On October 4, 1997, Advanced Encryption Technology Inc. (AETI) came public after a reverse merger. By November 7th. they announced that they had been invited as one of the top 80 growth companies in the world to gather November 19th. at Discovery Fair '97 to meet 1000 Wall Street movers and shakers at the New York Hilton and Towers.
On December 4th. they announced they had signed a 4.5 million dollar contract with X-Border Communications Inc. The agreement is for three years and enables X Border to act as a reseller and market AETI's product in the province of Manitoba and to Canadian Telecom Companies nationwide. The agreement calls for a MINIMUM of 4.5 million dollars over three years with shipments beginning early first quarter 1998. The contract could exceed 10.5 million dollars over its term according to the company.
AETI has developed a suite of data encryption products based on the Access Denied Smartcard system. As I understand it, their technology differs in that it includes a password embedded in a chip in the smart card AND proprietary software.Without the card, the password cannot be broken.
There are approximately 9.8 million shares outstanding with a float of only 1.5 million.
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