Contact Information: Contact: St Bernard Software: Al Riedler Chief Financial Officer (858) 524-2050 or MKR Group, Inc. Marie Dagresto or Todd Kehrli (323) 468-2300
St. Bernard Software Signs Definitive Agreement to Sell Legacy Product Line for $6.875 Million in Cash
| Source: St. Bernard
SAN DIEGO, CA--(Marketwire - August 14, 2007) - St. Bernard Software, Inc. (OTCBB : SBSW ), a
global provider of security appliances and on-demand solutions, including
secure content management, archiving and collaboration, today announced
that the company signed a definitive agreement on August 13th to sell the
legacy Open File Manager product line to EVault for 6.875 Million in cash.
The transaction was executed in conjunction with the company's new strategy
to focus its resources on network based secure content management solutions
and to raise capital to fund ongoing operations. The transaction is
expected to close in August 2007.
Vince Rossi, president and CEO of St. Bernard, commented, "The $6.875
million in proceeds of this sale will provide critically important capital
for St. Bernard to support the growth of our core iPrism and LivePrism
products and continue the execution of our company strategy. We believe
that EVault is an excellent organization that will provide great value to
our Open File Manager customers and partners."
About St. Bernard
St. Bernard Software, Inc. (OTCBB : SBSW ) is a global provider of security
appliances and hosted solutions, including secure content management,
archiving and collaboration. The company's award-winning products deliver
innovative security solutions that offer the best combination of
ease-of-use, performance and value. Established in 1995 with headquarters
in San Diego, CA and international offices in the United Kingdom and the
Netherlands, St. Bernard sells and supports its products directly and
through solution partners worldwide. For more information, please visit
www.stbernard.com.
About EVault
EVault, a wholly owned subsidiary of Seagate Technology, is the trusted
expert in complete data protection solutions for over 9,000 small to large
enterprise customers globally. Since 1997, EVault's software and
outsourced services for backup, recovery, archiving, business continuity
and e-discovery have allowed customers to conform to industry-specific
compliance and security regulations. EVault's DeltaPro™, patented Quick
File Scanning, and patent-pending Adaptive Compression technologies make it
easy to secure, protect and recover critical data across a broad range of
operating systems and applications, delivering the highest performing
online backup and recovery solution available. EVault is the only vendor
in the industry that allows customers to choose between 1) licensing and
managing software in-house, 2) licensing software and outsourcing the data
protection management to EVault or 3) subscribing to a Software as a
Service offering delivered by EVault. For more information about EVault or
to hear what our customers are saying, visit www.evault.com or contact an
EVault expert at 877.382.8581
©2007 St. Bernard Software, Inc. All rights reserved. The St. Bernard
Software logo, LivePrism, iPrism, iGuard and Open File Manager 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
projections of earnings, revenues, or other financial items; any statements
of the plans, strategies, and objectives of management for future
operations; any statements concerning proposed new products, services, or
developments; any statements regarding future economic conditions or
performance; 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. 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-KSB, 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.