Intrusion Inc. Closes $500,000 Private Placement
March 15 2007 - 5:36PM
PR Newswire (US)
RICHARDSON, Texas, March 15 /PRNewswire-FirstCall/ -- Intrusion
Inc. (OTC:INTZ) (BULLETIN BOARD: INTZ) , today announced that it
has closed a $500,000 private placement of its Common Stock. In the
private placement, the company sold 925,926 shares of common stock
at a price of $0.54 per share, the price was based on the Company's
Common Stock price at 110% of the average closing price per share
for the twenty trading days ended on March 15, 2007. G. Ward
Paxton, the company's Chairman, President and Chief Executive
Officer, and Michael L. Paxton, Vice President and Chief Financial
Officer, invested an aggregate of $500,000 in the private
placement. The company intends to file a Form 8-K with the
Securities and Exchange Commission by March 16, 2007 that will
provide a description of the private placement and copies of the
definitive agreements. About Intrusion Inc. Intrusion Inc. is a
global provider of regulated information compliance, entity
identification systems, data privacy protection products, and
network intrusion prevention and detection solutions. Intrusion's
product families include the Compliance Commander(TM) for regulated
information compliance, data privacy protection and identity theft
prevention, TraceCop identification and location system, Intrusion
SpySnare(TM) for real-time inline blocking of spyware and unwanted
P2P applications, and Intrusion SecureNet(TM) for network intrusion
prevention and detection. Intrusion's products help protect
critical information assets by quickly detecting, protecting,
analyzing and reporting attacks or misuse of classified, private
and regulated information for government and enterprise networks.
For more information, please visit http://www.intrusion.com/ . This
release, other than historical information, may include forward-
looking statements regarding future events or the future financial
performance of the Company. These statements are made under the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995 and involve risks and uncertainties which could
cause actual results to differ materially from those in the
forward-looking statements, including but not limited to the
following: the difficulties in forecasting future sales caused by
current economic and market conditions, the effect of military
actions on government and corporate spending on information
security products, spending patterns of, and appropriations to,
U.S. government entities, the impact of our cost reduction programs
and our refocused product line, the difficulties and uncertainties
in successfully developing and introducing new products in emerging
markets, market acceptance of our products, the impact of our
sustained losses on our ability to successfully operate and grow
our business, increase our stock price, our ability to generate
sufficient cash flow or obtain additional financing on acceptable
terms in order to fund ongoing liquidity needs, the highly
competitive market for our products, the effects of sales and
implementation cycles for our products on our quarterly results,
difficulties in accurately estimating market growth, the
consolidation of the information security industry, our ability to
expand revenues through indirect sales channels, the impact of
changing economic conditions, business conditions in the
information security industry, our ability to manage acquisitions
effectively, our ability to manage discontinued operations
effectively, the impact of market peers and their products as well
as risks concerning future technology and others identified in our
Annual Report on Form 10-KSB, as amended, and other Securities and
Exchange Commission filings. These filings can be obtained by
contacting Intrusion Investor Relations. None of the securities
referenced in this press release have been registered with the
Securities and Exchange Commission. These securities may not be
sold, nor may offers to buy these securities be accepted, prior to
the time registration of these securities becomes effective, unless
an applicable exemption from registration is available. This
announcement is neither an offer to sell or a solicitation of an
offer to buy, nor shall there be any sale of these securities in
any state in which such offer, solicitation or sale would be
unlawful, prior to such registration or absent such exemption under
applicable federal and state securities laws. Financial Contact
Michael L. Paxton, VP, CFO 972.301.3658, Media Contact Jay Barbour,
Vice President of Marketing 972.664.8107,
http://www.newscom.com/cgi-bin/prnh/20030703/INTRUSIONLOGO
http://photoarchive.ap.org/ DATASOURCE: Intrusion Inc. CONTACT:
financial, Michael L. Paxton, VP, CFO, +1-972-301-3658, or , or
media, Jay Barbour, Vice President of Marketing, +1-972-664-8107,
or , both of Intrusion Inc. Web site: http://www.intrusion.com/
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