Cipherloc Corporation (OTCMKTS:CLOK) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On October 8, 2018 the Board of Directors authorized the execution of a three year lease for property located at 21819 N. Scottsdale Rd., Scottsdale AZ 85255. This action was taken because of increased business activities in Arizona and the fact that the R& D department will remain in Austin, TX. All other Operations of the Company will be increasing and located in Scottsdale. This class A facility will fit the Company’s current and future needs. The property is 3,859 square feet and the monthly rent is $6,431.67 for the first year with annual increases each of the following years in the approximate amount of $3,600.00. The lease is for 3 years commencing November 1, 2018.
About Cipherloc Corporation (OTCMKTS:CLOK)
Cipherloc Corporation is a technology and services based solutions company operating in the cloud-based cyber security industry. The Company offers an encryption technology with over five international patents, called CipherLoc. CipherLoc is a commercially viable polymorphic key progression algorithmic cipher engine (PKPA). This morphing cipher can be used in commercial data security industry and/or in sensitive applications, including banks, financial transactions, credit cards, securities, stock and bonds transactions, e-mail, phones, tablets, servers and or computers. This PKPA Engine eliminates replay attacks because the cipher morphs over time. CipherLoc also rejects data access and injection, false commands, and data alteration. CipherLoc is a facet of a layered defense in depth protection plan for any organization. The CipherLoc Polymorphic Cipher Engine provides an electronic gate that restricts access to vital assets, production facilities, and distribution systems.