Intrusion.com Announces New Joint Venture in Shanghai
Company Establishes Partnership to Bring Its Network Security Solutions to the Chinese Market
RICHARDSON, Texas–(BUSINESS WIRE)–Jan. 17, 2001–Intrusion.com, Inc. (Nasdaq:INTZ), a leading provider of enterprise security solutions for the information-driven economy, today announced an agreement to establish a joint venture with Shanghai Video and Audio Electronics Co., Ltd. (SVA).
This new venture, Shanghai SVA Intrusion.com Joint Venture, will manufacture, market, distribute and sell Intrusion.com SecureCom platform solutions, and will be the authorized reseller of selected Intrusion.com software products in China (PRC Mainland) under an exclusive multi-year licensing agreement. The joint venture will be established in Shanghai, China in the first quarter of 2001, subject to appropriate government approval.
“We are excited about the opportunity to participate in the largest market in the world with an established company like SVA,” said Tim Kinnear, president and CEO of Intrusion.com. “This partnership will enable us to offer security solutions for China’s growing commercial enterprise system.”
Guang Ping Chen, General Manager of SVA, said, “SVA is committed to bringing the best network security management solutions to China. We are pleased to be associated with Intrusion.com and look forward to a successful and mutually beneficial relationship.”
Under terms of the agreement, Intrusion.com will receive $4.75 million in the first half of 2001, subject to appropriate government approval. The joint venture will receive certain SecureCom inventory and technical support from Intrusion.com to establish a production facility in Shanghai. Intrusion.com will grant the joint venture an exclusive multi-year license to manufacture, market, distribute and sell Intrusion.com SecureCom platform solutions in China. The joint venture will also be named as the exclusive authorized reseller of selected Intrusion.com software products in China. Furthermore, Intrusion.com will share in 30% of the cumulative profits, if any, of the joint venture.
About Shanghai Video and Audio Electronics Co., Ltd.
Shanghai Video & Audio Electronics Co., Ltd. (SVA), a subsidiary of Shanghai General Electronics Group Co., Ltd., is a first-class electronics and communication organization with total industrial value ranking it as one of the top ten state-owned enterprises in China. Headquartered in Shanghai, SVA owns over 30 Sino-Foreign joint ventures with many multinational companies such as Siemens, Sony, Sharp, JVC, Kenwood, and Hughes. In addition to household electronic appliances and communication products, SVA is committed to a focus on the research and development of information technology products. For more information, visit the company Web sites at www.sva-china.com.
Intrusion.com, Inc., is a leading provider of enterprise security solutions for today’s information-driven economy. Headquartered in Richardson, Texas, Intrusion.com’s security software and appliances help companies protect critical information assets by quickly detecting, analyzing and responding to network- and host-based attacks. Based on 15 years experience developing high-security networks, Intrusion.com’s products include award-winning vulnerability assessment software, intrusion detection systems, centralized security analysis software, and modular, scalable security platforms. For more information, visit the company Web site at www.intrusion.com.
This release, other than historical information, may include forward-looking statements regarding future events or the future financial performance of the Company. These statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the uncertainties in obtaining Chinese government approvals, the difficulties in successfully developing and introducing new products, the highly competitive market for the Company’s products, difficulties in accurately estimating market growth, the consolidation of the information security industry, the impact of changing economic conditions, business conditions in the information security industry, the ability to manage acquisitions and joint ventures effectively, the impact of market peers and their products as well as risks concerning future technology and others identified in the Company’s Annual Report on Form 10-K and other Securities and Exchange Commission filings. These filings can be obtained by contacting Intrusion.com Investor Relations.