Safe-T Group Ltd. (TASE: SAFE, OTCQB: SFTTY), a provider of cyber security solutions designed to mitigate attacks on business-critical services and data, is pleased to announce that on July 11, 2017, its wholly owned subsidiary, Safe-T Data A.R. Ltd., entered into a distribution agreement with a Chinese distributor which provides mobile data solutions, communications networks, information security, cloud solutions, satellites, and development. The distributor has been granted non-exclusive rights to advertise, market, and distribute licenses for Safe-T’s products; SDE and SDA, in China.
The Distributor specializes in the field of information security and development in more than 20 territories worldwide and in 2015 its scope of sales amounted to app. $2 billion. Also, the distributor, who is included in esteemed lists such as Deloitte Top 50 China High Technology and High-growth Companies, provides advisory information security services to organizations, develops cyber solutions and is a leading distributor in the areas of cloud and communications.
Under the provisions of the Agreement, the distributor’s engagements with end customers for the purchase of Safe-T’s products are subject to Safe-T’s approval, at its own and absolute discretion; after such an engagement is entered into, the distributor will pay Safe-T for the products in accordance to the prices set out in the agreement. The term of the agreement is one year and it will be automatically renewed for additional one-year periods. The agreement may be cancelled by any of the parties for any reason by issuing a 30-day advance notice. Also, Safe-T may cancel the agreement immediately upon the occurrence of certain events listed in the agreement. The agreement also stipulates that the distributor will train a team of representatives on its behalf in order to integrate the Company’s products and support its future Chinese customers; the distributor will also provide technical support to these customers.
Furthermore, the Company hereby announces a first strategic order in Asia Pacific with the receipt of an order from a financial-regulatory entity owned by the government of the Philippines.
The distribution agreement and the above-mentioned order constitute a further step in the Company’s penetration, through its wholly owned subsidiary, into new target markets, by entering into engagements with leading entities in those markets.
Safe-T Data (www.safe-t.com) is the provider of solutions designed to mitigate attacks on business-critical services and data for a wide range of industries, including financial, healthcare, government and more.
Safe-T’s High-risk Data Security (HDS) Solution mitigates data threats: un-authorized access to data, services, networks, or APIs, as well as data related threats, including data exfiltration, leakage, malware, ransomware and fraud.
Companies and governments around the world trust Safe-T to secure their data, services, and networks from insider and external data threats.
Focused on providing security solutions for the enterprise market, Safe-T enables organizations to benefit from enhanced productivity, efficiency, heightened security, and improved regulatory compliance.
Safe-T operates in North America, APAC, Africa, Europe, and Israel.
The Company’s Ordinary Shares are traded on TASE in Israel and its American Depositary Shares are traded on the OTCQB. The Bank of New York Mellon serves as the Company’s depositary for its Level 1 ADR program.