Ft. Lauderdale, Fla. (July 11, 2004) – CyberGuard Corporation (Nasdaq:CGFW), the technology leader in network security, today announced that the company is extending an offer to purchase Secure Computing Corporation (Nasdaq:SCUR) in a one for one stock exchange transaction. Both companies provide highly secure information security solutions to enterprise and government customers worldwide.
“We have a great deal of respect for Secure Computing’s team and their technology,” stated Pat Clawson, chairman and chief executive officer of CyberGuard Corporation. “Both of our companies offer the highest-level information security in the industry. Together our products would be the most secure product suite available. This is a logical next step for CyberGuard as we continue to aggregate the right technology for the enterprise and move forward to build the premium information security company.”
Clawson said that an initial evaluation of a merger identified an estimated $14 million in cost savings which could generate an increase in earnings for each company’s shareholders of $0.20 per share, not including any increased revenue which might result from sales synergies.
About CyberGuard Corporation
CyberGuard Corporation (NASDAQ: CGFW), the technology leader in network security, provides advanced Total Stream Protection(tm) solutions that protect the critical information assets of Global 2000 companies and governments worldwide. CyberGuard offers a broad line of scalable high performance firewall/VPN appliances, the Webwasher suite of enterprise-class Web and e-mail content security solutions, sophisticated security processors and accelerator products for the SSL and IPsec markets, and industry leading embedded Linux and Linux security solutions. Headquartered in Ft. Lauderdale, Florida, the company has branch offices and training centers around the world. More information about CyberGuard Corporation can be found at http://www.cyberguard.com.