Cybeats Appoints Automotive Cybersecurity Sales Leader, Damon Mark, Expanding Commercial Operations in the U.S.

Toronto, Ontario--(Newsfile Corp. - January 18, 2023) - Cybeats Technologies Corp. (CSE: CYBT) ("Cybeats'' or the "Company") is pleased to announce the appointment of Detroit-based Damon Mark to the position of Director of Sales. The appointment of the 20 year sales veteran is effective immediately, and supports the acceleration of commercial operations in the U.S., and specifically the automotive security sector.

"Damon brings a wealth of sales experience and expertise in the automotive cybersecurity industry and we are thrilled to have him on board as we enter our next phase of growth," said Bob Lyle, CRO, Cybeats. "Damon's deep knowledge of our market and customers strengthens our overall commercial leadership in the U.S. and will help us rapidly scale our business in the automotive sector and beyond."

"Joining Cybeats at such a critical period of SBOM adoption and industry-wide shifts toward transparency over one's software supply chain is very exciting," said Damon Mark, Director of Sales, Cybeats. "Cybeats has built a best-in-class solution with SBOM Studio and is already recognized in the industry for its market-leading capabilities. I look forward to quickly sharing this amazing solution with my existing automotive network and the broader industry at large."

About Damon Mark

Mr. Mark comes with more than 20 years of sales experience and growing market share for companies across a diverse set of cybersecurity and software industries, and notably specializes in the automotive cybersecurity and smart building technology sectors. Damon graduated from Hillsdale with a Bachelor's Degree in Science and began his career in technical sales. He managed 30%, or $13 million USD of corporate sales at once Michigan-based Xycom automation. Mr. Mark successfully sold Trillium Secure's first product to a major North American OEM, and also sold Escrypt's first cybersecurity product to the energy market sector. Damon was previously a sales director for a global smart cities cybersecurity marketplace based in Waterloo, ON, and sold the first automotive cybersecurity product to a U.S.-based customer for a major Israeli cybersecurity company.

Cybeats is already a proud partner of Canada's Auto Parts Manufacturers' Association (APMA)¹, gaining access to the APMA network and commercial opportunities throughout the auto sector. Cybeats also recently attended the launch of APMA's Project Arrow at CES 2023² in Las Vegas, where it met with several leading automotive OEMs, who notably validated the industry shift toward the adoption of SBOMs (Software Bill of Materials). Damon brings with him to Cybeats a deep automotive network and sales experience to continue growing our pipeline of automotive industry opportunities.³ The Company is pleased to note that it has recently engaged with a Fortune 500 Detroit-based automotive manufacturing company.

Automotive Cybersecurity Market

The automotive sector relies substantially on previously developed software or proprietary third party software components known as "open source software" (OSS). With modern connected vehicles running on more than 30,000,000 lines of code, it is quite alarming that upwards of 70% of all automotive software is open source.⁴ Without knowing who is behind the development of the code, what software licences are required, and what vulnerabilities are in the code, automotive companies are highly exposed to cyber risks. Cybeats' SBOM Studio enables organizations to efficiently manage OSS and their software bill of materials (SBOMs) in a single interface. The automotive security market is expected to reach $32.41 billion by 2030, growing at over 16% CAGR.⁵

Upcoming Events

Join us at the CISO Forum Canada in Toronto, Ontario from January 30 to 31 as Cybeats leads a panel discussion on Software Supply Chain Security with cybersecurity leaders from CN Rail, Craft Ventures and SAP: https://www.siberx.org/event/ciso-forum-canada-2023/

Come meet us at S4x23 in Miami February 13-16! Discover new ideas and come up with innovative ways to use these new ideas to deploy secure and resilient industrial control systems⁶: https://s4xevents.com/

Join us at the Fira Gran Via, Barcelona from 27 February - 2 March, 2023 at MWC Barcelona⁷, the world's most influential exhibition for the device connectivity and security industry: https://www.mwcbarcelona.com/

About SBOM Studio
Cybeats' SBOM Studio enables organizations to efficiently manage, distribute, and view their software bill of materials (SBOMs) in a single interface. By doing so, they can easily identify and address cybersecurity vulnerabilities, reduce the cost of protection, and improve compliance. SBOM Studio is specifically designed to support software producers and consumers who use open source and 3rd party software components and who are transitioning to more transparent software development practices. The tool is compatible with various SBOM generation tools and can validate and correct imported SBOMs to improve their accuracy.

About Cybeats
Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats. Software Made Certain. Website: https://cybeats.com

SUBSCRIBE: For more information, or to subscribe to the Company's mail list, visit: https://www.cybeats.com/investors

Contact:
James Van Staveren
Corporate Development
Phone: 1-888-713-SBOM (7266)
Email: [email protected]

Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available at sedar.com.

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¹ https://apma.ca/
² https://www.ces.tech/
³ https://www.newsfilecorp.com/release/150982/Cybeats-Partner-Project-Arrow-Unveils-Electric-Vehicle-at-CES-in-Las-Vegas
⁴ https://www.automotiveworld.com/articles/auto-industrys-thirst-for-software-is-quenched-by-open-source/
⁵ https://yhoo.it/3XyMpRq
⁶ https://s4xevents.com/
⁷ https://www.mwcbarcelona.com/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151690