VirnetX Establishes CRADA with AFRL/RI

Rhea-AI Summary

VirnetX Holding (NYSE: VHC) has announced a Cooperative Research and Development Agreement (CRADA) with the Air Force Research Laboratory Intelligence Systems Directorate (AFRL/RI). This collaboration aims to enhance cybersecurity and Zero Trust technologies for integrated surveillance, reconnaissance operations, and Air Force targeting processes.

The CRADA is expected to provide a pathway to secure and obfuscate Air Force targeting, processing, dissemination, and intelligence technology. This initiative will allow the Air Force to leverage the latest commercially available cybersecurity technology and reduce its IT attack surface in a joint, all-domain environment.

Positive

• Collaboration with Air Force Research Laboratory Intelligence Systems Directorate
• Potential to enhance Air Force cybersecurity capabilities
• Opportunity to apply VirnetX's technology in military applications

Negative

• None.

Insights

Cybersecurity Expert

This CRADA between VirnetX and AFRL/RI is a significant development in the cybersecurity sector, particularly for military applications. The collaboration aims to enhance the Air Force's capabilities in secure communications and data protection, which is important in today's digital warfare landscape. VirnetX's expertise in Zero Trust technologies could provide a substantial boost to the AF's ability to safeguard sensitive information and reduce vulnerabilities in their intelligence systems.

The focus on securing and obfuscating targeting, processing and dissemination technologies suggests a comprehensive approach to cybersecurity that goes beyond simple network protection. This holistic strategy could potentially set new standards for military-grade cybersecurity solutions. For VirnetX, this partnership represents an opportunity to validate their technology in one of the most demanding environments possible, potentially leading to future contracts and enhanced credibility in the cybersecurity market.

Defense Industry Analyst

This CRADA signifies a strategic move for VirnetX, potentially opening doors to lucrative government contracts in the future. The defense sector, particularly in cybersecurity, offers substantial growth opportunities due to increasing threats and the critical nature of military operations. By aligning with AFRL/RI, VirnetX positions itself at the forefront of military-grade cybersecurity innovation.

For investors, this partnership could be a catalyst for VirnetX's growth. Government collaborations often lead to long-term, high-value contracts. Moreover, the validation of VirnetX's technology by a prestigious military research lab could enhance the company's reputation in the broader cybersecurity market, potentially attracting commercial clients as well. However, it's important to note that the immediate financial impact may be , as CRADAs typically focus on research and development rather than direct procurement.

Cooperative Research and Development Agreement with the Air Force Research Laboratory Intelligence Systems Directorate

ZEPHYR COVE, Nev., Oct. 9, 2024 /PRNewswire/ -- VirnetX Holding Corporation (NYSE: VHC) today announced that it has entered into a Cooperative Research and Development Agreement (CRADA) with the Air Force (AF) Research Laboratory Intelligence Systems Directorate (AFRL/RI) to facilitate collaboration on cybersecurity and Zero Trust technologies to support integrated surveillance and reconnaissance operations as well as AF and joint targeting processes. The work conducted under this CRADA is expected to provide the avenue to secure and obfuscate AF targeting, processing, dissemination, and intelligence technology, enabling AF to take advantage of the latest research and developments in commercially available cybersecurity technology and reduce its IT attack surface in a joint, all-domain environment.

About CRADA

A Cooperative Research and Development Agreement (CRADA) is an agreement between a Federal laboratory and a non-Federal party to perform collaborative research and development in any area that is consistent with the Federal laboratory's mission. CRADAs are a frequently used mechanism for formalizing interactions and partnerships between private industry and national research labs and the only mechanism for receiving funds from non-Federal sources for collaborative work.

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 team includes experts on technologies related to hiding, securing, and transporting critical communications data, using advanced cryptography, PKI, block chain, and more, between sub-system components and mission tools, capabilities, and applications for secure end-to-end communications. VirnetX's software and technology solutions, including its Secure Domain Name Registry and Technology, VirnetX One™, VirnetX War Room™, and VirnetX Matrix™, 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. 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 success of our collaboration with AF, our continued research and development of cybersecurity and Zero Trust technologies, and the ability of our technologies to support integrated surveillance and reconnaissance operations and AF and joint targeting processes, to allow the security and obfuscation of AF targeting, processing, dissemination, and intelligence technology, and to enable AF to incorporate cybersecurity technology and reduce its IT attack surface. 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

What is the purpose of VirnetX's CRADA with AFRL/RI?

The CRADA aims to collaborate on cybersecurity and Zero Trust technologies to support integrated surveillance, reconnaissance operations, and Air Force targeting processes.

How will the CRADA benefit the Air Force (AF)?

It will provide a way to secure AF targeting, processing, dissemination, and intelligence technology, allowing the AF to leverage commercial cybersecurity advancements and reduce its IT attack surface.

What technologies are involved in VirnetX's collaboration with AFRL/RI?

The collaboration focuses on cybersecurity and Zero Trust technologies to support integrated surveillance and reconnaissance operations, as well as AF and joint targeting processes.

When did VirnetX (VHC) announce the CRADA with AFRL/RI?

VirnetX Holding (NYSE: VHC) announced the Cooperative Research and Development Agreement (CRADA) with AFRL/RI on October 9, 2024.