Analytics
9/13/2013
10:44 AM
Don Bailey
Don Bailey
Products and Releases
Connect Directly
Twitter
RSS
E-Mail
50%
50%

Cloud Security Corporation Secures $2 Million Financing From Kodiak Capital Group, LLC

Proceeds from this transaction will be used to fund the company's expansion and for general corporate purposes

NEWPORT BEACH, Calif., Sept. 13, 2013 /PRNewswire/ -- Cloud Security Corporation, (OTCBB: CLDS) a leading technology company focused on the next generation of Internet Security, announced that it has entered into a $2 million common stock purchase agreement with Kodiak Capital Group, LLC, a Newport Beach based institutional investor. The Company has agreed to file a registration statement with the U.S. Securities & Exchange Commission ("SEC") covering the shares that may be issued to Kodiak under the terms of the common stock purchase agreement. After the SEC has declared the registration statement related to the transaction effective, the Company has the right at its sole discretion over a period of one year to sell up to $2 million of its common stock to Kodiak under the terms set forth in the agreement. Proceeds from this transaction will be used to fund the company's expansion and for general corporate purposes.

"We're very thankful to Kodiak for this recognition," commented Safa Movassaghi, Chief Executive Officer, of Cloud Security. "Kodiak shares our opinion that Cloud Security Corporation is well positioned in the rapidly developing internet security sector. With this capital infusion we will continue to develop and deploy innovative technology that improves cybersecurity."

Under the terms of the agreement, there are no upper limits to the price that Kodiak may pay to purchase the Company's common stock and this transaction in no way impedes or changes the Company's goals. The Kodiak financing commitment simply strengthens the Company's balance sheet and makes available an additional source of funding. Under the terms of the agreement, Kodiak has covenanted not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the Company's shares of common stock.

Ryan Hodson, Managing Director of Kodiak, said, "After a successful week at Techcrunch and the Deutsche Bank Technology Conference we are pleased to formalize our partnership with Cloud Security Corporation; we are happy to add them to our growing disruptive technologies portfolio."

About Kodiak Capital Group, LLC

Kodiak is an institutional investor headquartered in Newport Beach, CA. Kodiak makes private investments in public and private entities utilizing proprietary equity and debt instruments. These investments provide long-term strategic capital offering companies certainty, flexibility and consistency. Kodiak's investments are in a wide range of industries emphasizing alternative energy, consumer products, life sciences, natural resources, and social media technology. For more information, visit www.kodiak-capital.us.

About Cloud Security Corporation

Cloud Security Corporation is an innovative cloud computing company that creates security, technology, and products. The Company develops products in the remote-access computing sector including enhanced security connections. Cloud Security Corporation has developed patent-protected remote access security devices such as MyComputerKey(TM). The Company also develops online application security products and is expanding into other verticals. Don A. Bailey is a pioneer in security for mobile technology, the Internet of Things, and embedded systems. He has a long history of ground-breaking research, protecting mobile users from worldwide tracking systems, securing automobiles from remote attack, and mitigating ... View Full Bio

Comment  | 
Print  | 
More Insights
Register for Dark Reading Newsletters
White Papers
Cartoon
Current Issue
Flash Poll
Threat Intel Today
Threat Intel Today
The 397 respondents to our new survey buy into using intel to stay ahead of attackers: 85% say threat intelligence plays some role in their IT security strategies, and many of them subscribe to two or more third-party feeds; 10% leverage five or more.
Video
Slideshows
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2014-0485
Published: 2014-09-02
S3QL 1.18.1 and earlier uses the pickle Python module unsafely, which allows remote attackers to execute arbitrary code via a crafted serialized object in (1) common.py or (2) local.py in backends/.

CVE-2014-3861
Published: 2014-09-02
Cross-site scripting (XSS) vulnerability in CDA.xsl in HL7 C-CDA 1.1 and earlier allows remote attackers to inject arbitrary web script or HTML via a crafted reference element within a nonXMLBody element.

CVE-2014-3862
Published: 2014-09-02
CDA.xsl in HL7 C-CDA 1.1 and earlier allows remote attackers to discover potentially sensitive URLs via a crafted reference element that triggers creation of an IMG element with an arbitrary URL in its SRC attribute, leading to information disclosure in a Referer log.

CVE-2014-5076
Published: 2014-09-02
The La Banque Postale application before 3.2.6 for Android does not prevent the launching of an activity by a component of another application, which allows attackers to obtain sensitive cached banking information via crafted intents, as demonstrated by the drozer framework.

CVE-2014-5136
Published: 2014-09-02
Cross-site scripting (XSS) vulnerability in Innovative Interfaces Sierra Library Services Platform 1.2_3 allows remote attackers to inject arbitrary web script or HTML via unspecified parameters.

Best of the Web
Dark Reading Radio
Archived Dark Reading Radio
This episode of Dark Reading Radio looks at infosec security from the big enterprise POV with interviews featuring Ron Plesco, Cyber Investigations, Intelligence & Analytics at KPMG; and Chris Inglis & Chris Bell of Securonix.