CipherTrust Announces Another Record Quarter, Marked By Continued Growth, Competitive Wins And Product Leadership

July 13, 2004 – CipherTrust, Inc., the leader in messaging security, today announced it closed another record-breaking quarter, showing continued revenue growth, attaining its eighth consecutive quarter of profitability and positive cash flow. Additionally, the company received several highly competitive industry accolades and awards during the quarter, recognising its revenue growth, market penetration and vision, as well as the product excellence of its IronMail?‚® messaging security gateway.

In the second quarter of 2004, CipherTrust again achieved record sales with 20 percent sequential growth and continued to deepen its expansive list of customers that includes thousands of deployments worldwide. The recent addition of more Fortune 500 customers like Cingular and Comcast, in addition to renewals from existing customers including Houghton Mifflin Company, Baptist Health Care, Ingersoll-Rand and the Georgia Department of Technical and Adult Education, provide clear evidence of IronMail’s product excellence and CipherTrust’s strong market position with global enterprises.

To accommodate the company’s fast-growing international customer base, CipherTrust’s European operations completed its second and third phases of expansion in the second quarter, with the addition of offices in the Netherlands and France. CipherTrust now boasts 16 offices in five countries.

Honouring the company’s impressive success to-date with more than 70 percent year-over-year growth, CipherTrust was named to the Red Herring 100, a list of private companies selected for attractive financials and the potential to affect current markets, or to create entirely new ones. In addition, the company’s chairman and founder Jay Chaudhry, and President and CEO Steve Raber both were 2004 Ernst & Young Entrepreneur Of The Year Technology Award recipients for the region including Alabama, Georgia and Tennessee, recognised for their extraordinary entrepreneurial achievements, creativity, leadership and vision, and their contributions to the rapid growth of the world economy.

Continuing to lead the industry in the fight against evolving threats, CipherTrust introduced the latest version of its award-winning messaging security appliance, IronMail 4.1, which included TrustedSource(tm), the company’s reputation-based e-mail authentication tool. Unlike sender-based whitelist approaches recently introduced in the industry, TrustedSource is not a “pay-to-play” or bonded type of program and as such cannot be affected by influence – financial or otherwise – from spammers and marketers.

Additionally, in conjunction with Microsoft’s announcement in May that its Caller ID proposal would merge with SPF to create Sender ID, CipherTrust announced that it will integrate the new protocol into IronMail.

In addition to the financial success CipherTrust experienced in the second quarter, the company’s IronMail appliance was also recognised for its excellence. In June, eWeek named IronMail “Best Overall Solution” in a security group test where the CipherTrust appliance outperformed both IronPort and BorderWare. SC Magazine awarded IronMail “Best Buy” honours over competitors such as Brightmail, Barracuda and Sophos, earning five stars out of a possible five in an anti-spam comparative review in June, as well as the Reader Trust Award for Best Email Security in April.

CipherTrust President and CEO Steve Raber said: “We have many successes in the second quarter of 2004 of which we are proud, including our eighth quarter of profitability, continued product innovation and excellence and recognition from the industry’s best and brightest. While we are flattered by the awards and recognition we receive, the biggest honour is that our customers come back to us year after year, entrusting the security of their mission-critical messaging infrastructures to IronMail. In a very crowded market, our proven track record prompted many companies to turn to CipherTrust and we look forward to serving them for years to come.”

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