Safe-T Group Secured the Additional $2M Funding for its

The Company’s Successful Customer Acquisition Program Allowed the Waiver by the Investor of the Milestone Conditions for the Second Part of the Funding

HERZLIYA, Israel, Oct. 31, 2022 (GLOBE NEWSWIRE) — Safe-T Group Ltd. (Nasdaq: SFET) (TASE: SFET) (“Safe-T” or the “Company”), a global provider of cybersecurity and privacy solutions for consumers and enterprises, announced that further to its announcement on August 10, 2022 regarding a strategic funding agreement entered into with O.R.B. Spring Ltd. (“O.R.B.”), the Company now successfully secured the ability to obtain the second part of the funding in the amount of $2,000,000, which was previously conditioned upon the Company reaching certain milestones. In total, the funding will amount to up to $4,000,000, of which $1,000,000 was already provided to the Company in August 2022, and the remaining balance of which will be made available by O.R.B. through a series of cash instalments until July 2023.

As a result of the Company’s successful performance around its consumer privacy solutions and its customer acquisition program, the Company and O.R.B. agreed to cancel and waive conditional milestones set by O.R.B. in connection with the remaining balance of the funding. On October 28, 2022, the Company furnished a Report on Form 6-K with the Securities and Exchange Commission with the amendment to the funding agreement, reflecting the lifting of any such conditions, and the related amended and restated warrants to O.R.B.

“We are happy with the progress of our customer acquisition program,” said Chen Katz, Active Chairman of Safe-T. “Since we launched on all leading application platforms in the past few months, we have seen an increase in our user base. We are pleased with O.R.B.’s confidence in our consumer acquisition program, which we intend to continue to support to grow our business. “

About Safe-T Group Ltd.

Safe-T Group Ltd. (Nasdaq, TASE: SFET)…