VirnetX Holding Corporation Closes $12 Million Underwritten Public Offering
Scotts Valley, CA--January 3, 2008-- VirnetX Holding Corporation, (Amex VHC) announced that it completed its secondary offering of three million common shares at $4.00 per share on December 31, 2007. The proceeds totaled $12,466,136 which was after offering expenses but included the underwriter's allotment to purchase an additional 450,000 shares. Guilford Securities Incorporated acted as the sole underwriter for the offering. At December 31, 2007 the company has 34,667,198 shares of common stock outstanding."Being listed on one of the largest and most influential exchanges in the nation is yet another key milestone for VirnetX this year," said Kendall Larsen, CEO, president and chairman of VirnetX. "Our progression from the OTC to the American Stock Exchange is a testament to our continued positive growth. This move is significant for the company and its shareholders and will provide VirnetX with the opportunity to improve visibility with institutional investors while enhancing shareholder value."
VirnetX Holding Corporation will use the new financing to fund the development of our products, to increase staffing, to fund our litigation efforts and for other general corporate purposes.
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, including those under the heading "Risk Factors" in the company's final prospectus filed pursuant to Rule 424(b) with the SEC on December 24, 2007.
Greg Wood VirnetX Holding Corporation 831 438 8200 firstname.lastname@example.org