For Immediate Release
Maryland's Enterprise Fund Invests in Bluefire Security Technologies, Inc.
Baltimore Technology Company Focuses on Critical Mobile and Wireless Security Issues
Baltimore, MD November 11, 2002 — Maryland’s Department of Business and Economic Development (DBED) has invested $200,000 into Bluefire Security Technologies, Inc., an emerging high technology company providing security solutions for mobile and wireless handheld devices. The company’s proprietary next-generation technology protects handheld devices, such as Pocket PC personal digital assistants (PDAs), from critical security vulnerabilities in mobile and wireless applications.
"Bluefire’s technology is truly revolutionary," said David S. Iannucci, Secretary of the Department of Business and Economic Development. "Our Enterprise investment was matched with funds from Maryland-based Walker Ventures and Chicago-based JK&B Capital. The backing of these two leading investors in the security, Internet, and telecom markets, gave our Enterprise Fund team additional confidence that this was a good investment in a unique technology."
"These additional funds will help us complete trials of our breakthrough technologies and bring a commercial product to market in early 2003," said Mark Komisky, Bluefire’s President. "We are very pleased to have won the support of the State of Maryland and our matching venture capital firms."
The Enterprise Investment Fund requires a minimum three-to-one investment match. As of June 30, 2002, the fair market value of DBED’s Enterprise Investment portfolio was $64 million, which corresponds to a 32 percent annual rate of return on total investment capital. Since 1994, $19.2 million has been invested in early stage start up technology companies through this fund.
About Bluefire Security Technologies, Inc.
Bluefire Security Technologies provides a complete security solution specifically designed for mobile handheld devices. The Bluefire Mobile Security® Suite is the industry’s only fully integrated security solution including authentication, encryption, and integrity monitoring, firewall, logging and central management. Bluefire enables the secure deployment and use of handhelds across the enterprise by allowing handheld devices to be secured as part of the IT network infrastructure. Bluefire Security Technologies recently won the Ernst & Young Entrepreneur of the Year 2005 - Maryland Award.
Bluefire Mobile Security® solutions support the Microsoft Windows (WM) 2003, Windows Mobile 5.0 and Palm operating systems; are available directly from Bluefire and Software Spectrum in the United States, and internationally through Ubitexx GmbH (Germany) and Synergy Software Systems (UAE); and are certified by Cingular Wireless.
For more information email info@bluefiresecurity.com or call (410) 637-8160.