Company provides overview on expected milestones for 2023
Montreal, Quebec--(Newsfile Corp. - January 12, 2023) - Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) (FSE: 34Q) ("QeM" or the "Company") provides review on Company highlights over 2022 and expected milestones for 2023.
Francis Bellido, CEO of QeM, commented: "2022 was an outstanding year for QeM as the Company made transformational progress in key areas and laid the foundation for a bright future. Among the many milestones we accomplished last year I see the main highlights as follows:
Raise of $4.9 million through the exercise of 32.6 million common share purchase warrants with the proceeds used to strengthen QeM's financial position and accelerate the development of the company's product pipeline.
Launch of its game changing QRNG2, the fastest quantum entropy1 source on the market today. This new quantum random number generator (QRNG) delivers pure entropy at 1.5 Gigabytes Per Second (Gb/s), the highest throughput available today. It uses electron quantum tunneling and meets all requirements of NIST and Dieharder tests. It also can deliver up to 5 Gbps (billions of bits per second) of full entropy and has the potential to reach up to 20 Gb/s with an optimized configuration. This technology is versatile enough to be configured in different iterations, from peripheral component interconnect express (PCIe) boards to miniaturized chipsets. It is expected that QRNGs will play an ever-increasing role in the fight against cyber criminality, with the QRNG market projected to reach 1.2 billion by 2028.
Completion of the design of its first Blockchain application of QRNG technology, which involves hardening the security of hardware cryptocurrency wallets with QRNG2. This will be the first Hardware Crypto Wallet able to store private keys for cryptocurrencies offline in a quantum-encrypted device, which will make these new wallets impenetrable for hackers. QeM is expecting a prototype to be available in 2023 and anticipates the market for such wallets to continue to grow, with an estimated CAGR of 29.24% over the next few years.
Strengthening our management team by appointing Paul Arsenault to the position of Vice President Business Development. Paul is a 25+ year veteran of the semiconductor industry with extensive experience in organic light-emitting diodes display (OLED), venture capital and strategic partnerships. Paul will be based in Taiwan and will explore new business opportunities to accelerate the development of QeM's quantum RNG chipset and their miniaturizing technology."
Francis Bellido added: "The disruption and havoc created by cybercriminals during the COVID-19 crisis continues to be exacerbated by other geopolitical factors such as wars and economic uncertainties, consequently the global cybersecurity market is expected to exceed US$ 250 billion by 2027.
In addition, new menaces are looming such as the availability of quantum computers and their capacity to break the security of common activities in our daily lives. Severe consequences could be expected, such as increased data breaches of sensitive personal health and financial data, challenge the integrity of digital documents, and break certain cryptocurrency encryption.
Thanks to our successes in 2022, we are entering 2023 with a clear plan to execute. To address the quantum threat, QeM is developing several post-quantum cryptography (PQC) hardware solutions where the QRNG2 plays a central role as a source of high-quality encryption. We are developing our own applications in domains and verticals of the economy that require cybersecurity as an integral part of their value proposition.
One of these solutions is a Blockchain and Cryptocurrency application as this makes extremely high usage of cryptography, and its effectiveness requires strong random number generation to ensure the system remains impenetrable. We are currently prototyping the first Crypto Hardware Wallet hardened with quantum technology to make it incorruptible by hackers. Based on the same architecture as our QRNG but in a more portable iteration, it will be able to store private keys for cryptocurrencies offline. We aim to have it available in 2023.
A second product is our first quantum secure messenger platform, designed to be able to send large and complex messages, including whole database structures. Its first application will be the secure communication of Electronic Health Records.
We anticipate that these two products will have a significant impact on our company, as they may provide an opportunity for commercialization and establish our company as a leader in post-quantum cybersecurity."
About QeM
The Company's mission is to address the growing demand for affordable hardware security for connected devices. The patented solution for a Quantum Random Number Generator exploits the built-in unpredictability of quantum mechanics and promises to provide enhanced security for protecting high value assets and critical systems.
The Company intends to target the highly valued Financial Services, Blockchain Applications, Cloud-Based IT Security Infrastructure, Classified Government Networks and Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics) and Quantum Cryptography.
For further information, please contact:
Francis Bellido, Chief Executive Officer
Tel: 514.956.2525
Email: info@quantumemotion.com
Website: www.quantumemotion.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Corporation's periodic reports including the annual report or in the filings made by Quantum from time to time with securities regulatory authorities.
1. In physics, entropy is a measure of randomness in a closed system. You can think of entropy as a measure of the amount of uncertainty or its corollary: unpredictability. In cryptography, entropy is used to produce random numbers, which in turn are used to produce security keys to protect data while it's in storage or in transit. The greater the quality of random number generation (RNG), the greater the quality of random keys produced, and thus the higher the security value of the key. In its simpler definition, entropy is a measure of the amount of uncertainty an attacker faces to determine the value of a secret.
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