VirtualArmour International Appoints Michael Panec as CFO

VirtualArmour International Inc. (CSE:VAI) (3V3:F) (OTCQB:VTLR), a premier cybersecurity managed services provider, has appointed Michael Panec as its new chief financial officer.

“We welcome Michael’s extensive operational and financial experience and seasoned capabilities, including the development and implementation of financial management platforms,” said VirtualArmour CEO, Russ Armbrust. “Michael’s particular knowledge and operational skill set will enable us to better capitalize on the emerging opportunities in the fast-growing cybersecurity market.”

Panec most recently served as chief operating officer at Innovest Systems, a provider of technology-driven services for trust and wealth management companies and investment advisors. He earlier served in several roles of increasing responsibilities at Innovest, including as COO of its payment and fulfillment divisions, CFO of the Trust & Wealth division, and as director of technology. While serving as CFO of the Trust & Wealth division, he formalized its financial reporting and accounting function, and established standard practices to support growth and promote efficiency.

“Having been responsible for critical financial systems, I know the need for effective, proactive protection against cyber attacks is essential for any enterprise,” commented Panec. “I was attracted to VirtualArmour since it offers best-in-class cybersecurity solutions that is evident by an industry-leading 100% customer retention rate, including several Fortune 500 companies. I look forward to supporting VirtualArmour’s growth and especially the further expansion of its managed and professional services.”

Before Innovest, Panec served as technology director at Optech Systems, where he was responsible for systems development and participated in the launch of a mutual fund trading platform that lead to a joint venture and eventual profitable sale. Panec earlier served as vice president and manager of technology at Bankers Trust Company and Security Pacific National Bank.

About VirtualArmour

VirtualArmour International is a global cybersecurity and managed services provider that delivers customized solutions to help businesses build, monitor, maintain and secure their networks.

The company maintains 24/7 client monitoring and service management with specialist teams located in its U.S. and UK-based security operation centers. Through partnerships with best-in-class technology providers, VirtualArmour delivers leading hardware and software solutions for customers that are both sophisticated and scalable, and backed by industry-leading customer service and experience. VirtualArmour’s proprietary CloudCastr client portal and prevention platform provides clients with unparalleled access to real-time reporting on threat levels, breach prevention and overall network security.

VirtualArmour services a wide range of clients, which include Fortune 500 companies and several industry sectors in over 30 countries across five continents. For further information, visit www.virtualarmour.com.

Important Cautions Regarding Forward Looking Statements

This press release may include forward-looking information within the meaning of Canadian securities legislation and U.S. securities laws. This press release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. The forward-looking information is based on certain key expectations and assumptions made by the management of VirtualArmour. Although VirtualArmour believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information as VirtualArmour cannot provide any assurance that it will prove to be correct.

Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the success of the company, future interest in such lists, competitive risks and the availability of financing. These forward-looking statements are made as of the date of this press release and VirtualArmour disclaims any intent or obligation to update publicly any forward-looking information, whether because of new information, future events or results or otherwise, other than as required by applicable securities laws.

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Source: globenewswire.com