SANTA MONICA, Calif., May 12, 2006 (PRIMEZONE) -- CipherPass Corporation (Pink Sheets:CPHC), an innovator of digital certificate management solutions, announced it has a signed financing commitment of $6,125,000 led by FutureVest, Inc. (Pink Sheets:FRVT). The combined financing will be in the form of a $1,125,000 convertible debenture and $5,000,000 in convertible preferred stock.
The company also plans to file its initial Form 10SB Registration Statement with the SEC so that it will become a reporting public company. Once fully reporting, CipherPass intends to apply for trading on OTCBB, Nasdaq or AMEX.
"With this financing the company will have the necessary funds to fuel the global growth initiatives the company has set out through 2007," commented Glen Day, CEO of CipherPass. "In addition, the financing will provide the necessary cash equity required for the company to meet all listing requirements for a desired AMEX / Nasdaq listing once we obtain SEC reporting status."
About CipherPass Corporation
CipherPass Corporation (Pink Sheets:CPHC) is a digital security technology company that provides enterprise-class security solutions. Through its product and service portfolio, CipherPass enables businesses to securely share sensitive or confidential electronic information among internal staff, as well as with their business associates and customers. By partnering with the leading global managed digital certificate providers, CipherPass' secure service solutions offer significant cost reduction for deploying and managing trusted digital certificates. CipherPass' C-suite security solution helps to simplify the process of users securing and sending private digital data within files and emails. C-suite is an effective solution for addressing companies' privacy and security compliance initiatives for HIPAA, Sarbanes-Oxley, GLBA and SB1386.
CipherPass is a FutureVest, Inc. (Pink Sheets:FRVT) portfolio company (www.FutureVest.com). For additional information regarding CipherPass, please visit www.CipherPass.com.
Statements in this release are "forward-looking statements." Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, acceptance of the company's products, significant levels of competition for the company and dependence on the performance of the management of the company.