Contract

RNS Number : 7040Q

CYBA PLC

29 October 2021

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

29 October 2021

CYBA plc

New Narf R&D Contract

CYBA plc ("CYBA" or the "Company") is pleased to announce that its acquisition target Narf Industries LLC and Narf Industries PR LLC (together "Narf" or the "Narf Group") has won another contract (the "Contract") for the United States Department of Defense (the "DoD"). Narf has begun the R&D phase and expects the effort to result in additional cyber security software and IP in which it will have a proprietary interest.

Narf expects that software and techniques developed under this new contract will progress through Narf's core business model and R&D transition pipeline to join other successful efforts similar to Narf's Threat Intelligence for Grid Recovery product ("TIGR"). TIGR is a Power Grid Cyber Security Solution developed for the Defense Advanced Research Projects Agency's ("DARPA") Rapid Attack Detection, Isolation and Characterization Systems ("RADICS") program, which concluded in 2021 with a public budget of more than $139M USD. Narf is spearheading TIGR's transition to the commercial market of 55,000 electric grid substations in the US alone that require advanced cyber security defenses.

The Contract is in addition to the one announced by Cyba on 8 June 2021 for DARPA's Hybrid AI Exploration Social Code Program. Narf's 'Social Cyber' effort leverages AI and advanced analytics to ensure the integrity of open source software platforms which underpin large portions of the DoD, public clouds, and technology platform infrastructure. Early R&D has been promising and Narf has already begun a product roadmap and use case studies in expectation of commercialising its early R&D results.

A summary on Narf was included in the Company's Listing Prospectus (Page 24) which can be found at the Company's webpage, https://cybaplc.com/investor-relations/corporate-documents. Narf operates within the Threat Intelligence Sector carrying out computer security research and developing and licencing software on a SaaS basis to detect threats to computer systems. It also provides Incident Response services to assist its clients to identify and neutralise active threats. Its clients are US governmental agencies, like DARPA, and large US corporations. Narf has a number of patents for its technology, facilitating the continuous development of its products and in 2021 intends to expand both current and newly developed products and services through its active revenue channels in the US and beyond. Further information can be found on Narf's website https://narfindustries.com/.

Robert Mitchell, Chairman of Cyba, said: "This new contract win highlights the recent growth trajectory Narf has been on. We are pleased, but in no way surprised, that Narf are now able to show traction on all stages of the pipeline. They have onboarded new key team members in the last few months and we are really excited about completing this transaction and getting on with the full rollout."

ENDS

About CYBA plc

CYBA plc ("CYBA") is a special purpose acquisition company ("SPAC") seeking suitable acquisition targets in the Cyber Security sector. CYBA intends to implement its strategy focussed on building a group capable of offering Cyber and Cybersecurity solutions in the US and beyond.

The Company intends to leverage the deep industry knowledge of its board and associates to undertake due diligence on the commercial attributes of a target entity's business.

For further information on the Company please visit www.cybaplc.com, with the Company's Prospectus to be found at www.cybaplc.com/investor-relations/corporate-documents or contact:

Robert Mitchell	CYBA	Tel: [phone]
Peter Krens	Tennyson Securities	Tel: [phone]

Forward-looking statements

Certain statements in this announcement constitute ''forward-looking statements''. Forward-looking statements include statements concerning the plans, objectives, goals, strategies and future operations and performance of the Company and the assumptions underlying these forward-looking statements. The Company uses the words ''anticipates'', ''estimates'', ''expects'', ''believes'', ''intends'', ''plans'', ''may'', ''will'', ''should'', and any similar expressions to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Company's actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company is not obliged, and does not intend, to update or to revise any forward-looking statements, whether as a result of new information, future events or otherwise except to the extent required by any applicable law or regulation. All subsequent written or oral forward-looking statements attributable to the Company, or persons acting on behalf of the Company, are expressly qualified in their entirety by the cautionary statements contained throughout this announcement. As a result of these risks, uncertainties and assumptions, a prospective investor should not place undue reliance on these forward-looking statements.

 

END

 

 

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