Silicon Valley Veteran Tapped To Spearhead Strategic Vision and Business Development of Research Triangle IT Security Start-up

CARY, NC, February 8, 2005 – Covelight, an innovator of solutions that ensure business use and regulatory compliance, today announced that Spencer Snedecor has been named Chief Executive Officer (CEO). He is tasked with driving Covelight’s strategic vision, expanding its sales opportunities, and growing the company’s position as the first provider of products that tackle fraud, misuse and abuse by authenticated web-application users. Mr. Snedecor’s appointment is effective immediately. With over twenty-five years experience as a technology business executive, Snedecor comes to Covelight from security encryption software vendor, PGP Corporation, where he served as a founding executive and vice president of sales.

“Spencer’s leadership and proven track record for helping grow IT security companies’ sales exponentially, coupled with the cutting-edge technology that Covelight has developed, is a perfect fit to take the organization to the next level,” said Kip Frey, Covelight board member and partner with Intersouth Partners. “Spencer’s agreeing to take the helm is a testament not only to the phenomenal development strides that the Covelight team has made to date, but also points to the exciting prospects for the company.”

Prior to joining PGP Corporation, Snedecor has also held executive positions with Network Associates and Symantec, where he was responsible for growing security sales in a multitude of disciplines, including direct, channel and government sales.

“When the opportunity to lead this exciting company presented itself, my decision was an easy one,” said Snedecor. “Covelight has developed a first-of-its-kind technology for policing the users of webenabled enterprise applications. I am extremely excited about being a part of this talented team and look forward to bringing our solutions to the marketplace in an aggressive manner. There is a vast opportunity to succeed at a time when every enterprise understands the value of protecting their information assets and that policies and controls cannot be taken for granted.”

About Covelight Systems

Covelight Systems is an innovator of solutions that detect theft, fraud and abuse of critical web-enabled assets. The company’s patent-pending solutions deliver actionable intelligence in the form of real-time incident detection and notification, operational and security analytics, and extensive forensic audit trails to ensure an enterprise’s web-application user community is held accountable. Founded in 2002, the company is headquartered in Cary, North Carolina. For additional information about the company's products and services, visit: www.covelight.com.

Contacts:

Joni Moore
Acaggio Public Relations
508-308-7900
jmoore@acaggio.com

D. Mark Durrett
Covelight Systems
(919) 677-9680 x-202
mdurrett@covelight.com

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