Monday, December 07, 2009
GlobalSCAPE Announces Investment Term Sheet with CoreTrace
Strategic Investment Eyed for Innovative Endpoint
SAN ANTONIO - GlobalSCAPE, Inc. (NYSE Amex: GSB), a
leading developer of secure information
exchange solutions, today announced that it has entered into an investment
term sheet with CoreTrace Corporation, a
privately held software company based in Austin, Texas. CoreTrace develops and sells
the most tamper-proof and scalable enterprise application whitelisting solution,
BOUNCER by CoreTrace™.
Subject to definitive agreements, GlobalSCAPE will invest in CoreTrace in return
for an equity position and a seat on the CoreTrace board of directors.
Whitelisting solutions restrict or deny the operation of applications and executables
not on an approved list created by an administrator or end user. Whitelisting technology
reflects an emerging paradigm shift within the multi-billion dollar endpoint security
market. Traditional "blacklisting" solutions, such as anti-virus software, attempt
to detect and defeat millions of malicious software applications and unique executables
by attempting to recognize such malware and quarantining or deleting the infected
files. "Because malware has proliferated exponentially, traditional solutions are
increasingly stressed beyond their ability to keep pace with the virus of the day,"
said Jim Morris, president and CEO of GlobalSCAPE. "The CoreTrace whitelisting technology
has tremendous potential, similar to the early days of the anti-virus market."
GlobalSCAPE and CoreTrace expect to have definitive agreements in place before the
end of the year. "We look forward to this strategic investment and partnership with
GlobalSCAPE," said Toney Jennings, president and CEO of CoreTrace. "CoreTrace is
a leader in a growing market and the GlobalSCAPE investment will allow us to continue
executing in accordance with our strategic plan, while also providing both companies
with a variety of interesting future opportunities."
GlobalSCAPE’s Managed File Transfer (MFT) products, including Enhanced File Transfer Server™, Secure FTP Server™ and its
product family, allow organizations to intelligently and
securely manage sensitive information in motion and at rest, across multiple
locationsand with customers and business partners. GlobalSCAPE also provides wide area file services (WAFS)
solutions that help customers collaborate across
wide area networks at local area network speeds. GlobalSCAPE’s MFT and WAFS solutions
ensure the highest levels of compliance with government data security and privacy
regulations, along with corporate security policies and mandates.
CoreTrace® is the pioneer of client-based application whitelisting. The
company's award-winning and patented high-security, easy-change BOUNCER solution
is at the forefront of the movement in next-generation endpoint
control and security solutions. Unlike other application whitelisting
solutions that are simply lockdown technologies, BOUNCER's Trusted
Change" capability enables IT professionals to predefine multiple
sources from which users can safely install applications and have them automatically
added to the whitelist — all with minimal IT involvement. The result: full prevention
of unauthorized applications, improved overall security, and lower total cost of
ownership compared to alternative whitelisting and traditional blacklisting antivirus
solutions. CoreTrace's customers include organizations in a wide variety of industries,
such as energy, oil and gas, financial services, telecommunications, as well as
Additional information may be found on the CoreTrace website and on
WhiteSpace, the Application
Whitelisting and Security Weblog.
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a
global provider of managed file transfer (MFT) and wide area file services
(WAFS) solutions for securely exchanging critical information over the
Internet, within an enterprise, and with business partners. Since the release
of CuteFTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet
the business and technology needs of an increasingly interconnected global
marketplace. For more information about GlobalSCAPE's products, visit http://www.globalscape.com.
Safe Harbor Statement
This press release contains 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. The words "would," "exceed," "should," "anticipates,"
"believe," "steady," "dramatic," and variations of such words and similar
expressions identify forward-looking statements, but their absence does not
mean that a statement is not a forward-looking statement. These
forward-looking statements are based upon the Company's current expectations
and are subject to a number of risks, uncertainties and assumptions. The
Company undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise. Among
the important factors that could cause actual results to differ significantly
from those expressed or implied by such forward-looking statements are risks
that are detailed in the Company's Annual Report on Form 10-K for the 2008
calendar year, filed with the Securities and Exchange Commission on
March 31, 2009.