The company has also lodged its half-yearly accounts for the period ending 30 September following completion of the required audit review.
Covata will also seek approval at the EGM on Tuesday 17 December 2019 to change its name to Cipherpoint Limited (ASX:CPT).
This change will reflect the strategy and focus of the company to provide data security solutions and other content services to protect enterprises’ most sensitive data assets.
$2.38 million profit
Covata completed the disposal of the SafeShare business in July 2019 for $5 million. This has helped the company achieve a profit of $2.38 million for the 6-month period ending 30 September.
With the sale of SafeShare, the focus is now on the remaining products which will be sold under the Cipherpoint brand and will be boosted via the resale of dataglobal’s content services products.
As part of Covata’s rebranding, products have been renamed and all associated collateral updated.
As at today’s date, the company has in excess of $2 million in cash reserves.