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CipherLoc Corporation: Cipherloc Provides Business Update Letter from CEO

CipherLoc Corporation: Cipherloc Provides Business Update Letter from CEO To my fellow shareholders, The first quarter of 2021 is an important turning point for Cipherloc as we continue to move forward in our top priority - transitioning our commercial ready software into revenue. We start 2021 an extremely lean, focused and mission-oriented organization. We look forward to excellent opportunities in the year ahead. Today I want to share a number of updates with you as we continue to move our business forward. First, we have drastically reduced our operating expenses over the past year. The global COVID pandemic hit just as we were preparing to launch a proactive engineering, marketing and sales effort last spring. We moved quickly to halt those plans, then began a rapid cost reduction program to conserve capital and lean out the business. Those efforts have been very successful, enabling us to operate through the pandemic and continue advancing key development programs.

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