SAN GERONIMO, Calif., Feb. 9, 2012 (GLOBE NEWSWIRE) -- Virogen Inc. (OTC:VRNI), a holding company specializing in data security and encryption technology, today announced that the company is in discussions with a European hedge fund to secure long term financing for the commercialization of its products and services worldwide.
Negotiations are ongoing in the development of a term sheet; however, the general parameters of the financing package have been discussed and agreed to in principal by both parties. Virogen will use the proceeds from this financing to assist the company in its worldwide expansion and acquisition of contracts that the company believes can generate millions in revenue. Management believes that multinational corporations and governments worldwide are looking for and willing to pay for innovative security solutions to address the epidemic of data breaches.
Virogen's Chief Executive Officer, Paul Hogan, commented, "Securing financing is very important for the company in order to execute our worldwide growth strategy. While the U.S. market remains the company's primary focus and funds will be used for expansion in the U.S as well as international markets, it is clear that there is growing concern particularly in Europe and Asia regarding network security. Indeed one could argue there is greater opportunity in these markets given the expanded emphasis.
"For this reason, the company's growth strategy has a heavy concentration in Europe and we have plans to market our data security and encryption technology in the Asian markets as well. We believe that this financing will play a key role in enabling the company to achieve potentially millions of dollars in revenue in the future."
About Virogen, Inc.
Virogen, Inc. is a technology holding company. The company's wholly owned subsidiary, Tiger Team Technologies "T3," has developed a very unique suite of copyrighted tools to address the network and database security needs of enterprise level companies and corporations. T3's risk management offering provides an unprecedented level of security and liability protection, positioning it as the only company with a comprehensive solution to data security breaches for its clients. T3's primary markets include medical service providers, financial services firms, brokerages and currency transaction platforms, consumer credit card companies, banking entities, retailers, defense and government related operations.
Forward-Looking Statements:
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Virogen, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions the occurrence of unanticipated events or changes to future operating results.