PR Newswire
October 7, 1998, Wednesday
SECTION: Financial News
DISTRIBUTION: TO BUSINESS AND TECHNOLOGY EDITORS
LENGTH: 651 words
HEADLINE: ZZAP. NET Acquires 18% of Technology Company;
Breakthrough Product Is First To Deliver Video Streaming That Rivals TV
DATELINE: DAYTONA BEACH, Fla., Oct. 7
BODY:
ZZAP. NET (OTC Bulletin Board: ZZNT) has acquired 18% and continues to
negotiate for the balance of shares for privately held, world-renowned
technology company, Summus Technologies, Inc. Recognized as a foremost expert
in the wavelet theory, Summus founder Dr. Bjorn Jawerth is well-known in
government and military circles for developing highly regarded top-secret
military projects.
"Jawerth and his team are recognized for their unparalleled
compression expertise for text, graphics, and video," remarked ZZAP. NET
President Michael Cimino. "The Summus technology can do some amazing things and
fits right into our Company's plans to provide marketing and sales leadership to
cutting-edge businesses, while amassing database resources with lasting returns.
By offering products using video e-mail, videoconferencing and streaming
video, we can leverage the strength of the Internet marketplace with our
experience in other mediums.
"Because of Summus' unique wavelet imaging CODEC, we can send or
download text, video and graphics faster than anyone. With this technology we
can videoconference, v-mail, broadcast, and simulcast with video quality that
for the first time rivals TV."
ZZAP. NET has the exclusive worldwide license to these technologies for
all direct response mediums, and a non-exclusive license to all other areas
of distribution. The Company intends to aggressively license this
technology worldwide to ISPs, media outlets, telecom companies and any website
that provides visual content. "Obviously, the implications of this throughout
the communication realm are enormous," commented Cimino.
"This is not only a communications medium that will change the world,
it's the multi-billion dollar industry everyone has waited for. Before January
1, 1999, the Company will offer video options for e-commerce clients.
Soon thereafter we'll secure re-occurring monthly licensing charges for
videophone usage, including cell phones. Best of all, streaming video will no
longer look like a slide show, rather more like TV," explained Cimino.
At www.Summus.com, anyone can get a free download of 4U2C, a
Summus compression program designed to send graphics and text at unprecedented
speeds with incredible quality. Visitors can also try the beta demo of the
Summus Video Mail, and for a limited time send V-mails for free. Best of all,
anyone with an e-mail account can view the self-contained Summus V-mail without
need of additional software or plug-ins.
The current V-mail product works using regular analog phone lines, requires
only a minimum 28.8 kbps connection, 233 Mhz processor and delivers full audio
and video sync unprecedented with today's video imaging standards. The Company
is making further enhancements to its V-mail product to give full sync audio and
video to those using machines that utilize slower microprocessors and alternate
operating systems. In a matter of weeks, the Company will reveal its streaming
video and videoconferencing products using Summus' unique compression technology
allowing broadcasting and simulcasting on Internet sites.
"We are in the process of assessing the full scope of the immense
positive revenue impact due to the acquisition of the Summus shares and will
release revised revenue and profitability projections in the very near future,"
added Cimino.
The initial acquisition of 18% of the Company was completed in the form
of convertible preferred and stock. The Company's assets now exceed
the financial qualifications for admission to Nasdaq or Amex.
For further information, contact Janet Hall at 904-258-8111, extension 254,
to arrange an interview with Mr. Cimino.
The preceding announcement may contain statements and projections which are
forward-looking in nature. Actual results could materially differ from the
projections.
SOURCE ZZAP. NET
CONTACT: Mike Pruitt, ZZAP. NET, 904-258-8111, ext. 335
|
