Authoriszor Inc. to Further Invest in UK Security Services Organization; Signs Letter of Intent to Provide Additional Investment in WRDC Ltd.Business/Technology Editors BURLINGTON, Mass.--(BUSINESS WIRE)--March 30, 2001 Authoriszor Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AUTH AUTH Authority/Authorization/Authorized AUTH Author Auth Authentication AUTH Aristotle University of Thessaloniki AUTH Authentication Service ), a leading-edge provider of integrated security solutions, today announced that Authoriszor Holdings Limited, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Authoriszor Inc., has signed a letter of intent to increase its ownership interest in WRDC WRDC Western Rural Development Center WRDC Women in Resource Development Committee WRDC World Radiation Data Centre WRDC Wisconsin Rural Development Center WRDC Wyoming Rural Development Council WRDC Wright Research and Development Center Ltd., a UK communications consultant specializing in information security and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. . On February 22, 2000, Authoriszor purchased 25.1% of the outstanding stock of WRDC Ltd. (on a fully diluted basis). The letter of intent proposes to increase Authoriszor's shareholding in WRDC Ltd. to 60% (on a fully diluted basis) and provides for Authoriszor to acquire in the future the remaining shares of WRDC Ltd. WRDC Ltd., based in the UK, with offices in Leeds and London, provides complete consulting services incorporating state-of-the-art security and data communications technology. WRDC supplies independent security, e-business and e-commerce services to international clients in both the public and private sectors. The proposed transaction will provide Authoriszor Inc. with a complete suite of security products and services, addressing the market needs for an integrated security solution. "Authoriszor aims to be a leading provider of Internet security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. products and services," stated Paul Ayres, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Authoriszor Inc. "Finding and retaining IT resources qualified to address the demands and complexity of secure, business-critical projects has become a major dilemma facing organizations today." Ayres continued, "The security market is calling for a suite of integrated products and services. Authoriszor's strategy is to offer best-of-breed products and expert services in order to provide secure customer-centric solutions for our customer base. We feel that WRDC will assist Authoriszor in meeting our objective to expand our service offerings and increase our market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in Europe." Garcia J Hanson, Chairman and Managing Director of WRDC Ltd. added, "This significant transaction will enable WRDC and Authoriszor together to build an even more substantial professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. base specializing in end-to-end business focused IT solutions. Building on WRDC's existing international blue-chip client base, WRDC and Authoriszor will facilitate an even greater portfolio of technology and business skills into existing and new clients alike." The letter of intent provides that Mr. Hanson be appointed as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Authoriszor Inc. and Chief Executive Officer of WRDC Ltd. upon Authoriszor increasing its shareholding in WRDC Ltd. to 60%. The letter of intent is subject to a number of conditions, including without limitation, the negotiation and execution of definitive agreements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the proposed acquisition, Authoriszor Inc. having satisfactorily concluded its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , the approval of the Board of Directors of Authoriszor Inc., WRDC Ltd. producing a business and financial plan satisfactory to Authoriszor Inc. for a minimum period up to June 2002, Authoriszor Inc. having received, reviewed and approved the audited financial statements of WRDC Ltd. and PAD (London) Ltd., a company recently acquired by WRDC Ltd., and other customary conditions for transactions such as the proposed acquisition. About Authoriszor Inc. Authoriszor Inc. is a leading-edge provider of integrated security solutions. Authoriszor provides audits, assessments, product integration, and managed services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality for a wide range of organizations. Leveraging a skilled team of security experts and high-quality security technologies, the Authoriszor solution is designed to ensure organizations confidentiality, availability and integrity of their information infrastructure. Founded in 1997 by IT engineers, Authoriszor continues to evolve its security practices through progressive, leading-edge competencies in security products and development. The company's patent-pending technology focuses on providing multiple levels of information security, while maintaining the openness of the Internet. Headquartered in Burlington, Massachusetts Burlington is a town in Middlesex County, Massachusetts, United States. The population was 22,876 at the 2000 census. History Burlington was first settled in 1641 and was officially incorporated on February 28, 1799. with European headquarters in the United Kingdom, Authoriszor has sales offices throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe. For more information about Authoriszor, visit www.authoriszor.com. About WRDC Ltd WRDC is a European communication consultancy, specializing in information security, directory services and messaging solutions. WRDC provides end-to-end secure architecture based on security, access based control and directory technologies. Its skill base includes familiarity with a range of security products including Authoriszor, and experience in installing them. Clients include banks and financial services companies, leading industrial corporations, and government organizations. For more information about WRDC, visit www.WRDC.com. Statements concerning WRDC Ltd. are derived from information provided to Authoriszor Inc. and its subsidiaries by WRDC Ltd. and Authoriszor Inc. and its subsidiaries bear no responsibility for the accuracy of such information. Authoriszor, Authoriszor 2000, SZ logo, A Logo and "Secures the Web" are trademarks or registered trademarks of Authoriszor Inc. or its wholly owned subsidiary, Authoriszor Ltd., in the United States, UK and other countries. This press release contains forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These statements are based on current Company expectations and are subject to risks and uncertainties that may cause actual results to be materially different from those that may be implied by such forward-looking statements contained in this press release. Important factors that could result in such differences include: general economic conditions in the Company's marketplace; those factors identified in Authoriszor's Form 10-QSB, dated February 14, 2001, including without limitation, those factors identified as risk factors in Authoriszor's Prospectus, dated May 19, 2000, as supplemented and other factors that may affect business generally. |
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