Oculus VisionTech (TSXV:OVT,OTCQB:OVTZ,FSE:USF1) is a technology company focused on developing innovative data privacy solutions within the growing data governance and compliance markets. The company’s Forget Me Yes solution is a software as a service (SaaS) platform that aims to streamline how companies handle data and navigate complex regulatory environments. Oculus VisionTech is targeting the global RegTech market that is expected to reach US$55.28 billion by 2025 expanding at a compound annual growth rate (CAGR) of 52.8 percent according to Markets and Markets.
Today’s companies are expected to keep pace with modern data protection regulations. While these regulations vary by jurisdiction, modern governments continue to assess and pass new laws regarding data privacy. For example, Europe’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) represent two of the most stringent systems of data regulation in the world. These regulations empower individuals and organizations with the right to access and request the deletion of personal information—otherwise known as the right to be forgotten, or the right of erasure.
Regulations like the GDPR and the CCPA allow individuals to submit what’s known as a data subject access request (DSAR), which must be fulfilled within a certain timeframe and cannot require a fee. A DSAR response on behalf of an organization typically includes access to personal data, a lawful basis for its possession, and the names of third parties that share its access, among other relevant details.
The GDPR is arguably the most challenging compliance framework businesses could encounter. The average cost of compliance for organizations across all industries is US$5.47 million, however, these costs can vary significantly based on the digital infrastructure needed for compliance. The growth of the data governance market can be attributed to growing privacy concerns among the public as well as the risk of non-compliance penalties, which are often substantial. The importance of data privacy and protections took the mainstream by storm in 2018 when data analytics firm Cambridge Analytica was revealed to be harvesting the Facebook data of tens of millions of users. The data was then allegedly used to influence the United States’ Presidential Election. While the cost of the Cambridge Analytica scandal remains incalculable, a recent GDPR breach survey estimates more than 175 million Euros has been collected in GDPR fines since 2018.
On average, non-compliance costs businesses upwards of US$4 million. Importantly, non-compliance costs more than twice the cost of maintaining compliance, incentivizing companies to get ahead of the regulatory challenges involved with handling digital data. Oculus VisionTech is hoping to streamline compliance with a data privacy tool that guarantees the right to be forgotten by targeting long-term data storage that has been held for backup and recovery purposes. “Our Right-To-Be-Forgotten platform will address the requirements of data privacy regulation implementing a modern platform to ensure compliance across an organization’s entire array of data processing capabilities,” said CEO Rowland Perkins. “We are excited to incorporate innovative data protections into the Oculus product offering. As a developer of next-generation data protection and security offerings, we see a synergy between Oculus and the Right-To-Be-Forgotten Platform and our team will be examining unique applications and market opportunities for Oculus.”
Since the GDPR was implemented in May 2018, organizations have been forced to adapt to comprehensive compliance legislation and growing privacy concerns. In addition to the GDPR, the COVID-19 pandemic has forced both public and private sectors to rethink data privacy once more. In particular, the rapid transition between in-office and remote work has forced many IT departments to remain compliant while large portions of the workforce transition to remote workspaces. As businesses continue to rely heavily on digital systems to maintain and protect their data, Oculus VisionTech aims to provide secure solutions to both protect and permanently delete sensitive information.
Oculus VisionTech’s management team consists of industry experts who have held high-level positions at corporations such as Sony, HP, and Amazon Web Services. The company plans to leverage its experience and expertise in the tech industry while continuing to develop and market its innovative products and services. President and founder Michael Johson in particular is a tech industry veteran, creating Oculus VisionTech after spending time as the Business Development Director with the Archival Solutions Division at Sony Electronics.
- Forget Me Yes platform is designed to secure, protect and delete sensitive information used by corporations with data-heavy business models
- The RegTech market is expected to reach US$55.28 billion by 2025 expanding at a compound annual growth rate (CAGR) of 52.8 percent
- The average cost of compliance for organizations across all industries is US$5.47 million
- The approximate cost to non-compliant businesses is double the estimated cost of implementing compliant systems and platforms
- The growth of the data governance market can be attributed to growing privacy concerns, especially those driven by the Cambridge Analytica scandal
- Forget Me Yes platform is compliant with the GDPR, the most stringent data privacy protection legislation in the world
- President and CEO Michael Johnson brings significant experience to the team, including time spent as Development Director with the Archival Solutions Division at Sony Electronics
- Recent agreement with NOX Co. Ltd. to introduce the ComplyScanTM cloud-backup compliance reporting and Forget-Me-YesTM data privacy management products through Japan and Asia-Pacific (APAC) wide sales channels.
- Agreement with Nitech to introduce the ComplyScanTM cloud-backup compliance reporting and Forget-Me-YesTM data privacy management products to their Western US-based SMB and Enterprise customers.
“Forget Me Yes” Platform
Data privacy has always been important, however, increasing public awareness and government action have turned privacy into a highly-publicized issue. Growing concerns about how personal data was being used by massive corporations came to a head in the first half of 2018, when Facebook’s Cambridge Analytica scandal captured the attention—and outrage—of the media, the public, and most importantly, regulators around the world.
In May 2018, the GDPR took effect for any organization operating within the European Union as well as its business partners. In practice, the data protection methods outlined by the GDPR can be costly and burdensome, however, the costs of fines and repairs to non-compliant systems can be even heavier.
Oculus VisionTech is developing a SaaS platform designed to meet the complex compliance requirements set forth by the GDPR and similar data governance legislation. The platform guarantees the right to be forgotten by ensuring that personal data is stored in a way that neither the customer nor a third-party service may gain direct access. The Forget Me Yes platform does this by “remembering” what information to “forget” through the encrypted protections and automatic systems of deletion.
The platform will follow what is commonly referred to as zero-knowledge protocol with end-to-end encryption, whereby only the subscriber can access their personal data. The Forget Me Yes platform is designed to help businesses avoid non-compliance fines while satisfying consumer concerns over data protection and privacy.
The Forget Me Yes platform is on track for deployment by the first quarter of 2021. The worldwide market for privacy management software reached US$5.2 billion in 2018 and is expected to grow at a CAGR of 13.7 percent between 2019 and 2027. The global market for GDPR services alone is expected to reach US$4.04 billion by 2025 with a CAGR of 23.4 percent.
The global market for data compliance management may continue to grow due to the rapid transition between in-person and remote work catalyzed by the COVID-19 pandemic. As organizations continue the search for data privacy tools that are easy to implement while remaining reliably effective, Oculus VisionTech is aiming to fulfill this need with its upcoming SaaS platform.
Rowland Perkins – President, CEO, and Director
Mr. Perkins was formerly the President & Chief Executive Officer of ebackup Inc. (2001-2015) (a private corporation), a digital cloud data service provider specializing in cloud services, data backup and business continuity. Mr. Perkins has over 45 years of business experience and 30 years with various public companies. Mr. Perkins is a director of one other publicly trade company: Corvus Gold Inc, since August 2010, he is a former director of Xiana Mining Inc. (TSXV) from 2011 to 2018, and of International Tower Hill Mines Ltd. from 2005 to 2010. Mr. Perkins is also a director of Blue Rhino Capital Corp. and Lamaska Capital Corp. Mr. Perkins has a degree in Economics from the University of Manitoba.
Anton J. Drescher – CFO, Secretary, and Director
Mr. Drescher has been a Chartered Professional Accountant, Certified Management Accountant since 1981. He is currently involved with several public companies including as: a director (since 1991) of International Tower Hill Mines Ltd., a public mining company listed on the TSX and the NYSE-MKT; a director (since 1996) and Chief Financial Officer (since 2012) of Xiana Mining Inc., a public mineral exploration company listed on the TSXV; a director (since 2007) and the Chief Financial Officer of Oculus VisionTech Inc., a public company involved in watermarking of film and data listed on the TSXV and the OTC Bulletin Board; a director (since 2014) of CENTR Brands Corp., a public company listen on the CSE; a director (since 2020) of Blue Rhino Capital Corp., a public company listen on the TSXV; a director (since 2020) of Lamaska Capital Corp., a public company listed on the TSXV. Mr. Drescher is also the President (since 1979) of Westpoint Management Consultants Limited, a private company engaged in tax and accounting consulting for business reorganizations, and the President (since 1998) of Harbour Pacific Capital Corp., a private company involved in regulatory filings for businesses in Canada.
Michael Johnson – President and Co-Founder
Mr. Johnson is a business development executive who co-founded and is currently President of OCL Technologies Inc., a wholly-owned subsidiary of Oculus VisionTech. A data protection and compliance market entrepreneur, he has been actively involved in the creation of regulatory-compliant data storage solutions for the Financial Services, Healthcare, Government, Insurance and Media & Entertainment markets. Prior to OCLT, Michael was a Business Development Director with the Archival Solutions Division at Sony Electronics, providing thought-leadership for the introduction of ExaByte-class enterprise storage solutions to the Autonomous Vehicle/IoT, Big Data and high-performance compute markets worldwide.
Tom Perovic – Director and CTO
Mr. Perovic has over 30 years of experience in high technology management, from research and development to high-level and top development and executive positions in businesses including automotive industry, in particular in developing and releasing autonomous driving AD Perception products , and ADAS (Advanced Driver Assistance Systems), based on AI – Machine/Deep learning models, for major OEMs, including Daimler, BMW, Toyota, Honda Ford and GM, electronics (embedded hardware, imaging/video processing based products), real-time automotive grade, functional safety compliant embedded software development, running on intelligent RTOS (Real Time Operating System), sensor fusion (camera, LiDAR, Radar, ultrasonic) data capture, and real-time processed by deep learning Neural Networks, Internet centric streaming video content (movies) watermarking products for the entertainment industry, machine vision, IP based video communications, PCB production/development equipment, professional video (TV broadcasting), Internet imaging, security video surveillance, contract manufacturing, material handling/logistics and production/distribution. He has been a co-founder, President and CTO of ASPRO Technologies, a digital security/surveillance technology start-up from 1992-2002, General Manager of Magna International Inc. and Global Director of Engineering at Magna Electronics (Magna Vectrics) from 2002 to 2018 where he was responsible for restructuring since a takeover, P/L, development strategy, operational team building and leadership, and since 2018 till present Sr. Director, Toronto Automotive Center of Excellence (TACoE), LeddarTech Inc, LiDAR high technology company. He established TACoE AI based AD/ADAS/Perception division of LeddarTech from scratch, including building the scientific, engineering, and vehicle integration and quality teams, OPEX and CAPEX. Tom has been instrumental in several technology companies M&A process.
Kevin Yorio – Investor Relations
Kevin Yorio has been working in the technology sector for 20 years. Mr. Yorio started CCG Telecom in 2004 and has grown it to be an international provider of telecommunications products and services. CCG Telecom primarily focuses on Voice Over IP services specifically Microsoft Teams. Mr. Yorio also has a background in raising money for emerging public companies on the OTC Bulletin Board, and TSX Venture exchange. In addition to CCG Telecom Mr. Yorio also owns other small business’ interest. Mr. Yorio lives in Westerly Rhode Island.
- EXCITING upcoming projects!
- IN-DEPTH reliable insights!
- SUCCESSFUL growth strategies!
- VALUE-BASED content!