MCLEAN, VA / ACCESSWIRE / February 21, 2023 / Cyren (NASDAQ:CYRN), a provider of threat detection solutions, today announced it has entered into a non-binding, non-exclusive letter of intent (LOI) with Opin Kerfi (OK) to sell certain of its Iceland-based assets associated with Cyren's anti-malware business, including products, technology and related IP. The purchase price was not disclosed.
Cyren previously announced a global reduction of substantially all of its workforce due to liquidity challenges. The sale of the anti-malware business assets to OK is an asset monetization opportunity for Cyren that would enable Cyren's anti-malware customers continued access to Cyren's anti-malware products and support under new ownership. OK has partnered with former members of Cyren's Iceland-based anti-malware team in order to provide ongoing product development and support services with the goal of minimizing disruption to existing Cyren anti-malware customers.
The completion of a transaction is contingent upon several factors including satisfactory due diligence and the execution of a definitive asset purchase agreement. In view of Cyren's liquidity challenges, the transaction may also be subject to court approvals following any filings for insolvency protection which are anticipated. As the LOI is non-binding, there can be no assurance that a transaction will be completed.
Cautionary Statements Regarding Forward-Looking Information
Certain statements in this communication constitute "forward-looking statements" within the meaning of the federal securities laws. These statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While the Company believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including the risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022 filed with the SEC, as well as other factors described from time to time in the Company's filings with the SEC. Such forward-looking statements are made only as of the date of this communication. The Company undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If it does update one or more forward-looking statements, no inference should be made that the Company will make additional updates with respect to those or other forward-looking statements.
SOURCE: Cyren Ltd.