Root9b Technologies Inc (OTCMKTS:RTNB) filed form 10-K with SEC. Joseph J. Grano, Jr., the Chairman and CEO issued a Letter to Shareholders in association with the submission of the Company’s Annual Report with the SEC on March 30, 2015. In the letter, he updated investors on the developments pertaining to the company’s continued evolution into a leading provider of cyber security and regulatory risk mitigation offerings.
Grano started the letter stating that it has been five months since he issued last letter to shareholders. At that time, root9B Technologies continued with the measures of reorganization as outlined in the last communication in preparation for the implementation stage of the growth strategy. The company made substantial progress in improving the innovative capabilities of the wholly-owned cyber security subsidiary firm, root9B.
It decided to concentrate on areas of regulatory risk mitigation and enhancing cyber security. Consistent with the set objectives, the management initiated a rebranding initiative and changed the name and ticker to root9B Technologies, Inc. and ‘RTNB,’ respectively. The new changes were effective from December 1, 2014.
Grano further added that a successful growth plan needs a strong foundation created on organizational strength and robust economics. The company enhanced both critical segments with the acquisition of IPSA International. The new acquisition deal was completed by root9B Technologies in February 2015. It generated revenues of $41 million in FY2014.
The services offered by IPSA are anti-money laundering applications, investigative due diligence, anti-bribery and corruption training, litigation support, investigative services, and thorough background verification on behalf of numerous sovereign countries to assist the issuance of International Passports. The risk mitigation services offer a reliable and proven complement to the Business Advisory Offerings unit and considerably enhance the suite of client service offerings, geographic reach and financial scale.
In last trading session, the stock price of RTNB surged 1.95% to close the day at $1.57 on share volume of 223, 354.