Exhibit 99.1

Press Release

Entrust Announces Third Quarter Fiscal Year 2007 Financial Results

DALLAS – October 23, 2007 – Entrust, Inc. [Nasdaq: ENTU], a world leader in securing digital identities and information, today announced financial results for its fiscal quarter ended September 30, 2007.

“I am pleased to announce today that we were able to return the company to non-GAAP profitability despite having lighter recognized product revenue and the ever increasing Canadian exchange rate impact on expenses,” said Bill Conner, Entrust Chairman, President and Chief Executive Officer. “Specifically, IdentityGuard added 28 new customers and 66 total transactions in the quarter, and we have now crossed over 9 million licensed users and $10 million in life-to-date sales of IdentityGuard. One key win that is not reflected in the 3^rd quarter product revenue is a purchase order we received in Q3 for a three year contract for 500,000 tokens and software for a large Asian financial institution.”

Revenue for the third quarter was $23.9 million, virtually flat to Q3, 2006. Revenue for the first three quarters of 2007 was $73.0 million, an increase of 9% from the same period of 2006. Product revenue in the third quarter was $8.2 million, a decrease of 7% from Q3, 2006. Product revenue for the first three quarters of 2007 was $26.2 million, an increase of 15% from the same period of 2006. Deferred revenue in the third quarter increased $3.2 million over Q3, 2006 to $28.2 million. Services revenue in Q3, 2007 was $15.8 million, which is up 3% from Q3 of last year. Services revenue for the first three quarters of 2007 was $46.8 million, an increase of 5% from the same period of 2006. The key driver for the increase in services revenue was the company’s record quarterly support and maintenance revenue attainment.

Entrust recorded a Q3, 2007 net loss, calculated in accordance with GAAP, of $1.5 million, or $0.02 per share, compared to Q3, 2006 net loss of $3.2 million, or $0.05 per share. On a non-GAAP basis the company recorded income of $154 thousand, or $0.00 per share, compared to Q3, 2006 loss of $1.7 million, or $0.03 per share. Entrust ended the quarter with cash and marketable securities of $21.5 million. The non-GAAP figures exclude amortization of purchased intangibles and stock-option based compensation expense. See the financial table below reconciling these non-GAAP figures to GAAP.

Conner added, “I am equally pleased with our PKI revenue, which represented 76% of our product revenue, grew 50% over Q3 of last year and achieved its fourth consecutive quarter of year-over-year growth. Our PKI leadership in governments continued to build in the quarter with wins of the national PKI infrastructures for the Kingdom of Saudi Arabia, Brunei, Slovenia and the HSPD12 initiative for the US Government. Also, one of the largest global banks bought our thin client PKI solution to rollout in conjunction with their Vista deployment. We have a strong funnel going into Q4 and a lowered expense base, which will help us deliver on our goal of non-GAAP profitability for the year.”

Financial Outlook:

Entrust continues to target a second half 2007 net loss in accordance with GAAP of $0.02 per share. On a non-GAAP basis the company continues to target a profit of $0.04 per share for the second half of 2007. Entrust’s second half earnings per share targets would, on a full year basis, equate to a full year 2007 net loss in accordance with GAAP of $0.12 per share and on a non-GAAP basis the company would achieve breakeven for the year. The company’s Q4, 2007, total expenses on a non-GAAP basis are expected to be approximately $23.8 million, flat to Q3, 2007. See the financial table below reconciling the non-GAAP figures to GAAP.

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The following charges for the second half and full year of 2007, reconcile the GAAP and non-GAAP earnings per share targets:

Q3 Business and Financial Metrics:

Technology and Industry Highlights:

Entrust will host a live teleconference and Webcast on Tuesday, October 23, 2007 at 5:00 p.m. (Eastern), featuring Chairman, President and CEO Bill Conner and Chief Financial Officer David Wagner to discuss the company’s fiscal third quarter results and 2^nd half 2007 outlook. The

conference call audio will be available live via dial-in at 1-800-733-7571 and via the Internet at http://phx.corporate-ir.net/playerlink.zhtml?c=73119&s=wm&e=1663227. Please log on approximately 15 minutes before the Webcast begins in order to register and to download and install any necessary audio software. An archive of the Webcast will be available for 90 days at the above Internet address.

For those unable to attend the live conference call, an audio replay will be available beginning at 7:00 p.m. (Eastern), Tuesday, October 23, 2007 through Tuesday, October 30, 2007 at 11:59 p.m. (Eastern). The North American replay number is 1- 877-289-8525 and the International replay number is 416-640-1917. Both numbers have a pass code of 21249002#.

Use of Non-GAAP Financial Measures

To supplement the financial results that are prepared and presented in accordance with accounting principles generally accepted in the United States, Entrust’s management prepares and uses non-GAAP financial measures for many of its internal financial, operating and planning reports. The company’s management believes that by excluding charges such as the purchased intangibles amortization in cost of goods sold, the amortization of purchased intangible assets in operating expenses, stock compensation expense, restructuring charges and write down of strategic investments from its GAAP-based results, these non-GAAP financial measures are more likely to facilitate investors’ understanding of the company’s ongoing business operating results. These non-GAAP financial measures also facilitate comparisons to the operating results of the company’s competitors and provide investors with greater transparency with respect to the supplemental information used by management in its operational and financial decision making.

The non-GAAP measures are included to provide investors with supplemental information to facilitate their understanding of Entrust’s operating results and future prospects. Management uses these non-GAAP measures to assess its success in reducing the company’s cost structure, to measure its ongoing cash operating costs, and to establish budgets and operational goals. The presentation of this additional information should not be considered in isolation or as a substitute for financial and operating results prepared in accordance with accounting principles generally accepted in the United States, as non-GAAP measures are susceptible to varying calculations and they may not be comparable, as presented, to other similarly titled measures of other companies.

This press release contains forward-looking statements relating to Entrust’s projected revenue, net income and net loss per share and non-GAAP income per share for the second half of 2007 and the targeted total non-GAAP expenses for Q4, 2007. Such statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are unforeseen operating expenses, unconverted customer opportunities, issues associated with revenue recognition, issues raised in connection with the review of quarterly financial results, and the risk factors detailed from time to time in Entrust’s periodic reports and registration statements filed with the Securities and Exchange Commission, including without limitation Entrust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006. While Entrust may elect to update forward-looking statements in the future, Entrust specifically disclaims any obligation to do so, even if its estimates change.

About Entrust

Entrust, Inc. [NASDAQ: ENTU] is a world leader in securing digital identities and information. Over 1,650 enterprises and government agencies in more than 50 countries use Entrust solutions to help secure the digital lives of their citizens, customers, employees and partners. Our proven software and services can help customers in achieving regulatory and corporate compliance, while helping to turn security challenges such as identity theft and email security into business opportunities. For more information on how Entrust can help secure your digital life, please visit: www.entrust.com

Entrust is a registered trademark of Entrust, Inc. in the United States and certain other countries. In Canada, Entrust is a registered trademark of Entrust Limited. All Entrust product names are trademarks of Entrust. All other company and product names are trademarks or registered trademarks of their respective owners.

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ENTRUST, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

ENTRUST, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

The following supplemental tables provide non-GAAP financial measures used by the company’s management to evaluate operational results. The company believes this information may be useful to investors. In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the company’s earnings release contains non-GAAP financial measures that exclude the income statement effects of share-based compensation, amortization of purchase product rights, non recurring restructuring and impairment charges. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

For additional information regarding these non-GAAP financial measures, see the Form 8-K dated October 23, 2007 that Entrust has filed with the Securities and Exchange Commission.

ENTRUST, INC.

SUPPLEMENTAL

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

(in thousands, except per share data)

Forward Looking Guidance

Earnings Per Share