Patron Announces Upward Revision to 2003 Revenue and Earnings Guidance
2/6/2003 7:02 AM
CHICAGO, Feb 6, 2003 (BUSINESS WIRE) -- Patron Systems, Inc., a wholly owned subsidiary of Patron Holdings, Inc. (PAHG), and leading provider of information security products and services, announced today an upward revision to its earlier guidance for fiscal 2003 revenue and earnings estimates. Patron now expects 2003 revenue from the acquisitions of TrustWave and Entelagent Software Corp., both of which are expected to close in the first quarter, to reach $70 Million, with earnings before interest, taxes, depreciation and amortization expected to be approximately 25% of revenues. Patron anticipates operations will be cash flow positive.
The revision reflects additional contracts and further acceptance of its information security products and services provided through Entelagent Software Corp. and TrustWave Corp., as well additional opportunities in the wireless business application security space.
About Patron Holding, Inc. subsidiary Patron Systems, Inc.
Patron Holding, Inc. subsidiary, Patron Systems, Inc., is a development stage information security company incorporated in April 2002 to provide security services and technology products to global enterprises. Patron's Security Services Group intends to work with organizations to provide comprehensive, certifiable solutions for trusted information environments. Initial offerings are contemplated to include vulnerability assessments; compliance and certification reviews, training, remediation, monitoring, and managed services. Patron's Technology Products Group, through its planned acquisition of third generation software and hardware, plans to help enterprises address security needs holistically throughout the IT environment. Patron Systems intends to deploy products maintaining the highest standards of independence, product quality and functionality, as well as return on investment for the client organization.
Forward Looking Statements
The statements made in this press release are forward-looking and are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, the ability to complete the proposed reincorporation merger or any proposed acquisitions, the ability of Patron or the Company to execute effectively its business plan, changes in the market for information security solutions, changes in market activity, anticipated increases in customers, seasonality, the development of new products and services, the enhancement of existing products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. The Company assumes no obligation to update information concerning its expectations.
Patron Systems, Inc., ChicagoMarie Graul, CFO, 847/340-0527IR@patronsystems.net |
