LAS VEGAS, NV / ACCESSWIRE / March 20, 2024 / Tego Cyber Inc. (OTCQB:TGCB), a cybersecurity company focused on developing innovative cyber threat intelligence and autonomous correlation and threat detection tools, released a letter to shareholders from its Chief Executive Officer and Chief Financial Officer, Robert Mikkelsen.
Dear Shareholders:
First of all, I appreciate your continued support of Tego Cyber Inc. Without your ongoing interest, there wouldn't be a company. Tego is your company. Although I am a relatively new addition to the management team, I understand that I work on your behalf. My first priority is to act in your best interest, which means to protect your investment and to add significate value. I will summarize what Tego accomplished in 2023 and what is planned for 2024.
2023 Review
Last year was a development and transition year. The company continued to expand the number of integrations for its threat detection and correlation engine while redeveloping and redeploying the path-to-market strategy to monetize its technology. Commercialization has been far more challenging than any of us had anticipated due to the complexity of our application and the environments into which it integrates, but I am confident that we have improved our sales process and that the tide is turning.
Product Development - We completed and commercially launched versions of our threat detection and correlation engine for integration with Amazon Security Lake. In addition, we were the first threat intelligence provider available on the Databricks Marketplace.
Sales + Marketing - We continued to revamp and redeploy our strategy to commercialize the first version of our threat detection and correlation engine. We were able to earn our first revenue in October 2023 through one of our esteemed re-sellers.
Summary - During 2023, Tego analyzed its progress, both its successes and setbacks, and gained invaluable insight on how to monetize its technology. Although we haven't experienced the commercial success we were expecting yet, we learned from our journey, and that will provide a solid foundation on which to build, grow and thrive.
2024 to date and Outlook
I am extremely optimistic for 2024. Now that we have the path-to-market established, the focus moving forward is to build the recurring revenue base through a four-pronged approach with the goal of reaching profitability in the latter half of this year.
Product Development - In January we launched the Tego Threat Intelligence feed (Tego TI). Tego TI compiles cyber threat intelligence from a variety of sources, then analyzes, deduplicates, enriches, and delivers this data in a standardized, open-source format. Tego TI is capable of integrating with most systems and enables early detection of suspicious activities and anomalies that could indicate an imminent breach. By leveraging high-fidelity and highly contextualized threat intelligence, organizations can fortify their defenses, stay one step ahead of threat actors and protect themselves from lurking threats. The addressable market potential for this product is enormous, as any cybersecurity team using any platform can benefit from using Tego TI. We are now receiving orders for this product, with our first order coming from a leading cybersecurity software company.
Sales + Marketing - We have identified and implemented a sales strategy through four core channels; inside sales, managed security service providers (MSSPs), value added resellers (VARs), and OEM licensing. In addition to the inside sales team, we have engaged several prominent MSSPs and VARs to expand our reach exponentially as these partners maintain relationships with thousands of clients. Additionally, we are now licensing our threat intelligence feed into a Cybersecurity SAAS provider as it adds value to their offering. Tego has identified numerous other similar opportunities to capitalize on.
Current Stock Price - I am disappointed about our current stock price, but am confident that with our upcoming developments and the implementation of a comprehensive market awareness program, the trading price of our common shares will begin to reflect the true value of our company, technologies and revenue potential. We intend to pursue a listing of our common shares for trading on a senior exchange such as NASDAQ or the NYSE: AMEX within the next 12-18 months.
2024 will be defined by two words-progress and success. I am beyond excited about what we have planned. I make this promise to all shareholders. I will do everything within my power to see that your patience and loyalty is rewarded. As we realize the progress and success, we will be communicating with you, the shareholders, and the market at large more regularly via letters such as this, press releases, conference presentations, and live conference calls. To ensure you stay up to date on communications, email us at investor@tegocyber.com to join our distribution list.
Sincerely,
Robert Mikkelsen, Chief Executive Officer / Chief Financial Officer
About Tego Cyber Inc.
Tego Cyber Inc. (OTCQB:TGCB) was founded to mitigate the disparity in the rapidly evolving cyber threat detection, correlation, and threat intelligence market. The Company is focused on developing solutions for threat intelligence and autonomous threat detection/correlation. Tego's curated threat intelligence feed not only contains a comprehensive list of indicators of compromise, but also provides additional context including specific details needed to counteract threats so that security teams can spend less time searching for disjointed indicators of compromise. Tego's threat correlation engine integrates with top security and data lake platforms to proactively identify threats. The Tego threat correlation engine allows security teams to find threats faster using curated data feeds, powerful and low latency searches across large disparate data sets, and user-friendly visualizations that help reduce the time to detection and response. For more information, please visit https://tegocyber.com.
Forward-Looking Statements
The statements contained in this press release, those which are not purely historical or which depend upon future events, may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future constitute forward-looking statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. All forward-looking statements included in this press release are based on information available to the Company on the date hereof and the Company assumes no obligation to update any such forward-looking statement. Prospective investors should also consult the risks factors described from time to time in the Company's Reports on Forms 10-K, 10-Q and 8-K and Annual Reports to Shareholders.
Contact:
Tego Cyber Inc.
8565 S Eastern Avenue, Suite 150
Las Vegas, Nevada 89123
USA
Tel: 855-939-0100 (North America)
Tel: +1 725-726-7840 (International)
Email: info@tegocyber.com
Web: tegocyber.com
Facebook: facebook.com/tegocyber
LinkedIn: linkedin.com/company/tegocyber
X / Twitter: twitter.com/tegocyber
SOURCE: Tego Cyber Inc.
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