Intrusion Inc. Executes $700,000 Loan Agreement
January 30 2008 - 4:05PM
PR Newswire (US)
RICHARDSON, Texas, Jan. 30 /PRNewswire-FirstCall/ -- Intrusion Inc.
(OTC:INTZ) (BULLETIN BOARD: INTZ) , today entered into a revolving
promissory note to borrow up to $700,000 from G. Ward Paxton, the
Company's Chairman, President and Chief Executive Officer. Under
the terms of the note, the Company may borrow, repay and reborrow
on the loan as needed up to an outstanding principal amount of
$700,000 at any date. Amounts the Company borrows under the note
accrue interest at a floating rate per annum equal to the announced
prime rate of Silicon Valley Bank plus 1% and are unsecured. All
outstanding principal and accrued but unpaid interest are due on
December 31, 2008. The Company intends to use the proceeds from the
loan for general working capital purposes, including ongoing
operating expenses and trade payables. About Intrusion Inc.
Intrusion Inc. is a global provider of data leak prevention,
regulated information compliance, entity identification systems,
and network intrusion prevention and detection solutions.
Intrusion's product families include the Compliance Commander(TM)
for data leak prevention and regulated information compliance,
TraceCop identification and location system, 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, includes forward-looking statements
regarding future events or the future financial performance of the
Company including statements as to the intended use of loan
proceeds. These statements are made under the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995
and are often identified by the use of the terms and phrases such
as "expect," "estimate," "project," "plan," "believe,"
"achievable," "anticipate" and similar terms and phrases. Although
the Company believes that the expectations reflected in these
forward looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. You should not place undue reliance on these
forward looking statements, which speak only as of the date of this
press release. Contact: Michael L. Paxton, VP, CFO 972.301.3658,
http://www.newscom.com/cgi-bin/prnh/20030703/INTRUSIONLOGO
http://photoarchive.ap.org/ DATASOURCE: Intrusion Inc. CONTACT:
Michael L. Paxton, VP, CFO of Intrusion Inc., +1-972-301-3658, Web
site: http://www.intrusion.com/
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