(London, Ontario) – VersaBank (TSX: VB) subsidiary, DRT Cyber Inc. (“DRT Cyber”), based in Washington, D.C., today announced that it has strengthened its board of directors with the appointment of Avery Pennarun. Mr. Pennarun is co-founder and CEO of Tailscale Inc., which helps remote teams securely access the services they need, without the long setup times of traditional VPNs, and is also a director of VersaBank. Mr. Pennarun joins the current members of the DRT Cyber board: former Pennsylvania Governor Tom Ridge (Chairman), Chairman of Ridge Global LLC and the first U.S. Secretary of Homeland Security; Barbara C. Chaffee, President & CEO of the Tom Ridge Environmental Center Foundation; and David Taylor, President & CEO, VersaBank and DRT Cyber.
Mr. Pennarun was previously Senior Software Engineer at X Inc., Google Fiber, and Google Inc., three Alphabet companies, and was in the top 3% of Google employees, reporting directly to Alphabet’s co-founder and board of directors. Mr. Pennarun has had an extensive career in both software development and software engineering and is regarded as one of Canada’s best and brightest in his field. Mr. Pennarun attended the University of Waterloo, where he graduated with Honours, earning a Bachelor of Applied Science degree in Computer Engineering.
DRT Cyber will follow in the innovative path on which VersaBank was founded and focus on developing innovative cyber security solutions for the ever-expanding digital world and address the rapidly growing cyber threats facing financial institutions, multi-national corporations and government entities.
“I am very pleased to announce the appointment of Mr. Avery Pennarun to the board of DRT Cyber,” stated David Taylor, President & CEO of VersaBank, and its subsidiary, DRT Cyber. “Mr. Pennarun is a key strategic addition given his extensive knowledge in software development and software engineering, which will be of significant value as we focus on identifying areas where cyber threats are significant and bringing to market the much-needed solutions for this rapidly growing industry. Our target market – financial institutions, multi-national corporations and government entities – are all increasingly challenged with guarding against cyber threats on a daily basis.”
“I’m pleased to have accepted the invitation to serve on the board of one of the leaders in the field of cyber security,” said Mr. Pennarun. “I’m looking forward to working with our board and management to bring my specific expertise to bear as DRT Cyber develops strong and secure solutions to address the significant challenges and very immediate needs this industry is facing. I also look forward to providing my guidance and counsel as DRT Cyber explores acquisition opportunities in the cyber security space as part of its growth strategy.”
About DRT Cyber Inc.
DRT Cyber Inc., a wholly owned subsidiary of VersaBank, was formed to identify significant cyber security threats and to develop innovative solutions to address the rapidly growing volume of cyber threats which financial institutions, multi-national corporations and governmental departments and agencies, are increasingly challenged with guarding against on a daily basis. DRT Cyber will operate from Washington, D.C., and service clients globally. Visit DRT Cyber’s website at https://drtcyber.com.
VersaBank adopted an electronic B2B branchless model in 1993, becoming the world’s first branchless financial institution. It holds a Canadian Schedule I chartered bank license and obtains its deposits, and the majority of its loans and leases, electronically. VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A and VB.PR.B, respectively. Visit VersaBank’s website at https://www.versabank.com.
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. This information is based on certain assumptions regarding software development, expected growth, results of operations, performance, and business prospects and opportunities (collectively, the “Assumptions”). While VersaBank considers these Assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking information is subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what VersaBank currently expects. These risks, uncertainties and other factors include, but are not limited to, the timing and market acceptance of future products, competition in DRT Cyber’s markets, the development of appropriate and secure software in respect of DRT Cyber, the ability of DRT Cyber to provide a safe and private vault for digital assets, VersaBank’s reliance on customers, fluctuations in currency and exchange rates, commodity prices or interest rates, changes in the law or regulations and VersaBank’s ability to protect its intellectual property (collectively, the “Risks”). For more exhaustive information on these Risks, please refer to VersaBank’s filings with the securities regulatory authorities, including VersaBank’s most recently filed annual information form, which is available on SEDAR at www.sedar.com. Other than as required under securities laws, we do not undertake to update any forward-looking information at any particular time. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.