the Company or voting power, except for minimal effects resulting from the treatment of fractional shares. A fee of $0.015105 per ADS surrendered will be charged to holders of ADSs for the cancellation.

Safe-T’s ADS will continue to trade on the Nasdaq Capital Market under the symbol ”SFET” but will trade under a new CUSIP Number 78643B401.

The Bank of New York Mellon, the Company’s Depositary, will act as the exchange agent for the reverse split. Please contact The Bank of New York Mellon for further information at contact DRBrokerSolutions@bnymellon.com.
About Safe-T®
Safe-T Group Ltd. (Nasdaq, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity.

Safe-T’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.

Safe-T’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.

With Safe-T’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats.

At Safe-T, we empower enterprises to safely migrate to the cloud and enable digital transformation.

Safe-T’s SDP solution on AWS Marketplace is available here.

For more information about Safe-T, visit www.safe-t.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws.  Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses the reverse split and the timing thereof. Because such statements deal with future events and are based on Safe-T’s current expectations, they are subject to various risks and uncertainties, are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 26, 2019, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

CONTACT:
Karin Tamir
Karin.Tamir@safe-t.com
+972-9-8666110

[1] As at the date of this press release, the total number of outstanding ordinary shares of the Company is 255,240,430, no par value, equal to approximately 12,762,022 ordinary shares, no par value, following the 20-to-1 reverse split.

Safe-T Group Reports Preliminary Revenue Growth for Third Quarter 2019

– Company Expects to Report Estimated 440%-480% Growth in Revenues

HERZLIYA, IsraelOct. 3, 2019 /PRNewswire/ — Safe-T® Group Ltd. (NASDAQ:SFET), (TASE: SFET), a provider of Secure Access solutions for on-premise and hybrid cloud environments, today announced an estimated revenue range for the third-quarter ended on September 30, 2019.

On a preliminary and unaudited basis, Safe-T expects to report third-quarter 2019 revenue in the range of $1.35M to $1.45M, an increase in the range of 440% to 480%, respectively compared to $248,000 in the third quarter of 2018.

The Company’s revenues for the third quarter of 2019 reflect the first full quarter of consolidated financial results since the Company’s acquisition of NetNut Ltd. on June 12, 2019.

Shachar Daniel, Safe-T’s Chief Executive Officer, said: “In June 2019, we presented our business and financial strategy for accelerating the company’s growth. I’m pleased that the actions we took over the past months are starting to yield measurable results which reflect in our financials. Safe-T continues to improve its market position, with innovative solutions, unique technologies, a growing customer base and a global reach. I believe we now have better visibility of the main drivers for our growth and can better utilize our core competency and skills to generate revenue and add value to our shareholders.”

This update is an estimate, based on information available to management as of the date of this release, and may be subject to further changes upon completion of Safe-T’s standard quarter-end closing procedures. This update does not present all necessary information for an understanding of Safe-T’s financial condition as of September 30, 2019, or its results of operations for the quarter ended September 30, 2019. Actual results may differ.

Safe-T will release its third quarter 2019 results by November 29, 2019.

About Safe-T®

Safe-T Group Ltd. (NASDAQ:SFET), (TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity.

Safe-T’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.

Safe-T’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.

With Safe-T’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats.

At Safe-T, we empower enterprises to safely migrate to the cloud and enable digital transformation.

Safe-T’s SDP solution on AWS Marketplace is available here

For more information about Safe-T, visit www.safe-t.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws.  Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses preliminary unaudited estimates of revenues for the third quarter of 2019, future growth, generating revenue and adding value to shareholders. Because such statements deal with future events and are based on Safe-T’s current expectations, they are subject to various risks and uncertainties, are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 26, 2019, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

CONTACT:
Karin Tamir
Karin.Tamir@safe-t.com
+972-9-8666110

Safe-T’s Software Defined Perimeter is Now Available on AWS Marketplace

HERZLIYA, Israel, September 9, 2019 – Safe-T® Group Ltd. (NASDAQ, TASE: SFET), a provider of Secure Access solutions for on-premise and hybrid cloud environments, today announces that its Software Defined Perimeter (SDP) solution is now publicly available on Amazon Web Services (AWS) Marketplace.

The addition of the AWS Marketplace listing, positions Safe-T as the Zero Trust vendor with the ability to provide the widest range of SDP solutions in the market, with a fit to all types of organizations – those that prefer to purchase and deploy On-Premise solutions, those organizations that consume Software-as-a-Service (SaaS) solutions, and now also consumers of Infrastructure-as-a-Service (IaaS) solutions.

The Safe-T SDP solution is available on the AWS Marketplace in a “Bring Your Own License” (BYOL) model, which enables users the flexibility to leverage the power of cloud computing in order to use their existing or purchased software. The activation of the product requires the software’s license key that is purchased outside of AWS Marketplace.

“More and more organizations are moving towards the cloud to cut costs and increase agility, selecting AWS Marketplace as their cloud infrastructure,” said Eitan Bremler, Safe-T’s VP Products & Technology. “With the introduction of our SDP solution on the AWS Marketplace, we can now reach and help more businesses to simply secure their cloud, data, and application access with easy and quick purchase subscriptions to Safe-T’s SDP.”

Find out more information about Safe-T’s SDP solution on AWS Marketplace here.

About Safe-T®
Safe-T Group Ltd. (Nasdaq, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity.

Safe-T’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.

Safe-T’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyber-threats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.

With Safe-T’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats.

At Safe-T, we empower enterprises to safely migrate to the cloud and enable digital transformation.

For more information about Safe-T, visit www.safe-t.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses the advantages of its SDP solution, its positioning in the market and its potential to address market need and/or demand. Because such statements deal with future events and are based on Safe-T’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 26, 2019, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

PRESS CONTACT
Karin Tamir
Karin.Tamir@safe-t.com
+972-9-8666110

New Partnership Announcement: Safe-T and Towerwall Team Up to Deliver Safe-T’s Zero Trust Suite of Products

HERZLIYA, IsraelSept. 3, 2019 /PRNewswire/ — Safe-T Group Ltd. (NASDAQ, TASE: SFET) is pleased to announce that Towerwall Inc., one of the leading cybersecurity solution providers in the United States, has partnered with Safe-T as a reseller of Safe-T’s Zero Trust suite of products. Safe-T’s solutions will be added to Towerwall’s wide range of information security products and services to offer Safe-T’s Software Defined Access solutions to businesses of all sizes and types in the Northeast region of the USA.

As the world becomes much more digital and connected, organizations open their network and internal applications to the outside world (e.g. employees, customers, business partners, 3rd party vendors, mobile, IOT), much more than in the past. But while the amount of external parties is ever growing and evolving, the common methods to providing access to external parties have stayed the same and they all have one common flaw – these methods allow access before the authentication, essentially exposing the organization’s services to both trusted and untrusted sources.

Safe-T’s Secure Application Access introduces an evolution in the way organizations grant secure external access to their services. Built on Safe-T’s Software Defined Perimeter and patented reverse-access technologies, it offers true secure and transparent access for all entities to internal applications and data.

“Strategic organizations rely heavily on their partners and trusted advisors to help build strong and effective security practices. “, said Shachar Daniel, Safe-T’s Co-Founder and CEO. “Towerwall provides their clients with best-of-breed security solutions and services and we are therefore extremely excited to announce our partnership. We look forward to helping Towerwell and its team build a secure foundation for their clients.”

For over 25 years, Towerwall Inc., a premier partner with industry-leading information security technologies, has been providing organizations with an integrated approach to solving security & policy management needs.

“Security technologies are evolving, and Safe-T brings a new way to connect securely.  Software-Defined Perimeter (SDP) redefines secure access and authentication.  It revolutionizes the way our customers connect, giving access to the right people and transparently removes potential human errors and threats they bring to their network.”, said Michelle Drolet CEO, Towerwall Inc.

About Safe-T™

Safe-T™ Group Ltd. (Nasdaq, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity. Safe-T’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud. Safe-T’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.  With Safe-T’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats. At Safe-T, we empower enterprises to safely migrate to the cloud and enable digital transformation.

For more information about Safe-T and its products visit: https://www.safe-t.com

About Towerwall Inc.

Towerwall Inc. is a woman-owned information security company offering a comprehensive suite of security services and solutions using best-of-breed tools and information security services. Our time-tested methodologies provide a consistent, repeatable, and measurable approach to information security; ranging from auditing and profiling to design and implementation. Towerwall’s 4E methodology, Evaluate Establish Educate Enforce, is time-tested, and provides a consistent, repeatable, and measurable approach to information security.

For more information about Towerwall and its services visit: https://towerwall.com/

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses the advantages of its Zero Trust Suite of products and the potential of the partnership with Towerwall to address market need and/or demand. Because such statements deal with future events and are based on Safe-T’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 26, 2019, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

PRESS CONTACT
Karin Tamir 
Karin.Tamir@safe-t.com
+972-9-8666110

SOURCE Safe-T

Related Links
https://towerwall.com/

Safe-T Reports Financial Results for the Second Quarter of 2019

HERZLIYA, Israel, August 29, 2019 – Safe- T® Group Ltd. (Nasdaq, TASE: SFET), a provider of secure access solutions for the hybrid cloud, today announced its financial results for the second quarter and six-month period ended June 30, 2019. The results include 18 days of the financial results of NetNut which was acquired by Safe-T on June 12, 2019, for the period from the acquisition date through June 30, 2019.

Safe-T reported that during the three-month period ended June 30, 2019, revenues totaled $394,000, an increase of 33% compared to $297,000 in the three-month period ended June 30, 2018.

Revenues for the six-month period ended June 30, 2019 totaled $821,000, an increase of 9% compared to $755,000 in the six-month period ended June 30, 2018.

The Company’s cash balance at the end of the quarter was $943,000.

Recent Developments:

  • Based on the findings of a preliminary due diligence performed by reputable patent experts, Safe-T is examining potential infringements of its patents by local and global companies, including American Fortune 500 companies. For that purpose, the Company engaged an Israeli law firm and patent experts, specializing in the field, to assist it in determining the strategy and managing the proceedings related to these alleged international patent infringements.

 

Second Quarter 2019 Highlights:

  • The Israel Patent Office granted a patent to Safe-T’s wholly owned subsidiary, Safe-T Data A.R Ltd., covering its reverse access technology. The Israeli patent number 218185 is titled “Reverse Access System for Securing Front-End Applications.”
  • Following the launch of Safe-T’s SmarTransfer™ solution and the receipt of an order from a military-grade customer, Safe-T successfully completed the product’s implementation on the customer’s premises.
  • The Company launched its user and web-based anomaly detection product, named Safe-T Telepath. Safe-T completed integrating the Safe-T Telepath as part of Safe-T’s Software Defined Perimeter (SDP) solution.
  • Safe-T was named a Representative Vendor in Gartner’s April 2019 Market Guide for Zero Trust Network Access, identifying Safe-T as a Representative Vendor for a stand-alone ZTNA offering.
  • Safe-T received a purchase order for its SDP solution from a leading European manufacturer, specializing in the connected devices industry and IoT solutions.
  • Three new leading E-commerce customers joined NetNut’s customer base.
  • A leading cloud provider and Safe-T launched the SDA solution with six U.S. customers.
  • The Company launched its unique SDP (otherwise known also as Zero Trust Network Access) cloud service.

 

Three months ended June 30, 2019 Financial Results

  • Total revenues amounted to $394,000 (Q2 2018: $297,000). The increase is mainly due to consolidation of NetNut’s revenues, since the acquisition date of June 12, 2019.
  • Cost of revenues totaled $239,000 (Q2 2018: $206,000). The increase is mainly due to the consolidation of NetNut’s cost of revenues, as well as amortization of intangible assets acquired under the acquisition, partially offset by a decrease resulting from the streamlining of support and post sales teams.
  • Research and development (R&D) expenses were $559,000 (Q2 2018: $547,000). The slight increase was mainly attributed to enhanced investment in R&D subcontractors’ costs, partially offset by reduced salary costs.
  • Sales and marketing expenses (S&M) totaled $739,000 (Q2 2018: $1,556,000). The decrease was primarily attributed to a reduction of salary costs, as well as overall professional and marketing costs.
  • General and administrative expenses (G&A) totaled $956,000 (Q2 2018: $440,000). The increase is a result of higher share-based costs and professional services costs due to the Company’s Nasdaq dual listing and costs associated with the closing of the NetNut acquisition, as well as the debentures used to finance such acquisition.
  • IFRS net loss totaled $226,000, or $0.002 basic loss per ordinary share (Q2 2018: $2,308,000, or $0.10 basic loss per ordinary share).
  • Non-IFRS net loss was $1,744,000, or $ 0.01 basic loss per ordinary share (Q2 2018: $2,307,000, or $0.10 basic loss per ordinary share).


Six months ended June 30, 2019 Financial Results

  • Total revenues amounted to $821,000 (H1 2018: $755,000). The main reason for the increase is consolidation of NetNut’s revenues since the acquisition date of June 12, 2019, partially offset by a reduction of revenues in the APAC region.
  • Cost of revenues totaled $416,000 (H1 2018: $429,000). The decrease is mainly due to streamlining of support and post sales teams, partially offset by an increase due to amortization costs of intangible assets acquired with the NetNut acquisition.
  • R&D expenses were $1,373,000 (H1 2018: $1,034,000). The increase was mainly attributed to enhanced investment in R&D staff during the first quarter of 2019, as well as an increase in subcontractors’ costs.
  • S&M expenses totaled $1,637,000 (H1 2018: $3,149,000). The decrease was primarily attributed to a reduction of overall salaries, professional and marketing costs.
  • G&A expenses totaled $1,628,000 (H1 2018: $927,000). The increase is a result of higher share-based costs and professional services costs due to the Company’s Nasdaq dual listing and costs associated with the closing of the NetNut acquisition, as well as the debentures used to finance such acquisition.
  • IFRS net loss totaled $2,510,000, or $0.02 basic loss per ordinary share (H1 2018: $3,912,000, or $0.18 basic loss per ordinary share).
  • Non-IFRS net loss was $3,526,000, or $ 0.03 basic loss per ordinary share (H1 2018: $4,399,000, or $0.12 basic loss per ordinary share).

The following table presents the reconciled effect of the non-cash expenses/income on the Company’s net loss for the six and three-month periods ended June 30 of 2019 and 2018, respectively:

For the Six-Month Period Ended
June 30,
For the Three-Month Period Ended
June 30,
For the year Ended
December 31,
(thousands of U.S. dollars) 2019 2018 2019 2018 2018
 
Net loss for the period 2,510 3,912 226 2,308 11,753
Issuance expenses 517
Amortization of intangible assets 201 125 126 63 276
Share-based compensation 529 303 275 106 381
Finance liabilities at fair value (1,746) (915) (1,919) (168) 1,891
Total adjustment (1,016) (487) (1,518) 1 3,065
Non-IFRS net loss 3,526 4,399 1,744 2,307 8,688

 

Balance Sheet Highlights

  • In April 2019 and June 2019, Safe-T completed a $6,000,000 (“transaction price”) convertible debenture financing which included (1) debentures convertible into ADSs (the “Debentures”), (2) warrants, and (3) an option to issue an additional debenture on the same terms, not including additional warrants, until December 4, 2019 (the “Option”). These financial instruments were classified as long-term financial liabilities in the consolidated statement of financial position as of June 30, 2019 (the warrants and Option as “derivative financial instruments” and the Debentures as “convertible debenture”), and are measured at fair value through profit or loss in each reporting period. The financial liabilities were initially recognized at fair value, adjusted to defer the difference between the fair value at initial recognition and the transaction price (“day 1 loss”). The financial liabilities are measured at fair value in each period-end while unrecognized day 1 loss is amortized over the contractual life of each instrument, and both are carried to equity upon exercise/conversion of the respective host instrument. During June 2019, the lenders were issued 346,428 ADSs upon conversion of debentures, and as a result, a net amount of $224,000 was classified to equity. As of June 30, 2019, the convertible debentures and the warrants (including the Option) totaled to $2,527,000 and $1,327,000, respectively.
  • On June 12, 2019, Safe-T completed the NetNut Ltd. acquisition, which included the purchase of all (100%) of the share capital of NetNut, and certain assets of DiViNetworks Ltd., NetNut’s controlling shareholder, which assets are required for the ongoing operations of NetNut. The total purchase price amounted to $11,396,000 (including an amount of $2,008,000 for a contingent consideration) and was allocated to net tangible and intangible assets acquired and goodwill, as follows: an amount of $7,589,000 as goodwill, an amount of $4,651,000 as technology and contractual suppliers’ relations, an amount of $259,000 as customers’ relations, an amount of $199,000 as servers, an amount of $276,000 as net tangible liabilities and an amount of $1,026,000 as a deferred tax liability. The results of NetNut are consolidated with the Company’s financial results commencing June 12, 2019. After the acquisition, tangible and intangible assets will be depreciated and amortized periodically, while goodwill will not be amortized but rather tested for impairment at least annually or upon the occurrence of triggering events. The contingent consideration will be measured at fair value with periodic changes carried to the income statement.
  • As of June 30, 2019, cash and cash equivalents totaled $943,000, compared to $3,717,000 on December 31, 2018. The decrease in cash and cash equivalents is attributed mainly to the net loss during the first half of 2019, partially offset by the debenture funding that was not used for the NetNut acquisition.
  • As of June 30, 2019, shareholders’ equity totaled $6,423,000, compared to $3,710,000 on December 31, 2018.

 Use of Non-IFRS Financial Results

In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, this press release contains non-IFRS financial measures of net loss for the periods presented that exclude the effect of share-based compensation expenses, amortization of intangible assets, non-cash issuance expenses and the revaluation of finance liabilities at fair value. The Company’s management believes the non-IFRS financial information provided in this release is useful to investors’ understanding and assessment of the Company’s ongoing operations. Management also uses both IFRS and non-IFRS information in evaluating and operating its business internally, and as such deemed it important to provide this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with IFRS, and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Investors are encouraged to review the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures provided in the financial statement tables herein.

About Safe-T® Group Ltd.

Safe-T Group Ltd. (Nasdaq, TASE: SFET) is a provider of Zero Trust Access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity. Safe-T’s cloud and on-premises solutions ensure that an organization’s access use cases, whether into the organization or from the organization out to the internet, are secured according to the “validate first, access later” philosophy of Zero Trust. This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network or in the cloud.

Safe-T’s wide range of access solutions reduce organizations’ attack surface and improve their ability to defend against modern cyberthreats. As an additional layer of security, our integrated business-grade global proxy solution cloud service enables smooth and efficient traffic flow, interruption-free service, unlimited concurrent connections, instant scaling and simple integration with our services.

With Safe-T’s patented reverse-access technology and proprietary routing technology, organizations of all size and type can secure their data, services and networks against internal and external threats.

For more information about Safe-T, visit www.safe-t.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses the potential of its products. Because such statements deal with future events and are based on Safe-T’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 25, 2019, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Safe-T is not responsible for the contents of third-party websites.

CONTACT INVESTOR RELATIONS:
Michal Efraty
+972-(0)52-3044404
michal@efraty.com

 

Consolidated Statements of Financial Position (In thousands of USD)

June 30,   December 31,
2019   2018   2018
 (Unaudited)    (Audited)
Assets
Current assets:
Cash and cash equivalents 943 1,995 3,717
Restricted deposits 107 93 104
Trade receivables 781 779 854
Other receivables 1,451 147 231
Total current assets 3,282 3,014 4,906
Non-current assets:
Property, plant and equipment, net 330 167 143
Deferred issuance expenses 206
Right of use assets 534
Goodwill 8,112 523 523
Intangible assets 5,510 640 796
Total non-current assets 14,486 1,536 1,462
Total assets 17,768 4,550 6,368
Liabilities and equity
Current liabilities:
Short-term loan 24
Trade payables 1,602 194 103
Other payables 1,325 905 951
Contract liability 615 727 495
Contingent consideration 2,011
Short-term lease liabilities 219
Liability in respect of the Israeli Innovation Authority 27 71 49
Total current liabilities 5,823 1,897 1,598
Non-current liabilities:
Contract liability 186 269 249
Long-term lease liabilities 367
Liability in respect of anti-dilution feature 468
Derivative financial instruments 1,327 23 729
Deferred tax liability 1,021
Convertible debentures 2,527
Liability in respect of the Israeli Innovation Authority 94 82
Total noncurrent liabilities 5,522 760 1,060
Total liabilities 11,345 2,657 2,658
Equity:
Ordinary shares
Share premium 46,604 31,585 41,594
Other equity reserves 12,018 12,156 11,805
Accumulated deficit (52,199) (41,848) (49,689)
Total equity 6,423 1,893 3,710
Total liabilities and equity 17,768 4,550 6,368

 

Consolidated Statements of Profit or Loss

(In thousands of USD, except per share amounts)

  For the Six-Month Period Ended
June 30,
For the Three-Month Period Ended
June 30,
For the Year Ended December 31,
  2019 2018 2019 2018 2018
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
           
Revenues 821 755 394 297 1,466
Cost of revenues 416 429 239 206 791
Gross profit 405 326 155 91 675
Research and development expenses, net 1,373 1,034 559 547 2,414
Sales and marketing expenses 1,637 3,149 739 1,556 5,542
General and administrative expenses 1,628 924 956 440 1,925
Operating loss (4,233) (4,781) (2,099) (2,452) (9,206)
Finance income (expenses), net 1,720 872 1,870 147 (2,541)
Taxes on income (expenses), net 3 (3) 3 (3) (6)
Total comprehensive loss (2,510) (3,912) (226) (2,308) (11,753)
 
Basic loss per share (0.02) (0.18)  (0.002) (0.10) (0.33)
           
Diluted loss per share (0.02) (0.18)  (0.006) (0.10) (0.35)