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Technology Stocks : Sonicwall Inc. - SNWL -- Ignore unavailable to you. Want to Upgrade?

To: Platter who wrote (25)	10/27/2000 1:32:37 PM
From: caly	Read Replies (1) \| Respond to of 63

If what I've read is true, Microsoft was bitten by a worm that was discovered 3 months ago. SonicWALL release today... Friday October 27, 11:30 am Eastern Time Press Release Phobos/SonicWALL Announce Expansion Plans in Utah Following $268 Million Acquisition SonicWALL Executives, Wall Street Analysts and Utah Governor Michael Leavitt to Visit Phobos Headquarters SALT LAKE CITY--(BUSINESS WIRE)--Oct. 27, 2000-- Phobos Corporation, a privately-held Internet security infrastructure manufacturer based in Salt Lake City, will today unveil expansion plans at a press conference attended by Utah Governor Michael Leavitt and Wall Street analysts. On October 17, SonicWALL, Inc. (NASDAQ: SNWL - news) announced its intention to acquire Phobos for approximately $268 million in a transaction expected to be complete in November, pending regulatory approval. Wall Street analysts following the publicly traded SonicWALL, as well as SonicWALL president and CEO Sreekanth Ravi and other key executives will visit Phobos to review joint operations and plans for future product development and growth. The company said that Governor Leavitt will deliver remarks on the success of Utah-based companies like Phobos in developing innovative technology and forging strategic relationships with high-profile industry leaders in California's Silicon Valley. ``SonicWALL's decision to acquire Phobos and grow out in Utah means more high-quality, better paying jobs for Utahns,'' said Governor Leavitt. ``By investing in Utah, SonicWALL now has access to a well educated workforce that is growing at twice the national average.'' Phobos will announce plans to hire up to 50 new employees in engineering, sales and marketing in the ensuing months. The company will also outline the details of its $268 million purchase by SonicWALL, the largest Utah IT acquisition for the past five years and the third largest in the state's history. ``SonicWALL's acquisition of Phobos will bring our products and technology to market much sooner than otherwise possible,'' said Ron Heinz, President and CEO of Phobos. ``We plan to continue our expansion here in Salt Lake as a part of the greater SonicWALL, creating additional local jobs and growing the Utah economy.'' ``We're excited to merge with Phobos and consolidate our leading role in the Internet security market,'' said Sreekanth Ravi, President and CEO of SonicWALL. ``With a rich pool of talent available locally from high technology companies and universities, the combined company will continue to grow in terms of market share, workforce and facilities.'' ABOUT Phobos Founded in 1995, Phobos Corporation is a privately held networking company dedicated to providing innovative Internet Traffic Management (ITM) solutions for web sites and secure servers, enabling them to handle the explosive growth in IP traffic caused by e-commerce and other Internet applications. Phobos products dramatically improve web site availability, performance and security by intelligently load balancing traffic and accelerating secure transaction processing. ABOUT SonicWALL, Inc. SonicWALL, Inc. (NASDAQ: SNWL - news) is the leading provider of Internet security solutions for broadband customers in the small to medium size enterprise (SME), branch office, telecommuter and education markets. The SonicWALL Internet security appliance is a high-performance, solid-state product that provides a robust, reliable, easy-to-use and affordable Internet security solution. SonicWALL's family of Internet security appliances offers firewall protection and an expanding array of value-added services. These services currently include anti-virus, VPN, strong authentication using digital certificates and content filtering. In addition, SonicWALL offers its Global Management System for distributed enterprises and service providers that wish to provide managed security services to their hosting or Internet access customers. SonicWALL, Inc. is headquartered in Sunnyvale, CA. For more information, contact SonicWALL at (408) 745-9600 or visit the company Web site at sonicwall.com. -------------------------------------------------------------------------------- Contact: Phobos Corp. David Pascoe, 801/743-2211 dpascoe@phobos.com or Coltrin & Associates Eric Anderson, 212/221-1616 eric_anderson@coltrin.com