CyberGuard Corporation Completes $4,300,000 Financing.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Sept. 16, 1999-- CyberGuard Corporation, a leading provider of network security solutions, today announced that it has completed a $4.3 million financing under a convertible note arrangement. $3.7 million was extended to CyberGuard from a private investment group. The same investment group previously provided financing to CyberGuard via convertible note in the principal amount of $1,125,000 in December December: see month. , 1998. An additional $600,000 was invested by directors, executives and employees of CyberGuard. Proceeds of the financing will retire the previous convertible note plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. and be used for working capital and general expenses. At the election of the holders, the convertible notes convert into CyberGuard common stock at $1.00 per share and carry a warrant to purchase an additional 4.3 million shares of common stock at $2.00 per share. The convertible notes bear interest at 11.5% per annum Per annum Yearly. with no payments due until June June: see month. 30, 2002. The financing is subordinated to senior debt and is collateralized by the assets of CyberGuard Corporation. About CyberGuard Corporation CyberGuard Corporation is a leading provider of enterprise security solutions to Fortune 1000 companies and governments worldwide. CyberGuard's award winning, industrial-strength in·dus·tri·al-strength adj. Extremely strong, durable, or concentrated: industrial-strength cardboard; industrial-strength detergent. Adj. 1. firewall products and services protect the integrity of data and applications from unauthorized access. The company has world headquarters in Ft. Lauderdale, Florida and branch offices worldwide. More information on CyberGuard Corporation can be found at http://www.cyberguard.com CyberGuard Firewall is a trademark of CyberGuard Corporation. All other trademarks are property of their respective owners. Note to Editors: For copies of CyberGuard's recent press releases via fax, at no charge, please call (800) 344-4297. |
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