ANTS CEO COMMENTS ON RECENT SHARE- PRICE PERFORMANCE, TRADING VOLUME AND APPROACHING TESTS OF SOFTWARE
SANTA BARBARA, Calif., Oct 21, 1999 (BUSINESS WIRE) -- Frederick D. Pettit, recently appointed chief executive officer of ANTs SOFTWARE.COM (OTCBB:ANTS), stated Thursday that he had no explanation for recent abrupt movements in the company's share price and large increases in daily trading volume.
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Pettit said: "Announcements of my appointment and the appointments of John Crary and Dean Witter III have also included references to the company's impending commercialization plans. It may be that these signs of departure from a research-and-development focus to doing real business triggered the initial burst in interest in what was going on at ANTs.
"However, we have no further clues as to what has generated the extraordinary price movements and record trading volumes of the past few weeks."
Pettit did go on to mention the recent article in the New York Times (Oct. 9, 1999) regarding the possible limits to further huge increases in computer-hardware efficiency. He said, "The Times article means that significant increases in computer efficiency, contrary to the past 30 years, are unlikely to come from hardware improvements after the next generation of chips is launched in 2000."
Pettit also pointed out: "There are only three places from which major improvements in outsourcing efficiency of computer applications can come -- hardware, bandwidth and software. If hardware is reaching the end of the trail, as suggested by the Times and other public sources over the past year, our technologies may be able to pick up the pace.
"It is not widely understood that improvements in software efficiency probably offer the greatest current opportunity for huge improvements in computer performance.
"Due to software design methods that go back to the start of computers, software forces hardware to spend over 90% of its time doing nothing; and when it gives the hardware something to do, it issues huge amounts of unnecessary tasks. ANTs has been designed to eliminate this wasteful waiting time and unnecessary work."
Pettit said: "Huge improvements in hardware and bandwidth technologies have made this software sloth invisible to most observers. But the software quagmire is there, waiting for new solutions, because the old ones don't work, and probably never can or will.
"We think we can add not just 25% or 50%, but several order-of- magnitude improvements in software efficiency, as we go commercial, in the time it takes to process any application involving accounting done on an outsourced basis over the Internet.
"Accounting is most of what computers do, and we think we have a chance to eventually dominate this territory, not just because of efficiency improvements but because of a whole lot of other qualitative advantages, and unprecedented solutions to the problems of distributability and scalability that are critical to optimizing performance over the Internet."
As a final comment, Pettit said: "We are at the moment working with a major systems-integrator/applications service provider to interface our software to their premier general ledger accounting application. We expect to benchmark test the ability of the interfaced portions of this application to process data with and without our interface sometime before year end.
"We are hopeful that the results of these tests will provide further support for our belief that we have products that could be highly significant to the future development of the information- technology industry."
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intend to," and similar conditional expressions are intended to identify forward- looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
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CONTACT: ANTs SOFTWARE.COM, Santa Barbara
Donald R. Hutton, 805/687-4731
Fax: 805/687-9412 |
