Nexland to be Acquired by Symantec

May 15, 2003 -- (FIND VPN) -- Internet security company Nexland Inc. (Nexland.com) announced this week that it has signed a definitive merger agreement to be acquired by Symantec Corp. for $19,600,000 in cash.

The aggregate consideration, says Nexland, will result in an estimated $0.5118 per outstanding share, after payment to the holders of outstanding and vested in-the-money options and warrants.

The company says it has maintained a joint development relationship with Symantec for two years. Symantec currently licenses Nexland's technology for use in its Symantec Firewall/VPN Appliance series, which combines firewall, VPN, networking and other capabilities in a single unit designed for remote offices, branch offices and small businesses.

The completion of the transaction is subject to the approval of Nexland's stockholders and various other closing conditions. Documentation will be filed with the Securities and Exchange Commission, and will be made available to Nexland shareholders through the SECs Web site for consideration before making decisions with regard to the transaction.