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Update Patron's new symbol is PTRS.OB or just PTRS This is a company to watch! Patron is a security software comapny that is undergoing some major changes. The company recently just announced to acquisitions: TrustWave and Entelagent. TrustWave, an Annapolis-based information technology security firm run by former NSA operatives, was purchased for $55 million in cash and stock. Shareholders will get $20 million in cash and 8.85 million shares of Patron common stock...values the stock at $3.95. Trustwave is currently working with First Data Corporation (NYSE: FDC) in launching a proprietary security-testing program to validate that Internet merchants comply with the ever-expanding number of payment industry security requirements. Entelagent Software began operations in 1996 to develop an e-mail processing engine capable of auto-archiving, providing message preview and review and data mining of enterprise-wide databases of e-mail and attachments. The emergent product, the SAMS Online(R) scalable platform, provides real-time monitoring and post-event review of e-mail messages and their attachments, as well as infrastructure for knowledge management of archived e-mail messages and attachments in all media. Patron also recently announced the launch of its European operations, Patron Global Ltd. The staff of Patron Europe has provided information security services to clients such as Schlumberger, Compaq, ING, Morgan Stanley, London Stock Exchange, CSFB, Royal Bank of Scotland, MSDW, SUN, Goldman Sachs and Barclays. Patron Holdings Inc. recently announced that it has secured a firm commitment for a $40 million combined debt/equity investment facility with an international group of private investors. This investment facility is comprised of $15 million in restricted common stock and up to an additional $25 million in subordinated debt. Patron will use the financing to complete the TrustWave Corp. and Entelagent transactions, working capital needs, and to fund ongoing growth capital requirements in the information security space. Under the terms of the facility agreement, the first tranche will be a $15 million equity investment in exchange for 3 million restricted shares of Patron common stock. The price per share is $5. Future tranches will be made at mutually agreed terms and reflect market conditions at that time. In addition, Patron and the investors have agreed to jointly pursue wireless information security initiatives in Europe and Asia including several already identified client opportunities. This area represents a major market opportunity for Patron as estimates from the World Wireless Forum 2002, indicate that mobile payments in 13 key markets including Europe, Japan, Asia, and the United States will rise to 55 billion Euros in 2007, from 5.5 billion Euros in 2002. Board member additions: Warren K. K. Luke, Chairman and Chief Executive Officer of Hawaii National Bank and its parent, Hawaii National Bancshares, also served three consecutive three-year terms as a director of the Federal Reserve Bank of San Francisco, including a term as chair of its audit committee. He has served as a member of the Board of Governors of the American Red Cross and the United Way of America and currently serves as a member of the Asia Pacific Advisory Committee for the Harvard Business School. Richard G. Beggs, Chief Administrative Officer for Daiwa Securities America, Patrick Allin, and Copper Yaw as directors of Patron. | ||||||||||||||
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