CyberGuard Corporation Institutes Employee Stock Purchase Plan.Business Editors FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec. 1, 2000 CyberGuard Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CYBG), a leading provider of network security solutions, today announced that the board of directors has adopted and implemented an employee stock purchase plan (ESPP See Employee Stock Purchase Plan. ). "We are pleased that we can offer this benefit to our employees," said David R. Proctor A person appointed to manage the affairs of another or to represent another in a judgment. In English Law, the name formerly given to practitioners in ecclesiastical and admiralty , chairman and chief executive officer of CyberGuard Corporation. "The success of our company depends in large part on the talent, abilities and commitment of our work force. The board has recognized that by allowing them to participate more directly and tangibly in CyberGuard's success through an employee stock purchase plan." The plan allows eligible CyberGuard employees to purchase shares of its CyberGuard common stock through accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. payroll deductions of up to 10 percent of their compensation. The plan has two offering periods in each calendar year. At the end of each offering period, the employees' payroll deductions will be used to purchase shares of CyberGuard common stock at 85% of the fair market value of the closing price of the stock on either the first day or the last day of the offering period, whichever price is lower. The plan is being administered by AST (AST Computer, Irvine, CA) A PC manufacturer founded in 1980 by Albert Wong, Safi Quershey and Tom Yuen (A, S and T). It offered a complete line of PCs that sold through its dealer channel. StockPlan, Inc. The plan, titled the "Cyberguard Corporation 2000 Employee Stock Purchase Plan," was adopted by CyberGuard's board of directors in December 1999 and will be approved officially by the company's shareholders at the annual meeting to be held December 6, 2000. About CyberGuard Corporation CyberGuard Corporation is a leading international provider of enterprise security solutions to Fortune 1000 companies and governments worldwide. CyberGuard's award winning, industrial-strength 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 Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements regarding estimates and future prospects contained in this press release are forward-looking statements. These statements are based upon assumptions and analyses made by the Company in light of current conditions, future developments, and other factors the Company believes are appropriate in the circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , or information obtained from third parties, and are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that forward-looking statements are not guarantees and that actual results might differ materially from those suggested in the forward-looking statements. Some of the factors that might cause future actual events to differ from those predicted or assumed include: future advances in technologies and computer security; the Company's history of losses; the Company's ability to execute on its business plans; the Company's dependence on outside parties such as its key customers and alliance partners; competition from major computer hardware, software, and networking companies; uncertainties in availability of expansion capital in the future and other risks associated with capital markets; the outcome of purported pur·port·ed adj. Assumed to be such; supposed: the purported author of the story. pur·port  ed·ly adv. class action lawsuits class action lawsuitA lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax against the Company; and recent changes in management. For a more complete discussion regarding forward-looking statements, the reader is referred to the Company's periodic reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, including the Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June 30, 2000, and other information filed with the Commission. |
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