VirnetX Warrants Listed On OTCBB Under the Symbols VHCOW, VHCOZ and VHCOL
SCOTTS VALLEY, Calif. – March 16, 2009 – VirnetX Holding Corporation (NYSE Amex: VHC), a leader in secure real-time communications and collaboration technology, is pleased to announce that the OTC Bulletin Board has approved the listing of 3,705,000 common stock warrants of the Company previously issued in its public offering of common stock and common stock warrants that closed on January 30, 2009. Spencer Edwards, Inc. is the market maker for the warrants.
The warrants began trading on the OTC Bulletin Board at market open on Friday, March 13, 2009 under the symbols VHCOW, VHCOZ and VHCOL. VHCOW warrants entitle the holder to purchase the Company's common stock at a purchase price of $2.00. VHCOZ warrants entitle the holder to purchase the Company's common stock at a purchase price of $3.00. VHCOL warrants entitle the holder to purchase the Company's common stock at a purchase price of $4.00. Other than the purchase prices, the warrants have similar terms as described in the Company's final prospectus filed pursuant to Rule 424(b)(5) on January 27, 2009, available at the Company's website, www.virnetx.com and the Securities and Exchange Commission's website, www.sec.gov. All warrants will be exercisable through and including July 30, 2010, and all warrants include a call feature that gives the Company the right to require the holder of the warrant to exercise the warrant when the Company's average closing stock price over five consecutive days exceeds two times the warrant's purchase price. By way of example, the $2.00 warrant (VHCOW) may be called by the Company when the Company's stock price stays at or above $4.00 for five consecutive days. If all of the warrants are exercised, $11,115,000.00 will be raised for the Company in addition to the funds raised by the Company at the closing of its public offering on January 30, 2009.
VirnetX Holding Corporation, a secure real-time communications and collaboration technology company, is engaged in commercializing its patent portfolio by developing a licensing program, as well as developing software products designed to create a secure environment for real-time communications such as instant messaging and Voice over Internet Protocol. For more information, please visit http://www.virnetx.com/stagingarea.
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 VHC 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 VHC'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)(5) with the SEC on January 27, 2009.
Greg Wood VirnetX Holding Corporation 831 438 8200 firstname.lastname@example.org