FITUG e.V. Förderverein Informationstechnik und Gesellschaft

FC: Zero Knowledge pulls the plug on its hoped-for IPO

------- Forwarded message follows ------- Date sent: Fri, 02 Aug 2002 10:14:05 -0400 To: politech@politechbot.com From: Declan McCullagh <declan@well.com> Subject: FC: Zero Knowledge pulls the plug on its hoped-for IPO Send reply to: declan@well.com

Everyone in the privacy community I know was hoping that ZKS succeeded -- as I've written before, the world would have been a far better place if the company did. But with the demise of the Freedom product (http://www.politechbot.com/p-02620.html), what ZKS is doing today has become less interesting. And now, according to its official statement filed for the IPO, its burn rate is Can$2 million a month -- and ZKS only had Can$3 million in the bank as of two months ago. Given those dismal finances, it's hardly surprising that an IPO got shelved.

Previous Politech messages:

"Preliminary thoughts on Zero Knowledge's planned public offering" http://www.politechbot.com/p-03619.html

"More on Zero Knowledge's planned public offering" http://www.politechbot.com/p-03628.html

-Declan

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http://www.forbes.com/newswire/2002/08/02/rtr684925.html

Internet security firm pulls planned IPO Reuters, 08.02.02, 8:52 AM ET

MONTREAL, August 2 (Reuters) - Zero-Knowledge Systems Inc. pulled the plug on Friday on a planned initial public offering, saying it will instead use a recently completed private financing to fund growth for its Internet security software business.

Privately held Zero-Knowledge, a high-flyer during the technology boom that attracted heavy media and industry attention, did not disclose the value of the financing.

[...]

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