JAWS Technologies Wins Major Financing
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Calgary, Alberta-based JAWS Technologies has established a $7 million equity line of credit with Bristol Asset Management of California, which exceeds JAWS Technologies' total current capitalization.
JAWS L5 Data Encryption, which claims to be the world's strongest security encryption software, addresses the increasing frequency of unauthorised access to digital information and is the industry's first encryption software product with 4096 bit key strength.
"We feel that this high level of participation is warranted due to the company's exceptional market potential," Paul Kessler, President of Bristol, said. "They have demonstrated rapid growth, world class products and service offerings, and have driven to contracts and revenues in a very short period of time."
"It is somewhat unusual for a financing to exceed the total market capitalisation of a company, in this case nearly three times," said Robert Kubbernus, President of JAWS Technologies.