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VeriSign To Purchase SSL Customer Contracts of EuroTrust
With Acquisition, VeriSign Begins Direct Selling Efforts in Nordic Market
MOUNTAIN VIEW, Calif., March 2 /PRNewswire-FirstCall/ -- VeriSign, Inc. , the
leading provider of critical infrastructure services for the Internet and
telecommunications networks, today announced that it has entered into a
definitive agreement to purchase the SSL customer agreements of EuroTrust PKI
A/S, the division of EuroTrust A/S (Nasdaq ADS: EURO) that resells VeriSign
services in Austria, Switzerland, Finland, Norway, Sweden, and Denmark. Once
closed, the transaction will give VeriSign a direct selling presence in the
Nordic region, and will further the company's expansion into Europe through its
headquartersin Geneva, Switzerland and offices in Berlin, Germany and London,
England.
"As an affiliate of VeriSign, EuroTrust made tremendous strides in introducing
our services to new markets," said Francois Stieger, senior vice president,
VeriSign EMEA. "Withour agreement to purchase the SSL certificate business
from EuroTrust, we are further expanding our presence in Europe, enabling us to
offer our family of VeriSign Intelligence and Controlsm Services directly to
customers. We look forward to providingexisting EuroTrust PKI A/S customers
with VeriSign's industry-leading services."
Under the terms of the agreement, VeriSign will pay EuroTrust A/S $8.5 million
U.S. in cash and will assume the obligations of EuroTrust PKI A/S SSL contracts.
As a condition to closing the transaction, VeriSign will sell its entire stake
in EuroTrust for approximately $2 million to certain third parties. The
transaction is expected to close the second quarter of 2004. VeriSign
anticipates it will gain approximately 18 employees and will lease a portion of
the facility presently occupied by those employees.
About VeriSign
VeriSign, Inc. delivers critical infrastructure services that make the Internet
and telecommunications networks more intelligent, reliable and secure. Every
day VeriSign helps thousands of businesses and millions of consumers connect,
communicate, and transact with confidence. Additional news and information
about the company is available at http://www.verisign.com/ .
About EuroTrust A/S:
EuroTrust is presently the leading provider, in Scandinavia and other western
European markets, of an array of security products and services, including
secure communications, secure servers, on-site solutions, virus detection,
security penetration and testing, and secure remote backup services. EuroTrust
also owns a broadcast media property in Scandinavia and also operates the
largest media production company in Scandinavia. More information about
EuroTrust and its subsidiaries is available at
http://www.eurotrust.dk/investors.
Statements in this announcement other than historical data and information
constitute forward-looking statements 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 VeriSign's
actual results to differ materially from those stated or implied by such
forward-looking statements. The potential risks and uncertainties include, among
others, theinability of VeriSign to successfully market the services and
customer acceptance of the services as provided by VeriSign; the risks that
expected economies in servicing customers will not materialize; and we may incur
unexpected costs integrating the assets. More information about potential
factors that could affect the company's business and financial results is
included in VeriSign's filings with the Securities and Exchange Commission,
including in the company's Annual Report on Form 10-K for the year ended
December 31, 2002 and quarterly reports on Form 10-Q. VeriSign undertakes no
obligation to update any of the forward-looking statement after the date of this
press release.
DATASOURCE: VeriSign, Inc.
CONTACT: Brendan P. Lewis, Media Relations, +1-650-426-4470, or
, or Kathleen Bare, Investor Relations, +1-650-426-3241,
or , both of VeriSign, Inc.
Web site: http://www.verisign.com/