INTRUSION Announces Strategic Actions, Preliminary 2Q Revenues & Organizational Changes
July 20 2021 - 7:15AM
INTRUSION, Inc. (Nasdaq:INTZ) today announced
preliminary revenue for the second quarter of 2021, which is
expected to be within a range of $1.9 million and $2.0 million.
Also, since INTRUSION believes that additional capital may be
required to achieve profitability, it has engaged an investment
banking firm to evaluate various funding sources, and also
potentially constructive longer-term strategic options that might
help INTRUSION grow, achieve its operating objectives and maximize
shareholder value.
The recent global interest and recognition of
the Shield solution is increasing, although
INTRUSION has experienced a slower-than-anticipated sales ramp due
to longer customer evaluation cycles typically seen in most
enterprise security sales organizations. Based on customer
feedback, the Company remains confident in
Shield’s efficacy and the valuable protection it
offers to customers in helping them fight the growing war on
cybercrime. The team continues to work closely with partners and
the sales channel to further ramp testing with potential customers
and convert a growing pipeline of customer engagements into
recurring subscriptions.
Additionally, Jack B. Blount, previously
President, Chief Executive Officer and a Board member, has left the
company effective immediately and no longer has any affiliation
with INTRUSION. The Board of Directors has asked CFO, Franklin
Byrd, and CTO, Joe Head--who is also an INTRUSION Co-Founder--to
assume operating responsibilities together on behalf of the Company
until such time as a successor is named, and both will report to
the Board immediately.
INTRUSION will release its full second quarter
results on Thursday, August 12 and host a conference call with
Anthony LeVecchio, Chairman of the Board, and Messrs. Byrd and Head
participating at 4:00 p.m. Central Time. Investors and analysts may
join the conference call by dialing 1-833-366-0416
and providing the confirmation ID 5994378.
International callers may join the teleconference by dialing
+1-236-712-2506 and entering the same confirmation
ID at the prompt. Additionally, this conference call will be
broadcast live in listen-only mode on the investor relations
website at ir.intrusion.com.
About INTRUSION, Inc.
INTRUSION, Inc. (NASDAQ: INTZ)
protects any-sized company by leveraging advanced threat
intelligence with real-time artificial intelligence to kill
cyberattacks as they occur – including zero-days. INTRUSION’s
solution families include INTRUSION
Shield, an advanced cyber-defense solution that
kills cyberattacks in real-time using artificial intelligence (AI)
and an advanced threat intelligence cloud;
INTRUSION
TraceCop™ for identity discovery
and disclosure; and INTRUSION
Savant™ for network data mining
and advanced persistent threat detection. For more information,
please visit www.intrusion.com.
Cautionary Statement Regarding Forward Looking
Information
This release may contain certain forward-looking
statements, including, without limitations, statements about the
performance of protections provided by our
INTRUSION Shield product, our
estimated revenues for second quarter, our upcoming capital needs,
as well as the potential benefits of engaging investment
professionals to assist the company, as well as any other
statements which reflect management's expectations regarding future
events and operating performance. These forward-looking statements
speak only as of the date hereof and involve a number of risks and
uncertainties, including, without limitation, the risks that our
products and solutions do not perform as anticipated or do not meet
with widespread market acceptance, or that our estimates about
revenue results, capital needs, and funding opportunities may prove
inaccurate. 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, risks that we have detailed in the Company's
most recent reports on Form 10-K and Form 10-Q, particularly under
the heading “Risk Factors.”
INTRUSION Media Inquiries
PR Contact: Michael Krems, Analyst & Public Relations
ManagerEmail: Michael.Krems@intrusioncomMobile: 805.496.8166
IR Contact: Joel Achramowicz jachramowicz@sheltongroup.comP:
415-845-9964
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