About WatchGuard Technologies, Inc.
Stephenson has been responsible for NorthMarq's relationships with
many CMBS lenders and Freddie Mac since 1996. NorthMarq continues to be a
national leader in Freddie Mac production .

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The cumulative impact
on the first three quarters of 2004 of this restatement is a reduction
in revenues of approximately $1.
In addition, although WatchGuard's management has not fully
completed its consideration of how the errors it has identified
reflect on the adequacy of its internal controls , WatchGuard expects
that, either individually or in the aggregate, these errors reflect
one or more material weaknesses in its internal controls over
financial reporting. He recently spearheaded
the company's acquisition of an interest in Fannie Mae DUS lender
AmeriSphere Multifamily Finance .

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2 million, which will be recognized as incremental
service revenue in 2005.

Stephenson Named to Head NorthMarq Capital's Western Regional Offices

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During this close and audit process, certain errors
were discovered in WatchGuard's previously issued consolidated
financial statements. These errors pertained to the (i) inaccurate
income statement classification of early pay incentive discounts taken
by customers, (ii) under-accrual of customer rebate obligations, and
(iii) timing of revenue recognition associated with specific products
and services (resulting in an overstatement of product revenue and an
understatement of deferred revenue).
In 1995, NorthMarq became the largest originator of loans for
Freddie Mac in America under his leadership.

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We have determined that the impact of the under-accrued customer
rebate obligations and timing of revenue recognition associated with
specific products and services are immaterial to the annual periods of
2002 and 2003. However, a restatement is required for the previously
reported quarterly financial results for 2004. For more information ,
please call 206-521-8340 or visit www.
NorthMarq Capital is a national real estate investment banking
firm with offices in 28 major markets coast-to-coast.

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WatchGuard Announces Postponement of Earnings Call and Filing of Form 12b-25

The late filing is the result of delays WatchGuard has experienced
in completing its financial statements and audit for the year ended
December 31, 2004 . The Company is still
in the process of evaluating the materiality and financial statement
impact of this issue on its previously issued consolidated financial
statements to determine if a restatement will be required.
WatchGuard's close and audit process is not yet complete. As a
result, WatchGuard cannot be certain that other errors will not be
identified prior to the filing of its Form 10-K for the year ended
December 31, 2004.

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Pacific Time, and that it will file a Form 12b-25
(Notification of Late Filing) with the Securities and Exchange
Commission with respect to its annual report on Form 10-K for the year
ended December 31, 2004. Mr. Stephenson was with the U. NorthMarq
has an annual production volume of more than $9.

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WatchGuard
Intelligent Layered Security architecture protects against emerging
threats effectively and efficiently and provides the flexibility to
integrate additional security functionality and services offered
through WatchGuard.watchguard. Our actual results could differ materially from those
anticipated in the forward-looking statements for many reasons,
including the risk that issues identified in the financial statement
close and audit process lead to an additional delay in finalizing
WatchGuard's financial statements or that WatchGuard is unable to
complete its 2004 annual audit and preparation of financial statements
prior to the expiration of the extended fifteen-day period, the risk
that additional "material weaknesses" or other internal control
deficiencies within the meaning of Section 404 of the Sarbanes-Oxley
Act of 2002 are identified during the completion of the audit, the
risk that additional accounting errors are identified during the
completion of the audit process, the risk that WatchGuard is required
to restate its prior financial statements for periods other than 2004
or that there will be additional restatements to 2004 and the other
risks described under "Important Factors That May Affect Our Operating
Results, Our Business and Our Stock Price" in our quarterly report on
Form 10-Q for the quarter ended September 30, 2004, and in our
Securities and Exchange Commission filings from time to time .

Later,
the style became known as Wing Chun, after Ng Mui's
first student, a woman named Yim Wing Chun.

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Stephenson will continue to
headquarter in NorthMarq's home office in Minneapolis.

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As a result, these errors do not require restatement of
2002 or 2003.
Also during the close and audit process, an error was discovered
in the Company's handling of lease incentives relating to its Seattle
headquarters facility leased in 2000. Readers
are cautioned not to place undue reliance upon these forward-looking
statements, which speak only as of the date of this release.

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Larry has served our company in many
capacities in his 27 years, and placing him in this role represents
our desire to maintain the corporate culture we are very proud of
while at the same time utilizing the skills of a key individual. The company
arranges financing for every type of commercial real estate .

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He is a member of the State Bars of Minnesota and
Wisconsin, holds a real estate sales license in Minnesota and is a
candidate in the American Institute of Real Estate Appraisers.
Department of Housing and Urban Development where he served as a
closing attorney for multifamily-insured loans .

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NorthMarq's Western Region includes offices in Minneapolis,
Chicago, St. Stephenson also serves as coordinator of the NorthMarq
Management Council and as manager of the company's in-house
information system.

This new system was well-guarded and
passed on to only a few, very dedicated students.

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8 million and a corresponding increase
in net loss for the nine month period.

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(Nasdaq:WGRD), a leading provider of network security solutions,
today announced that it has postponed its earnings call regarding its
results for the fourth quarter and fiscal year ended December 31,
2004, which was previously scheduled to be held Thursday, March 16, at
5:00 a. The company's Firebox X line of expandable integrated
security appliances is designed to be fully upgradeable as an
organization grows and to deliver the industry's best combination of
security, performance, intuitive interface and value. All other trademarks are the
property of their respective owners.
The announcement was made by Edward Padilla , NorthMarq's CEO.
Prior to joining Northland Financial Company, Northmarq's
predecessor company , in 1978, Mr.

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These adjustments will also
result in an increase in deferred revenue at December 31 , 2004, of
approximately $1. The Company failed to properly
gross up tenant improvement incentives at the inception of the lease
in accordance with FASB Technical Bulletin 88-1.

Business Editors /Real Estate Writers

MINNEAPOLIS----Lawrence Stephenson,
Senior Vice President and Director of Capital Markets for NorthMarq
Capital, has been promoted to Senior Managing Director in charge of
NorthMarq's 11 regional offices in the Western U.
Mr.

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WatchGuard and its registered public accounting
firm are continuing to review these matters and its internal controls. "As
we have grown, we have looked for effective ways to manage NorthMarq
without changing our culture. He has served in a
number of areas within NorthMarq including working as a closing
attorney, as manager of the construction loan department, in loan
production, as a senior asset manager and as manager of multifamily
investments.

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This will have the effect of reducing
revenues and interest expense by approximately $288,000 in 2002,
$585,000 in 2003 and $509,000 in the first three quarters of 2004 .

WatchGuard is a leading provider of network security solutions for
small- to mid-sized enterprises worldwide, delivering integrated
products and services that are robust as well as easy to buy, deploy
and manage. Every WatchGuard product comes with an initial
LiveSecurity Service subscription to help customers stay on top of the
security landscape with vulnerability alerts, software updates , expert
security instruction and superior customer care. Forward-looking statements are based on the
opinions and estimates of management at the time the statements are
made and are subject to known and unknown risks and uncertainties and
inaccurate assumptions that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. Stephenson has
a tenure of 27 years with NorthMarq.

Wing Chun is the name of a system of martial arts developed in southern China approximately 300 years ago.

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kung mui

Business Editors/Technology Writers

SEATTLE ----WatchGuard Technologies,
Inc. Louis, Kansas City, Denver, San Francisco, Los Angeles,
Phoenix , Dallas, Houston and Austin.

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com

Certain statements in this press release, including statements
about the expected filing date of WatchGuard's annual report on Form
10-K, the completion of WatchGuard 's financial statements and audit,
the potential need for a restatement of WatchGuard's prior financial
statements, the identification of material weaknesses in WatchGuard's
internal controls over financial reporting and other statements about
our plans, objectives, intentions, and expectations are
"forward-looking statements" within the meaning of the Securities Act
of 1933, as amended. Mr.S.

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He was presented the
NorthMarq Presidents Award for the successful establishment of the
Freddie Mac platform within the company.

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m.
Generally accepted accounting principles (GAAP) require early pay
incentive discounts to be recorded as a reduction to revenues and not
as a component of interest expense as previously reported. in the
United States and/or other countries."
A 1974 graduate of the University of Wisconsin Law School, Mr.

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Accordingly, WatchGuard will be reclassifying early pay incentive
discounts from interest expense to a reduction in revenue for its
previously issued consolidated financial statements for 2002, 2003 and
its first three quarters of 2004, which are provided for comparative
purposes in our 2004 Form 10-K.
This will have no effect on our previously reported net losses for
these periods.
WatchGuard has not yet set a date and time for the rescheduled
earnings call, and will issue another release once it does so.

WatchGuard, LiveSecurity and Firebox are either registered
trademarks or trademarks of WatchGuard Technologies, Inc.S.

Its originator , the Buddhist nun Ng Mui, was a master of
Shaolin Kung Fu and used this knowledge to invent a way to take advantage of the weaknesses inherent in the other Shaolin systems.

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5 billion and a loan
servicing portfolio of more than $25 billion.

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---

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