SOURCE: St. Bernard

August 14, 2007 16:13 ET

St. Bernard Software Signs Definitive Agreement to Sell Legacy Product Line for $6.875 Million in Cash

SAN DIEGO, CA--(Marketwire - August 14, 2007) - St. Bernard Software, Inc. (OTCBB: SBSW), a global provider of security appliances and on-demand solutions, including secure content management, archiving and collaboration, today announced that the company signed a definitive agreement on August 13th to sell the legacy Open File Manager product line to EVault for 6.875 Million in cash.

The transaction was executed in conjunction with the company's new strategy to focus its resources on network based secure content management solutions and to raise capital to fund ongoing operations. The transaction is expected to close in August 2007.

Vince Rossi, president and CEO of St. Bernard, commented, "The $6.875 million in proceeds of this sale will provide critically important capital for St. Bernard to support the growth of our core iPrism and LivePrism products and continue the execution of our company strategy. We believe that EVault is an excellent organization that will provide great value to our Open File Manager customers and partners."

About St. Bernard

St. Bernard Software, Inc. (OTCBB: SBSW) is a global provider of security appliances and hosted solutions, including secure content management, archiving and collaboration. The company's award-winning products deliver innovative security solutions that offer the best combination of ease-of-use, performance and value. Established in 1995 with headquarters in San Diego, CA and international offices in the United Kingdom and the Netherlands, St. Bernard sells and supports its products directly and through solution partners worldwide. For more information, please visit www.stbernard.com.

About EVault

EVault, a wholly owned subsidiary of Seagate Technology, is the trusted expert in complete data protection solutions for over 9,000 small to large enterprise customers globally. Since 1997, EVault's software and outsourced services for backup, recovery, archiving, business continuity and e-discovery have allowed customers to conform to industry-specific compliance and security regulations. EVault's DeltaPro™, patented Quick File Scanning, and patent-pending Adaptive Compression technologies make it easy to secure, protect and recover critical data across a broad range of operating systems and applications, delivering the highest performing online backup and recovery solution available. EVault is the only vendor in the industry that allows customers to choose between 1) licensing and managing software in-house, 2) licensing software and outsourcing the data protection management to EVault or 3) subscribing to a Software as a Service offering delivered by EVault. For more information about EVault or to hear what our customers are saying, visit www.evault.com or contact an EVault expert at 877.382.8581

©2007 St. Bernard Software, Inc. All rights reserved. The St. Bernard Software logo, LivePrism, iPrism, iGuard and Open File Manager are trademarks of St. Bernard Software, Inc. All other trademarks and registered trademarks are hereby acknowledged.

This press release may contain forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, among other things, any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include, among other things, performance of contracts by customers and partners; employee management issues; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; and the difficulty of keeping expense growth at modest levels while increasing revenues. These and other risks and factors that could cause events or our results to differ from those expressed or implied by such forward-looking statements are described in our most recent annual report on Form 10-KSB, as well as other subsequent filings with the Securities and Exchange Commission. We assume no obligation and do not intend to update these forward-looking statements.

Contact Information

  • Contact:

    St Bernard Software:
    Al Riedler
    Chief Financial Officer
    (858) 524-2050

    or

    MKR Group, Inc.
    Marie Dagresto or Todd Kehrli
    (323) 468-2300
    Email Contact