Virogen Announces Discussions With European Hedge Fund to Secure Long Term Financing
February 09 2012 - 8:50AM
Virogen Inc. (OTC:VRNI), a holding company
specializing in data security and encryption technology, today
announced that the company is in discussions with a European hedge
fund to secure long term financing for the commercialization of its
products and services worldwide.
Negotiations are ongoing in the development of a term sheet;
however, the general parameters of the financing package have been
discussed and agreed to in principal by both parties. Virogen will
use the proceeds from this financing to assist the company in its
worldwide expansion and acquisition of contracts that the company
believes can generate millions in revenue. Management believes that
multinational corporations and governments worldwide are looking
for and willing to pay for innovative security solutions to address
the epidemic of data breaches.
Virogen's Chief Executive Officer, Paul Hogan, commented,
"Securing financing is very important for the company in order to
execute our worldwide growth strategy. While the U.S. market
remains the company's primary focus and funds will be used for
expansion in the U.S as well as international markets, it is clear
that there is growing concern particularly in Europe and Asia
regarding network security. Indeed one could argue there is greater
opportunity in these markets given the expanded emphasis.
"For this reason, the company's growth strategy has a heavy
concentration in Europe and we have plans to market our data
security and encryption technology in the Asian markets as well. We
believe that this financing will play a key role in enabling the
company to achieve potentially millions of dollars in revenue in
the future."
About Virogen, Inc.
Virogen, Inc. is a technology holding company. The company's
wholly owned subsidiary, Tiger Team Technologies "T3," has
developed a very unique suite of copyrighted tools to address the
network and database security needs of enterprise level companies
and corporations. T3's risk management offering provides an
unprecedented level of security and liability protection,
positioning it as the only company with a comprehensive solution to
data security breaches for its clients. T3's primary markets
include medical service providers, financial services firms,
brokerages and currency transaction platforms, consumer credit card
companies, banking entities, retailers, defense and government
related operations.
Forward-Looking Statements:
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. Those
statements include statements regarding the intent, belief or
current expectations of Virogen, Inc. and members of its management
as well as the assumptions on which such statements are based.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ
materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions
the occurrence of unanticipated events or changes to future
operating results.
CONTACT: Investor Contact:
Seal Point Consulting, LLC
267-364-5407
investors@sealpointconsulting.com