Press Release...don't worry, it won't ruin your New Years.
ZixIt Corporation (ticker: ZIXI, exchange: Nasdaq) News Release - Friday, December 31, 1999
ZixIt Corporation Initiates Lawsuit Against Visa
DALLAS, Dec. 31 /PRNewswire/ -- ZixIt Corporation (Nasdaq: ZIXI) ("ZixIt") announced today that it has filed a lawsuit against Visa U.S.A., Inc. and Visa International Service Association (collectively "Visa") in state district court in Dallas. The suit alleges that Visa undertook a series of actions that interfered with ZixIt's business relationships and disparaged ZixIt, its products, its management, and its shareholders.
The suit alleges that Visa intentionally set out to destroy ZixIt's ability to market its ZixCharge Internet transaction authorization system, which competes against the MasterCard and Visa-owned Secure Electronic Transaction ("SET") system. ZixIt's suit alleges that within two days of learning about ZixIt's competitive technology, Visa initiated an attack against ZixIt.
The Visa actions were led by Visa's Vice President of Technology Research, Paul Guthrie. They included the posting of more than 400 messages, under at least seven aliases, on the Yahoo! ZixIt message board. These messages not only attacked ZixIt and ZixCharge -- but also promoted and recommended competitive companies in which Visa has substantial investment positions. Many of the postings were inaccurate, misleading, or absolutely false. The suit also alleges that, in addition to the messages, Visa was also working directly to discourage financial institutions from partnering with ZixIt.
David P. Cook, chief executive officer of ZixIt Corporation commented, "Visa's conduct in this matter has made a mockery of ethical and decent business practices. Their outrageous behavior has seriously damaged ZixIt and its shareholders."
The lawsuit, including exhibits, is available on the ZixIt home page at www.zixit.com. |
