Apr 22, 2011

St. Bernard Software, Inc., DBA EdgeWave, (OTCQB: EWVE), a leader in Secure Content Management (SCM) solutions, today announced that its shares are now being exclusively quoted on OTC Markets Group’s OTC Link platform and is no longer being quoted on the OTCBB, also known as the Bulletin Board.

This change was not caused by any action or inaction by EdgeWave, which continues to be in full compliance with all of its U.S. Securities and Exchange Commission (SEC) reporting requirements.

The Financial Industry Regulatory Authority (FINRA), which runs the OTCBB, calls for any company without at least one market maker to be removed from quotation after four days. It is estimated that FINRA has removed more than 1,000 companies from the OTCBB since February 15, 2011, as numerous market makers, including those that have traditionally traded EdgeWave’s common stock, have favored trading on the OTC Link platform. EdgeWave is currently in the process of reapplying to the OTCBB and expects that it will eventually trade on both platforms.

Lou Ryan, Chief Executive Officer at EdgeWave, commented, “We apologize to our shareholders for any delays or confusion regarding trading during this transition. Although we are in good company on the OTCQB platform, our goal and intent is to move back to the Bulletin Board listing, as we believe there is significant value to be gained from maintaining our profile on both platforms.”

OTC Markets Group operates the world’s largest electronic interdealer quotation system for broker-dealers to trade stocks not currently listed on major U.S. exchanges such as NASDAQ and NYSE. The platform supports an open network of competing broker-dealers that provide investors with the best prices in more than 10,000 OTC securities. In 2010 alone, securities on OTC Link traded over $144 billion in dollar volume, making it the third largest U.S. equity trading venue after NASDAQ and the New York Stock Exchange.

Priced quotes published on OTC Link make up approximately 95% of priced quotes in the OTC marketplace. This movement shows brokers’ continued support of the electronic OTC Link system, as they migrate to quote exclusively on this platform.

There are three main tiers in the OTC Marketplace. The first tier is OTCQX, the quality-controlled marketplace for companies that meet certain financial standards. The second tier is OTCQB, the U.S. reporting marketplace tier where EdgeWave currently trades. Companies within this tier are current in their reporting requirements with the SEC. The third tier is designated OTC Pink, which is the market for speculative trading. Although the Company is currently listed on the second tier OTCQB marketplace, the Company intends to apply for listing on the OTCQX.

Potential investors can now obtain current EdgeWave stock price quotes from the OTC Markets Group website at http://www.otcmarkets.com/stock/EWVE/quote. Investors can also view full Level 2 quotes for EWVE, detailing all active brokers in EWVE and their quote information, on OTC Markets Group’s site.

About EdgeWave, Inc.
EdgeWave Delivers the World's Safest Inboxes™ by eliminating email-borne security risks from targeted, socially engineered attacks. Our multi-layered Email Security Platform provides unparalleled predelivery protection, postdelivery detection and incident response to secure inboxes from today's proliferating messaging threats like ransomware, spear phishing, business email compromise and more. Headquartered in San Diego, CA, EdgeWave has more than 2,500 customers and over 3.5 million protected users worldwide.

For more information, please visit EdgeWave online at https://www.edgewave.com or follow us on LinkedIn, Twitter, Facebook or Google+

Amy Dardinger