Safe-T Group Ltd. Estimates 146%-169% Growth in Revenue for the First Quarter of 2020
Safe-T Group Ltd. - American Depositary Shares (SFET)
Company Research
Source: GlobeNewswire
HERZLIYA, Israel, April 20, 2020 (GLOBE NEWSWIRE) -- Safe-T® Group Ltd. (NASDAQ, TASE: SFET), a provider of Secure Access solutions for on-premise and hybrid cloud environments, today provided an estimated revenue range for the first quarter of 2020. On a preliminary and unaudited basis, Safe-T expects to report first quarter 2020 revenue in the range between $1.05 million to $1.15 million, an increase in the range of 146% to 169%, respectively, compared to $0.427 million in the first quarter of 2019. In addition, the Company reports a significant decrease in its liabilities pertaining to the Company’s convertible debentures issued in April 2019 and in subsequent convertible loan transactions undertaken by the Company, predominately in order to finance the purchase of its IP Proxy business, NetNut Ltd. Approximately 93% of a total of $8.23 million convertible debentures were already converted by their respective lenders, with an outstanding balance of approximately $0.54 milli
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