Feeds

Network-1 runs out of cash, seeks buyer

Firewall line up for grabs

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

ComputerWire logo Network-1 Security Solutions Inc, the Nasdaq-listed firewall vendor, said last week it is seeking a buyer for the company and for its CyberwallPLUS distributed firewall product line, as it rapidly runs out of cash to continue operations.

The Waltham, Massachusetts-based firm said in November it could not foresee any material revenue from sales of its products and discontinued them to reduce costs. Network-1 says it now has the funds to last through the end of 2003.

In its last available financial statement, the company said in the nine months ended September 30 2002 its revenue was $521,000, down from $906,000 in the same period the previous year. At the same time, the company reduced its headcount from 39 to 8.

Network-1 said Thursday that it has reduced its workforce still further to keep it afloat while it seeks funding, a merger partner, or a company to take its technology off its hands. The company had $3.2m in current assets on its September 30 balance sheet.

© ComputerWire

Security for virtualized datacentres

More from The Register

next story
It's Big, it's Blue... it's simply FABLESS! IBM's chip-free future
Or why the reversal of globalisation ain't gonna 'appen
'Hmm, why CAN'T I run a water pipe through that rack of media servers?'
Leaving Las Vegas for Armenia kludging and Dubai dune bashing
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
CAGE MATCH: Microsoft, Dell open co-located bit barns in Oz
Whole new species of XaaS spawning in the antipodes
Microsoft and Dell’s cloud in a box: Instant Azure for the data centre
A less painful way to run Microsoft’s private cloud
AWS pulls desktop-as-a-service from the PC
Support for PCoIP protocol means zero clients can run cloudy desktops
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.