EuroTrust Sells Virus112 Division.COPENHAGEN, Denmark -- EuroTrust A/S (Nasdaq: EURO) today announced the sale of its 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. division, Virus112, to Comendo A/S, one of the largest providers of managed anti-virus and anti-spam system solutions in Denmark. The purchase price is approximately U.S. $2.5 million, of which U.S. $700,000 is an immediate cash payment and the balance is a U.S. $1.8 million 5-year debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. bearing 6% interest. Comendo will also hire the Virus112 employees and assume the employee obligations of Virus112. In addition, Comendo will enter into a 5-year lease for the portion of the facility owned by EuroTrust that is occupied by Virus 112. Aldo Petersen, 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 EuroTrust, said, "The sale of Virus112 is the final step in our plan to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. ourselves of our internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the related operations and when combined with the prior sales of our PKI (Public Key Infrastructure) A framework for creating a secure method for exchanging information based on public key cryptography. The foundation of a PKI is the certificate authority (CA), which issues digital certificates that authenticate the identity of division and our hosting and NetVaulting operations will further free up resources to focus on our highly successful media operation. The financial strength we have gained from these transactions has allowed us to grow our Europe Visions operation into one of Northern Europe's largest live-event broadcasting companies Noun 1. broadcasting company - a company that manages tv or radio stations company - an institution created to conduct business; "he only invests in large well-established companies"; "he started the company in his garage" in the first half of 2004. In turn, we have seen business from our Scandinavian media operations grow significantly with television production of the national soccer league in Denmark and Sweden, the Athens Olympics Athens Olympics
Olympic Games • and, most recently, our production of soccer games in the Champions League, one of the world's most watched annual sporting competitions. With our advanced production facilities and our experienced staff, we believe that we can build on this strong base for further growth into the European TV sports production market. Our launch of 4Sport, the new Danish sport channel, has also been well-received and has established additional opportunities to utilize our production investments." About EuroTrust A/S: EuroTrust (Nasdaq ADS: EURO) owns a cable/satellite network in Denmark and is one of the largest providers of mobile television production services in Scandinavia, operating a fleet of eight state-of-the-art mobile units including one of the few high definition production units in Northern Europe. More information about EuroTrust and its subsidiaries is available at www.eurotrust.dk/investors. Statements in this announcement other than historical data and information constitute 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause EuroTrust 's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, general economic, political and labor conditions that might affect planned television production opportunities in the balance of 2004. More information about potential factors that could affect the company's business and financial results is included in EuroTrust's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 20-F for the year ended December 31, 2003 and quarterly reports on Form 6-K. EuroTrust undertakes no obligation to update any of the forward-looking statement after the date of this press release. |
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