News!
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BW0143 DEC 01,1999 6:00 PACIFIC 09:00 EASTERN
( BW)(CA-QUANTUM-TECHNOLOGY)(QTTK) Quantum Technology Corporation
Announces First Commercial Licensee
Business Editors
MALIBU, Calif.--(BUSINESS WIRE)--Dec. 1, 1999--Quantum Technology Corporation (OTCBB:QTTK),
announced today that an agreement in principal has been reached and that it will shortly issue its first commercial
license, for the utilization of the company's New York Stock Exchange Day-Trading and Overnight-Trading
Technology.
The licensee is a member firm of the Pacific Stock Exchange, and a broker-dealer registered with the Securities
Exchange Commission. Quantum expects trading operations to begin by year-end.
Quantum President, Donald Beck, said, "Preparation of formal documents is nearing completion, and a licensee
has advised Quantum that it has executed a contract with First Options of Chicago, a major U.S. clearing firm, to
provide clearance and state-of-the-art electronic execution services for its trading activities."
The parties to the license have agreed that many details are confidential, but Beck said he could disclose that
"Quantum's license fee will be an amount equal to one half of the annual pre-tax profit derived by the licensee from
the use of Quantum's unique trading technology."
Quantum licensees are provided with all proprietary hardware and software systems required for the operation of
Quantum's trading technology, together with a full range of technical support. To provide facilities and personnel
for those purposes, Quantum has recently completed an expansion of its Malibu Technology Center, which is also
expected to function as a backup trading location for licensees in case of emergency.
"It has taken a few months longer than we expected to prepare for support of full-scale commercial application,
however, the added time has been well spent in sharpening our vision and broadening the scope of our unique
trading technology," said Beck.
Quantum Technology Corporation is a California-based Nevada corporation engaged in the development,
testing and licensing of proprietary, computer-managed financial market trading technologies.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve estimates, assumptions and uncertainties, and
accordingly, actual results could differ materially from those expressed in the forward-looking statements.
--30--kr/la* mk/la
CONTACT: Quantum Technology Corporation, Los Angeles
Rabsy Cruz, 310/470-9200
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: HARDWARE SOFTWARE NETWORKING
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