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June 27, 2000
Entrust Technologies Completes Merger with enCommerce, Inc.
enCommerce-Entrust Union Creates Global Trusted e-Business Infrastructure
Company
PLANO, TX and SANTA CLARA, CA - Entrust Technologies Inc., (NASDAQ: ENTU), the
global leader in solutions that bring trust to e-business, today announced
completion of its merger with enCommerce, Inc., a leading provider of software
and services for managing eBusiness relationships. Under terms of the
agreement, Entrust Technologies has issued approximately 8.2 million shares of
common stock in exchange for 100% of the outstanding capital stock of
enCommerce, and will assume all outstanding employee stock options and warrants,
resulting in a total exchange of 10.25 million shares. The transaction will be
accounted for as a purchase.
"The fast and successful close of the merger between Entrust and enCommerce
ushers in a new era of e-business where corporate users and consumers alike will
have secure, convenient access to personalized Web information and resources,"
said John Ryan, president and CEO of Entrust Technologies Inc. "Through the
combined strengths of our complementary technologies, we are positioned to
uniquely address both current and future market demands for end-to-end, secure
e-business solutions."
ADDITIONAL INFORMATION
For more information about Entrust Technologies please visit our "About Entrust"
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section.
For more information about this press release please contact us.
This press release contains forward-looking statements relating to the
consummation of the proposed merger of enCommerce and Entrust Technologies,
including the timing of any such consummation and the expected synergies of the
merger, and such statements involve a number of risks and uncertainties. Among
the important factors that could cause actual results to differ materially from
those indicated by such forward-looking statements are failure to receive
appropriate clearance from governmental authorities, including Federal antitrust
regulators and the California Department of Corporations, failure to satisfy
standard closing conditions, material adverse changes in the business of either
company, and the risk factors detailed from time to time in Entrust
Technologies' periodic reports and registration statements filed with the
Securities and Exchange Commission, including without limitation Entrust
Technolgies' Registration Statement on Form S-3, as amended (File No. 333-
95375).
