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US PATENT OFFICE APPROVAL OF VIRTUAL MATRIX ENCRYPTION SHOULD STIMULATE SALES OF COMPANY'S PRODUCTS TO THE DATA SECURITY MARKET

APRIL 25, 2001

ENCINO, California, April 25/ News Release/ -- Meganet Corporation, an innovator in data security solutions with exceptional proprietary encryption algorithm, today announced that the US Patent Office has approved the Company's patent application and issued a product patent covering a broad range of patent claims.

Saul Backal, President and CEO of Meganet Corporation stated: "The issuance of the US Patent is an extremely important event for the Company.  It adds a tremendous value both to Meganet Corporation and the Data Security Market. It endorses the uniqueness of the technology, and confirms it being a genuine technology while providing us the ability to collect royalties for its use over the next 20 years."

 

Meganet Corporation's VME SDK allows any software developer to incorporate the VME technology into their own application. US data security companies account for approximately 80% of the Meganet SDK sales.

 

Last year report by an FBI survey says that 90% of firms, who participated in the survey, confirmed their systems had been vandalized. In the previous year the figure was 69%. In that survey, 186 companies put their security-related losses for the year at $378 million.  Security by Encryption protects not only from unauthorized external users but also creates hierarchy within the organization that gives “on a need to know basis” access.

 

Mr. Backal added: "All of Meganet Corporation's products incorporate the Virtual Matrix Encryption technology and are protected by extensive U.S. and foreign patents. Our patent has been filed with international PTO and will be approved in 71 other countries. We believe this will provide the Company with an extremely strong proprietary position in the worldwide data security market.''

About Meganet

Protecting data, communications, and assets. Meganet Corporation is a client-focused data and communications security company committed to the continual development of revolutionary technologies and innovative information security solutions. Meganet has developed a revolutionary symmetric encryption algorithm coined as Virtual Matrix Encryption (VME). The power of VME results from a unique data mapping technology that creates exceptionally random cipher text and from its ability to use up to a million-bit key. Meganet aims at propelling VME to be the industry's standard for encryption. Established in 1997, Meganet is a privately held California corporation headquartered in Los Angeles, Calif., with offices in New York and Oregon. (URL: http://www.meganet.com)

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