By Nigel Somerville, the Deputy Sheriff of AIM | Tuesday 9 February 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
This morning AIM investment company Tern plc (TERN) released a ramptastic RNS regarding a new appointment at its investee company Cryptosoft as well as the release of the latest version of its platform. The upbeat quotes were truly gushing, but with net current assets of just shy of £360,000 reported at calendar year-end 2015 one wonders whether we are about to see Tern passing the hat around again.
With plc and boardroom costs to meet £360,000 may be enough for now but it leaves precious little for investing. Cryptosoft has a few more mouths to feed than it did a year ago – and still no big block-busting contract. Tern has funded Cryptosoft but one might wonder how Cryptosoft is doing for cash in the medium term while we await the big deals hoped for.
And so to the appointment of Mr Dan McDuffie as a board adviser to Cryptosoft. Everyone is very excited:
"Cryptosoft is one of the most exciting companies I have seen in a long time," said McDuffie. "Their ability to offer IoT platform providers the opportunity to drive further value to their clients, as well as offer a compelling, competitive security advantage by delivering a completely secure data and authentication platform for IoT, has huge potential in an exploding market. I am fired up to join the team."
"With today's announcement, we are solving a critical industry problem." said Darron Antill, CEO of Cryptosoft. "The many benefits promised by Machine-to-Machine communications and the Internet of Things will not be held back by security concerns. The era of cost-effective, reliable enterprise security, for the IoT and M2M market has now arrived," he added.
"Our premise has always been that application developers and network administrators must be able to secure data and devices across the IoT and M2M ecosystems in a way that isn't confined by the approaches associated with traditional PKI architectures," said Jon Penney, CTO and Founder, Cryptosoft. "By managing and distributing keys with easy scalability, the Cryptosoft platform, now incorporating the Device Authority technology, is a game changing solution to this problem." he added.
"We are very excited about this important integration with the Cryptosoft platform. By offering our D-FACTORtm core authentication components Cryptosoft customers have the ability to deploy the strongest security posture around the two principal areas recognised as potential IoT and M2M vulnerabilities; Devices and Data," said Talbot Harty, CEO of Device Authority.
Positively gushing, is it not? (One wonders what the deal between Cryptosoft and Device Authority might be).
Now then, with the shares trading as a massive premium to net assets, when’s the placing?
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