http://www.zdnet.com/eweek/stories/general/0,11011,2713154,00.html By Dennis Fisher, eWEEK April 27, 2001 11:27 AM ET Just three weeks after embarking on a restructuring plan designed to salvage the company, troubled Internet security provider Pilot Network Service Inc. on Thursday ceased operations and laid off all of its employees. The company, which provided secure Internet hosting and VPN and extranet services, had laid off 23 percent of its work force at the end of March and launched the restructuring in a last-ditch effort to keep the company afloat. NASDAQ had threatened on March 28 to de-list the company's stock, which closed yesterday's trading at $0.21. Pilot, based in Alameda, Calif., certainly didn't suffer from a lack of high-profile customers. PeopleSoft Inc., Newsweek, the Los Angeles Times, GE Capital and the Gap Co. all used one or another of the company's services. However, the money coming in from the A-list companies it served wasn't nearly enough to offset Pilot's mounting losses. In the quarter ended Dec. 31, the company lost $11.2 million on revenue of $9.7 million. The company had hoped that a planned strategic alliance with AT&T Corp. would get it over the hump, but the deal fell through and Pilot never found another source of funding. Pilot's core technology was a heuristics-based architecture that stored information on each attack on the network and was then able to recognize and defend against similar attacks in the future. ISN is hosted by SecurityFocus.com --- To unsubscribe email LISTSERVat_private with a message body of "SIGNOFF ISN".
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