[Full-disclosure] Lotus Fund Acquires Controlling Interest in PIVX Solutions
jasonc at science.org
Fri Apr 8 21:16:58 BST 2005
Lotus Fund Acquires Controlling Interest in PIVX Solutions From
Co-Founders; Seeks to Leverage Company's Unique Windows Security Technology
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--April 7, 2005--PIVX Solutions,
Inc. (OTCBB:PIVX), the leader in next generation Windows Host-Based
Intrusion Prevention software, announces today that the private equity
firm Lotus Fund has increased their holdings in PIVX to become the
controlling shareholder of the company.
"We are very excited about the IT security industry, and we view host
intrusion prevention as the next significant area of growth within that
industry," said Tydus Richards, director at Lotus Fund and the new
Chairman of the Board at PIVX. "We evaluated many different companies in
this space and are impressed with the technology, the team and the
momentum at PIVX. Given the continually growing threats to PC users,
PIVX's products provide the protection that Windows users must have to
be truly protected against hackers and the malware they deploy. The
co-founders of PIVX have a legacy to be proud of and now we are
assembling the team to take the Company to the next level."
The company's primary software product, Qwik-Fix Pro, is designed to
proactively block known and unknown software threats in all versions of
Microsoft Windows and Internet Explorer. Using Active System Hardening
technology, Qwik-Fix Pro combines automatic remediation of critical
software security flaws with targeted configuration management. This
host-based technology is driven by world-class security research and
mitigates critical software vulnerabilities well before Microsoft
releases a patch or an anti-virus signature is written.
"Defective software represents the greatest security risk facing
organizations today. With tens of millions of lines of code in Microsoft
Windows, the potential for abuse is extremely high and will continue to
plague industries that rely upon this platform," said PIVX CTO, Alex
Tosheff. "Windows users must take a different approach to mitigating
this risk and by using a product like Qwik-Fix Pro as a key component in
a layered-security approach, they can achieve the best possible
protection against the greatest number of threats. In many cases, we are
providing the 'patch before the patch.'"
"We are very pleased that we are having success on multiple fronts,"
said Luis Curet, Interim CEO and senior vice president of sales and
marketing at PIVX. "We are seeing increased traction within our OEM,
International, Enterprise, Consumer and Forensic Services groups. It is
clear that companies understand the unique value proposition that we
provide. In addition, we're seeing a huge number of downloads of
Pre>View, our recently launched security scorecard application for
PIVX will hold an investor conference call at 4:15 p.m. Eastern Standard
Time on Thursday, April 14, 2005. PIVX Solution's Chairman of the Board
Tydus Richards and PIVX's Interim CEO Luis Curet will host the call.
To hear the conference call as it takes place:
-- Call 1-800-434-1335 in the United States or Canada or;
-- Call 1-404-920-6620 in the Atlanta Area or Internationally
-- Pin Code: 646636
-- Exclusive: For Expedited Entry into the Conference: Please
register via this link for your Direct Access 800 number.
To hear a recording of the call (available immediately following the
call by telephone for 30 days after the call takes place):
-- Call 1-800-977-8002 in the United States or Canada or;
-- Call 1-404-920-6650 in the Atlanta Area or Internationally
-- Pin Code: Press * then 646636
PIVX Solutions, Inc. (OTCBB:PIVX) is a security research product and
services company that leverages its domain knowledge to increase the
security of corporate PCs and servers and the Internet infrastructure.
PIVX also conducts highly confidential security-related work on behalf
of some of the world's largest corporations. PIVX research has
identified multiple vulnerabilities and ways to exploit many of the
worlds widely used Operating Systems and software including Microsoft
Windows, Microsoft IIS, Unreal Engine, Microsoft Internet Explorer,
Cisco IOS and Turbo Tax.
For more information, please visit www.pivx.com or call 949-999-1600.
The statements contained in this press release that are not historical
are "forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), including statements, without limitation, regarding our
expectations, beliefs, intentions or strategies regarding the future.
PIVX intends that such forward-looking statements be subject to the
safe-harbor provided by the Private Securities Litigation Reform Act of
1995. Such forward-looking statements relate to, among other things: (1)
PIVX's successful integration of Threat Focus; (2) PIVX's expected
revenue and earnings growth; and (3) estimates regarding the size of
target markets. These statements are qualified by important factors that
could cause PIVX actual results to differ materially from those
reflected by the forward-looking statements. Such factors include but
are not limited to: (1) PIVX's ability to obtain development financing
as and when needed, (2) PIVX's ability to generate and sustain
profitable operations; (3) the market's acceptance of PIVX's products
and services; (4) significant competition from other network security
companies and operating system providers with significantly greater
technological, marketing and financial resources, and (5) PIVX's ability
to protect its intellectual property. These statements, and other
forward-looking statements, are not guarantees of future performance and
involve risks and uncertainties as more fully described in the Company's
periodic filings with the Securities and Exchange Commission.
CONTACT: Redwood Consultants, LLC
Jens Dalsgaard, 415-884-0348
JNSD at aol.com
SOURCE: PIVX Solutions, Inc.
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