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RALEIGH, N.C., April 12, 2019 (GLOBE NEWSWIRE) -- LandStar, Inc. (OTCPK: LDSR) (“LandStar” or the “Company”), the parent company of Data443™ Risk Mitigation, Inc. (“Data443”), a leading data security and privacy software company, today filed its Form 10-K with the U.S. Securities and Exchange Commission (the “SEC”) to disclose its financial results for the fourth quarter and fiscal year ended December 31, 2018.
Jason Remillard, Founder of Data443 and CEO of LandStar, commented, “2018 was much more than a transitional year for LandStar; it was a major foundational year in which we established the platform that the Company is being built upon. I’m excited to say that we are now at the point where we can accelerate the pace of our planned corporate actions, as well as continue on our product development and acquisition roadmap.”
“These results only validate what has been our growth strategy all along; to acquire highly successful companies with complementary technologies and skill-sets that can easily fit and rapidly enhance our market positioning, provide a healthy customer base, and that are accretive to our bottom-line. I’m happy to report our initial revenues, and look forward to subsequent quarterly reports, when the full-quarter’s contribution of revenues from our acquired businesses will be reflected in our financial statements.”
“Being a cyber security software vendor with hundreds of customers, a growing product and SaaS offerings catalogue with significant market leading capabilities – we are very well positioned to take advantage of coming market and acquisition opportunities.”
“With the building blocks we’ve put in place in 2018, we are highly confident that 2019 is shaping up to be another significant year for the Company, with meaningful improvements to revenue and EBIT. I’d like to thank our amazing (and rapidly growing) team for their continued efforts in growing the business, along with our loyal shareholders. I remain fully committed towards growing our business prudently, and delivering value to our shareholders and stakeholders,” concluded Mr. Remillard.
Corporate and Financial Highlights for Fiscal Year 2018 and Year to Date:
Operational Highlights for Fiscal Year 2018 and Year to Date:
Industry Recognition for Fiscal Year 2018 and Year to Date:
Full Year 2018 Financial Results:
Total revenues in 2018 were $28,772, as compared to $0 in 2017. Revenues consisted of ARALOC contract renewals that closed in the last few weeks of 2018 after the close of the ARALOC acquisition on October 25, 2018.
General and administrative expenses for the year ended December 31, 2018 were $1,067,901, compared to $24,284 for the year ended December 31, 2017, an increase of $1,043,617. The expenses for the years ended December 31, 2018 and 2017 primarily consisted of management costs, audit and review fees, filing fees, legal & professional fees, and sales expenses in connection with the projected growth of the Company’s business.
The Company incurred an operating and net loss of $15,091,333, or $0.00 per share in 2018, compared to an operating or net loss of $328,462, or $0.00 per share in 2017. The net loss for 2018 was mainly derived from the fair value of derivative liability of $13,271,308 associated with convertible notes payable.
The Company had $324,935 in cash and cash equivalents as of December 31, 2018, compared to $4,478 in cash and cash equivalents as of December 31, 2017.
About LandStar, Inc.
LandStar, Inc. (OTCPK: LDSR), through its wholly owned subsidiary DATA443™ Risk Mitigation, Inc., enables secure data – across local devices, network, cloud, and databases – at rest and in flight. Its suite of products and services is highlighted by: (i) ArcMail, which is a leading provider of simple, secure and cost-effective email and enterprise 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) the WordPress GDPR Framework with over 20,000 active users enables organizations of all sizes to comply with the GDPR and other privacy frameworks; (vi) The Virtual Data Protection Officer program that offers a turnkey and outsourced DPO capability for smaller organizations; and, (vii) Data443™ Privacy Manager which enables the full lifecycle of Data Privacy Access Requests, Remediation, Monitoring and Reporting. For more information, please visit http://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 LandStar’s plans, objectives, future opportunities for LandStar’s services, future financial performance and operating results and any other statements regarding LandStar’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 LandStar’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. 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.
Data443™, ClassiDocs™, ARALOC™ are registered trademarks of Data443 Risk Mitigation, Inc.
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