REG - Crossword Cybersec - Related Party Transaction

Crossword CybersecurityAnnouncement

22/02/2022 07:01

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RNS Number : 3330C  Crossword Cybersecurity PLC  22 February 2022

Related Party Transaction

 

 

22 February 2022 - London, UK - Crossword Cybersecurity Plc
(http://www.crosswordcybersecurity.com/) (AIM:CCS, "Crossword", the "Company"
or the "Group"), the technology commercialisation company focused on cyber
security and risk management, today announces that the Group has entered into
a contract with a company connected with Crossword Director Dr. Robert Coles
which constitutes a related party transaction under Rule 13 of the AIM Rules
for Companies.

 

Crossword Consulting Limited ("Crossword Consulting"), a subsidiary of the
Company, has entered into a contract for consulting services with Cumberland
House Consulting Ltd ("Cumberland"), of which Dr. Coles is a director and
shareholder. Cumberland will manage a bench marking and cyber maturity
assessment project for a third-party client and requires additional capacity,
which Crossword Consulting will be providing under this contract.  The
current contract value is fixed at £75,600, which has been determined using
standard day rates and margins. Crossword Consulting generated a gross profit
percentage of 14.5% during the year ended 31 December 2020. The Independent
Directors, being the Crossword Directors other than Dr. Robert Coles consider,
having consulted with the Company's Nominated adviser, that the terms of the
contract with Cumberland are fair and reasonable insofar as the Company's
Shareholders are concerned.

 

- Ends -

 

 

Contacts

Crossword Cybersecurity plc - Tel: +44 (0) 20 3953 8460

Email: info@crosswordcybersecurity.com

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

 

Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100

Colin Aaronson / Daphne Zhang / Ciara Donnelly

 

Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341

Claire Louise Noyce

 

For media enquiries contact:

Lorena Duke, GingerPR

crossword@gingerpr.co.uk (mailto:Crossword@gingerpr.co.uk) - Tel: +44 (0)1932
485 300

 

About Crossword Cybersecurity plc

Crossword Cybersecurity (https://www.crosswordcybersecurity.com/) plc focuses
on the development and commercialisation of university research-based cyber
security and risk management related software and cyber security consulting.
The Group's specialist cyber security product development and software
engineering teams work with its university partners to develop the research
concept into a fully-fledged commercial product that it will then take to
market. The Group's aim is to build up a portfolio of revenue generating,
intellectual property based, cyber security products. Rizikon Assurance
(https://www.rizikon.io/) , Crossword's leading product, is a SaaS platform
that enables medium to large companies to assess and manage all risks from
their suppliers.  Nixer CyberML, another Crossword product, is a new tool for
businesses that want to solve advanced security and cybercrime problems, such
as detecting and dealing with compromised accounts, fraud, and in-application
denial of service attacks.  Identiproof, Crossword's most recent product, is
the World Wide Web Consortium (W3C) verifiable credentials compatible
middleware and wallet technology. Crossword's team of expert cyber security
consultants leverages years of experience in national security, defence and
commercial cyber intelligence and operations to provide bespoke advice
tailored to its clients' business needs, including threat monitoring.

 

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