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| Subject: eGlobal International Limited (“eGlobal”) CITADEL SECURlX | |
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Author: Proton World/Vasco |
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Date Posted: 01:16:10 01/29/03 Wed vladimir5 (ID#: 217102) Merger (acquisition) 29/1/03 6:33:39 PM 5976467 « Previous Message Next Message » Just read this.... Cheers! eGlobal International Limited (“eGlobal”) eGLO3AL TO MERGE WITH INFORMATION SECURITY COMPANY CITADEL SECURlX Australian technology company eGloba1 International Limited has today (Wednesday: January 29, 2003) announced the acquisition of the Information Security company Citadel Securix Pty Ltd. The acquisition is for 100% of the issued capital of Citadel Securix Pty Ltd for a total consideration of$2.73 million. The value paid To the issued capital in Citadel Securix Pry Ltd comprises a cash component or $1.67 million paid in installments and the issue or Convertible Notes with an aggregate face value of $1.06 million. The Convertible Notes are broken into two series with Series A Convertible Note having a face value of$500,000 with a coupon rate of 5% per annum and convertible into fully paid ordinary shares at twelve (12) cents per share in the capital of eGlobal with the conversion date being 30 days arter the release of the December 2003 half yearly results for eGlobal. The Series B Convertible Note having a face value of $560,000 with a coupon rate or 5% per annum and convertible into fully paid ordinary shares at a 10% discount to the volume weighted average price Tor the prevailing 30 days after the release ofthe December 2003 half yearly financial results for eGloba1. Citadel Securix revenues for the past two financial years have averaged $6 million and the forecast revenues for the current firnancial year will be in the range of$6 - $8 million. It is anticipated that Citadel Securix will make a positive contribution to the consolidated result for eGlobal in the current year. Citadel Securix’s unaudited revenues for the half-year ended 31 December 2002 were approximately $4 million. Citadel Securix has traded profitably since its inception in 1993 other than the two year period whilst listed on the ASX which culminated in its delisting in October 2002. eGlobal’s chairman Jim Goldburg said that Citadel Securix provides the Company with a strategic platform for further expansion into the fast-growing IT security market. He said market interest in such technologies had grown significantly in the wake of ongoing worldwide terrorism threats. As an example. Citadel Securix’s proprietary Xaminer product addresses the need for regulatory authorities to lawfully intercept IP traflic. The merger will facilitate the marketing of this product to a wider global market. “There is now a lot more emphasis on internet and information security both overseas and in Australia from government and corporate clients. This deal means we are now extremely well positioned to cater for that demand by offering a more complete product offering” he said. Philip Michbd, CEO or Citadel Securix added “By combining the extensive suite of services and solutions offered by both companies, the merged entity will be well positioned to become one of Australia’s leading internet security and eBusiness providers. The two Companies have been working closely together for the last three months and enormous synergies have already been identified. A range of projects have already been targeted where the combined skill sets of each Company have increased the delivery capability and allow the new Group to tender for even larger contracts.” Citadel Securix brings to eGlobal an experienced operation in the specialist area of lT Security to build on its strengths i n eCommerce smartcards and other security technologies. The combined IT security operations will henceforth trade under the Citadel Securix brand, and continue to service all existing eGloba1 and Citadel Securix customers. Both eGloba1 and Citadel Securix deliver information technology security and privacy risk management by providing clients with a comprehensive range or security solutions to protect them fiom global hackers, viruses and other threats 011 a monitored 24-hour-a-day basis. Citadel Securix addresses all facets of information technology security and privacy, from secure internet access and gateway services to comprehensive security monitoring includillg managed firewalls, intrusion detection services and event correlation Tor real-time forensics. eGloba1 managing director Gordon Chalmers said the market for managed security services i n Australia was currently worth in excess or $600 million per annum and was forecast to grow to $1.8 billion by 2005. He said the synergies and cost savings generated between Citadel Securix and eGlobal would likely result in stronger revenue and profit growth moving forward. eGlobal would initially fucus on expanding the operations of Citadel Securix into all states and territories of Australia and into overseas markets. "We have the combined expertise and sales team to take Citadel Securix's products to a much wider market," Mr. Chalmers said. "There are plenty or spergies between the two companies and the combined product and service range will be among the most comprehensive in the market." eGIoba1, headquartered in Brisbane, currently has ofices in Sydney, Brisbane, Melbourne and Atlanta USA. The acquisition or Citadel Securix will provide a presence i n Canberra. eGlobal services the government, telecomunications, automotive, mining, health, manufacturing and financial industries in Australia, focusing on security and networking, web design, development and application hosting and smart card solutions. ABOUT CITADEL SECURIX Citadel Securix Pty Led, established in 1993, is headquarkred in Melbourne with offices in Sydney and Canberra. The company specializes in Managed Security Services, Security Consulting with an emphasis on eBusiness, Security Products and IP Interception for Law Enforcement Agencies. Visit http:/www.citadel.com.au ABOUT eGLUBAL eGloba1 lnternational (ASX:EC;I), headquartered in Brisbane. is an Asia Pacific based integrator of Enterprise Business Applications, Smart-card and Security Technologies for the tiovernment, Telecomlllunicatio~ls, Automotive, Mining, Health and Financial industries in Australia. Visit http:/www.eglobal.net for further information. All trademarks nlelltioned in this release remain the property oftheir owners. Further Information: Gordon Chalmers Managillg Ditwtor Alan Smith Company Secretary eGIoba1 I~lternational Limited (07) 3369 S899 « Previous Message Next Message » This message has been viewed 9 times Report a BullBoards Violation Ignore vladimir5 Post Reply View Threads http://www.citadel.com.au/security_solutions/vasco/vasco.asp Home > Security Solutions > Vendors & Products > VASCO Vasco Corporate Overview: VASCO safeguards e-business and e-commerce initiatives Protects the transactions, information, and identity of users conducting online banking Secures the enterprise from the mainframe to the Internet Secures remote access to corporate networks Corporate Mission: Be a leading global enabler of Authentication, Authorization and Administration security Anyhow, Anywhere, Anytime, for present and future technologies Some facts about VASCO: Structure: A public corporation traded on the NASDAQ National Market System and the EASDAQ Pan-European Exchange under the symbol VDSI. Founded: 1986 Products: Digipass and SnareWorks security solutions offering strong user authentication and digital signature, total sign-on, public key enablement, access control and entitlements, and web portal security. Customers: Over 500 corporations and government agencies including many members of the Fortune 500. Users: More than 5 million people worldwide use VASCO' s security products. Geographic reach : VASCO has customers in more than 50 countries. Employees: 120 Locations: Headquarters in Chicago and Brussels with operations in Silicon Valley in California, Baltimore, Maryland, Bordeaux, France, and Singapore. Partners: VASCO' s Partner Alliance includes notable partners such as Baltimore Technologies, Brokat, Check Point Software Technologies, Computer Associates, First Access, Identikey, Integic, Intel, Netlife, Novell, Politzer & Haney, Proton World, S1 and Ubizen. Products [ Next Thread | Previous Thread | Next Message | Previous Message ] |