VirnetX Holding Corporation Completes $12 million Secondary Offering, Moves from OTC BB to AMEX
Scotts Valley, CA -- December 24, 2007 -- VirnetX Holding Corporation, (OTCBB: VNXH), today announced that the company's securities are now being traded at the American Stock Exchange with the symbol VHC effective December 26, 2007.
In conjunction with the move to the Amex the company has completed a secondary offering of three million common shares at US $4.00 per share. The net proceeds to the Company are initially expected to be $10,200,000. The offering is scheduled to close on December 31, 2007, subject to customary closing conditions. Gilford Securities Inc. the underwriter of the offering, has a 45-day over allotment option on an additional 450,000 additional shares valued at $1,800,000 bringing the total generated to $12,000,000. There will be 37,859,453 shares of common stock at the completion of this offering.
VirnetX Holding Corporation will use the new financing to accelerate technology development, to further expand personnel and facilities, to fund litigation efforts and for general corporate purposes.
About VirnetX
VirnetX Holding Corporation is engaged in developing products for real-time communications such as Instant Messaging and Voice over Internet Protocol, commercializing its patent portfolio and providing contract research, prototyping, systems integration and technical services.
Safe Harbor Agreement
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of VirnetX to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in VirnetX's reports and registration statements filed with the Securities and Exchange Commission.
Contacts
Bill Sliney, VirnetX
925-828-0934
bill_sliney@virnetx.com
Marla Kertzman, The Hoffman Agency
408-286-2611
mkertzman@hoffman.com