SAN DIEGO, CA--(Marketwire - August 6, 2010) - St. Bernard Software, Inc. (
Under the terms of the agreement, the facility is comprised of four year convertible notes accruing interest at three percent. The notes convert into common stock based on a conversion price of $1.10 per share. For a complete description of the terms and conditions of these new investments, please refer to the Form 8-K issued by the Company and filed with the SEC on August 3, 2010.
"This investment is clearly a vote of confidence in the company and in our business strategy," said Lou Ryan, President and CEO at St. Bernard. "St. Bernard has been at the forefront of technological innovation in hybrid security, delivering unmatched value, simplicity and performance across our global install base. This strong show of support from investors will create additional opportunities for growth that will enable us to further accelerate the execution of our strategic vision."
Concurrent with the closing of the transaction, Bill Baumel, a top institutional investor in the technology sector, was appointed to St. Bernard's Board of Directors. "I've been impressed with the company's strategy, the differentiation of its technology platform, and the execution of their business plan," said Baumel. "I'm looking forward to an active role on the Board working with the other Directors and management team."
For further information on St. Bernard Software and its complete suite of security products, please visit www.stbernard.com.
About St. Bernard Software
St. Bernard Software develops and markets Internet security appliances and services that empower IT professionals to effectively, efficiently and intelligently manage their enterprise's Internet-based resources. Originally founded in 1995 as a market-leader in data security with its flagship product, Open File Manager™, the company is now recognized for delivering today's #1 Web filtering and security appliance, iPrism®. With millions of end users worldwide in more than 5,000 enterprises, educational institutions, SMB, and government agencies, St. Bernard strives to deliver simple, high performance solutions that offer excellent value to our customers.
Based in San Diego, California, St. Bernard (
©2010 St. Bernard Software Inc. All rights reserved. The St. Bernard Software logo, iPrism, and iGuard are trademarks of St. Bernard Software Inc. All other trademarks and registered trademarks are hereby acknowledged.
This press release may contain forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, among other things, any statements concerning proposed new products, services, or developments; any statements regarding the ability of the Company to deepen its market leadership position, and statements regarding the Company's ability to create opportunities for growth and the ability to further accelerate the execution of its strategic vision statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include, among other things, performance of contracts by customers and partners; employee management issues; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; and the difficulty of keeping expense growth at modest levels while increasing revenues. Announcements of contract awards should not be interpreted as reflecting revenue in any particular period and may relate to revenue recorded in prior periods. These and other risks and factors that could cause events or our results to differ from those expressed or implied by such forward-looking statements are described in our most recent annual report on Form 10-K, as well as other subsequent filings with the Securities and Exchange Commission. We assume no obligation and do not intend to update these forward-looking statements.
Contact Information:
Media contact:
Lorrie Hunsaker
St. Bernard Software
(858) 524-2041