Former management team buys assets of cybersecurity business whose founder was involved in alleged airplane-hacking incident
Denver, CO-December 10, 2015-MNR Labs, LLC ("MNR") announced today it has purchased the assets of One World Labs, Inc. ("One World Labs"). One World Labs filed for voluntary Chapter 11 bankruptcy in October 2015 at the direction of its Board of Directors, following revelations that founder Chris Roberts was questioned by the FBI regarding alleged hacking into airplane in-flight entertainment systems. The allegations remain unsubstantiated and no action was taken against One World Labs or Mr. Roberts, who has since left the company.
MNR was formed by former CEO Mark Turnage and CFO Russell Cohen to purchase and restructure the assets of One World Labs, and to recapitalize and grow the business. MNR will conduct business as "OWL Cybersecurity." The new company will continue to sell its dark net threat intelligence platform which alerts organizations to the theft, breach, or compromise of sensitive data found on deep and dark websites. It will also continue to provide a range of cybersecurity consulting services to clients in the financial, technology, healthcare, and industrial sectors.
"We believe that OWL Cybersecurity's dark net threat intelligence platform and consulting services have significant value going forward, and the business has continued to attract new customers even during the bankruptcy and restructuring," said Mark Turnage. "There has never been more need for the kind of information and services we provide, and our customers continue to validate this belief every day. We are actively hiring the very best talent available to supplement the core staff who remained with the business through the restructuring. We are excited to be launching a new chapter in the life of this company."
Mr. Turnage will become CEO of OWL Cybersecurity, and Russ Cohen will become President and CFO.