SteelCloud Notes Intent to Purchase Asgard Holding LLC

January 22, 2004

SteelCloud Inc. announced it has signed a Letter of Intent to acquire the privately held, Fort Lauderdale-based Asgard Holding LLC.

The company is now finalizing a definitive agreement and expects to close the transaction within 30 days, however the transaction is subject to the continued due diligence of the parties. The approximate purchase price is $3.2 million in SteelCloud stock and cash.

Asgard, a network security company in business since 1996, specializes in security solutions for companies in the insurance, financial, healthcare and services industries. With two distinct lines of network security businesses, Asgard targets middle-market enterprises. Its AsgardAssure service helps organizations design and develop secure networks by way of audits and assessments. Their proprietary AsgardSecureNet service offers customers remotely-managed security services via Asgard’s off-site Network Operating Center (NOC).

Asgard has two patent applications pending: one for wireless network security techniques and another for intrusion detection anomalies.

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