VirnetX Announces Strategic Defense Advisory Board

Rhea-AI Summary

VirnetX Holding (NYSE: VHC) has announced the establishment of an advisory board consisting of four retired senior U.S. Air Force leaders to provide guidance on the development and implementation of VirnetX's Zero Trust Network Access security technology for defense communications. The advisory board members bring extensive military and industry experience to enhance VirnetX's positioning in the defense sector, aiming to provide a vital layer of security for government and commercial contractors.

Four Retired Senior U.S. Air Force Leaders to Advise and Provide Direction for VirnetX's Zero Trust Network Access Security

ZEPHYR COVE, Nev., April 22, 2024 /PRNewswire/ -- VirnetX Holding Corporation (NYSE: VHC) today announced that it has established an advisory board comprised of four retired senior U.S. Air Force leaders. The board will assist and advise on business development and operational direction of VirnetX's Zero Trust Network Access security technology as a necessary layer of security for defense communications and data management to Department of Defense government officials and commercial contractors.

Advisory Board Members:

Lance W Lord, General, USAF (Ret.)

Lord retired in 2006 as a 4-star General in the U.S. Air Force. He was the Commander of the Air Force Space Command and was responsible for the development, acquisition and operation of the Air Force's space and missile systems. He led more than 39,700 space professionals who provided combat forces and capabilities to the North American Aerospace Defense Command and U.S. Strategic Command. He is a former member of the President's Commission on Position, Navigation and Timing Senior Advisory Group and the US Strategic Command Senior Advisory Group. Lord currently serves as the Chairman of OmniTeq and founded its predecessor L2 Aerospace LLC. He serves as Chairman of the Board of Frequency Electronics Corporation, is a board member of Boneal Aerospace Corporation, a member of the Iridium Communications Government Advisory Board, a member of General Dynamics Mission Systems Senior Advisory Group and Hera Satellite Systems Senior Advisory Group.

Daniel P (Fig) Leaf, Lieutenant General, USAF (Ret.)

Leaf retired in 2008 as a 3-star Lieutenant General in the U.S. Air Force. He was Deputy Commander in the U.S. Pacific Command. He has worked with leaders of every nation in the Indo-Asia Pacific region except North Korea. He delivered guest lectures at King's College London, the Vietnam Academy of Social Science, China's PLA Political Academy in Xian, and the Pakistan National Defense University among others. His military experience includes his time at PACOM, a tour of duty at Headquarters Pacific Air Forces, four years of duty assignments in both the Republic of Korea and Japan, and temporary military duty across the region. A master of air operations, information warfare and joint force operations, he is a decorated fighter pilot and leader, with combat missions in Europe and the Middle East. He has executive level industry experience as Vice President of Strategic Initiatives at Northrup Grumman.

Nina M Armagno, Lieutenant General, USAF (Ret.)

Armagno retired in 2023 as a 3-star Lieutenant General in the U.S. Air Force, serving as the first Director of Staff for the U.S. Space Force. During her 35-year career, Armagno held multiple commands at many levels of space operations including Director of Plans and Policy at U.S. Strategic Command. She was instrumental in the creation of the U.S. Space Force by working with the highest levels of the U.S. Government and is a lifetime member of the Council of Foreign Relations. Industry experience includes RocketLab board director and several strategic advisory board positions.

A Bowen Ballard, Major General, USAF (Ret.)

Ballard retired in 2003 as a 2-Star Major General in the U.S. Air Force with over 37 years of uniformed service. He served as Assistant Chief of Staff of Intelligence at U.S. Air Force Headquarters in the Pentagon and as Mobilization Assistant to the Director of the National Security Agency and Chief of Central Security Services. He serves on the Air Force Secretary and Chief of Staff Civilian Advisory Group and is widely recognized on the Hill in DC and throughout numerous Congressional circles. He has been CEO of a regional real estate corporation and a director of two regional commercial banks. He has served on the Embry-Riddle University President's Advisory Board and has accumulated more than 7,000 hours as a civilian pilot.

"We are honored that such an esteemed group of elite military commanders recognize the importance of our network security technology and have joined our team," said Kendall Larsen, VirnetX CEO and President. "Their knowledge and counsel will allow us to present our Zero Trust Network Access security to top decision-making government and commercial defense personnel."

About VirnetX

VirnetX Holding Corporation is an Internet security software and technology company with industry-leading, patented technology for Zero Trust Network Access ("ZTNA") based secure network communications. VirnetX's software and technology solutions, including its Secure Domain Name Registry and Technology, VirnetX One™, VirnetX War Room™, VirnetX Matrix™, and Gabriel Connection Technology™, are designed to be device and location independent, and enable a secure real-time communication environment for all types of enterprise applications, services, and critical infrastructures. The Company's patent portfolio includes over 200 U.S. and foreign granted patents, validations, and pending applications. For more information, please visit www.virnetx.com

Special Note Regarding Forward-Looking Statements

This press release should be read in conjunction with our filings with the Securities and Exchange Commission. Statements herein may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

These forward-looking statements are based upon our current expectations, estimates, assumptions, and beliefs concerning future events and conditions and may discuss, among other things, expectations regarding the advisory board's impact on our products and business as well as our ability to provide and enhance security for defense communications and data management to government and commercial partners. Any statement that is not historical in nature is a forward- looking statement and may be identified by the use of words and phrases such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "will likely result in," and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties, and other factors, many of which are outside our control, and could cause actual results to differ materially from such statements and from our historical results and experience. These risks, uncertainties and other factors include, but are not limited to risks detailed in our filings with the Securities and Exchange Commission (the "SEC"), including our Annual Report on Form 10-K, filed on March 15, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results and that the risks described herein should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made.

EXCEPT AS REQUIRED BY LAW, WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Contact:
Investor Relations
VirnetX Holding Corporation
415.505.0456
ir@virnetx.com

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SOURCE VirnetX Holding Corporation

FAQ

Who are the members of VirnetX's newly established advisory board?

The members of VirnetX's advisory board are Lance W Lord, Daniel P (Fig) Leaf, Nina M Armagno, and A Bowen Ballard, all retired senior U.S. Air Force leaders with significant experience in military and industry roles.

What is the purpose of the advisory board at VirnetX?

The advisory board at VirnetX is tasked with providing guidance on the business development and operational direction of the company's Zero Trust Network Access security technology for defense communications.

Why is VirnetX focusing on security technology for defense communications?

VirnetX aims to enhance security measures for defense communications by leveraging its Zero Trust Network Access technology, providing a important layer of security for government and commercial defense contractors.

How will the advisory board benefit VirnetX?

The advisory board's extensive military and industry experience will enable VirnetX to present its security technology to key decision-makers in government and commercial defense sectors.

Who is Kendall Larsen and what is his role at VirnetX?

Kendall Larsen is the CEO and President of VirnetX, overseeing the company's operations and strategic direction.

What is the significance of the advisory board members' military backgrounds?

The advisory board members' military backgrounds bring expertise in defense operations and strategic planning, enhancing VirnetX's capabilities in the defense sector.