Company Press Release
SOURCE: BitWise Designs
Advanced Proprietary Technology to Log the Content and Time-Stamp Transactions When Web Sites Go Down
BitWise Design's AuthentiDate.com Product Protects Online Stock Trades, Auction Bids and other Time-Sensitive Documentation from Hacker Attacks
SCHENECTADY, N.Y., Feb. 15 /PRNewswire/ -- BitWise Designs (Nasdaq: BTWS - news) today announced that its AuthentiDate.com product can now be used to log customer's time-critical transaction requests even when web site outages make it impossible to immediately execute the transactions. AuthentiDate technology is marketed exclusively through the Company's wholly owned subsidiary, AuthentiDate.com.
``The recent hacker attacks on major transaction-based Web sites like E*TRADE, eBay and Yahoo clearly demonstrates the need for customers to be able to independently log time-sensitive transaction requests. These transactions include stock trades and auction bids, especially when the sites are not able to process the transactions in a timely fashion', said John T. Botti, President and CEO of BitWise Designs and Chairman of AuthentiDate.com. ``AuthentiDate's patent-pending technology provides irrefutable proof that the transaction was requested or submitted at a particular time even when the web site is down or unable to process the transaction,' added Botti.
AuthentiDate.com, in effect, can serve as a universal transaction log for any and all sites on the Internet that process time-sensitive transactions or documents.
BitWise is also licensing its AuthentiDate technology to e-commerce companies that want to provide automatic time-stamped transaction logging for their customers in the event they are unable to process the transaction in a timely manner. This would allow auction bids or stock trades, for example, to be recorded even when they cannot be immediately executed.
Even if AuthentiDate technology is not built into a particular site, or if the web site is down or unavailable for any reason, the user can time-stamp a transaction by simply e-mailing a copy of the transaction request to the AuthentiDate time-stamp server. A receipt will be returned with a digital signature that proves both the time and content of the requested transaction. This ability to log transactions even when a web site is down protects against the powerful denial of service attacks that have recently crippled major web sites. Although there is currently no foolproof method for preventing these attacks, AuthentiDate may be the best way to limit the damage caused by an attack.
``Time Stops for No One Except AuthentiDate!'
AuthentiDate.com, a subsidiary of BitWise Designs, Inc (Nasdaq: BTWS - news), offers innovative technology that affords businesses and individuals the opportunity to verify and authenticate the date, time, content and authorship of E-mails, digital files and faxes. Other types of digital files include financial transactions and trades, voice, video, music and movie files, photographic and artistic images and drawings as well as wills, legal, medical and dental records. AuthentiDate.com is used confidentially, affordably and easily from home or office via fax or E-mail. BitWise Designs, Inc., a $17 million dollar company based in Schenectady, N.Y., manufactures and distributes the DocStar(TM) electronic image management line of products. This press release contains forward-looking statements that involve risks and uncertainties. BitWise's actual results could differ materially from the results discussed herein as a result of factors which include, but are not limited to, that there is no assurance that: (I) the Company will be successful in implementing its AuthentiDate.com business plan (ii) the Company will not be adversely affected by continued intense competition in the computer industry or (iii) other risks set forth from time to time in the BitWise filings with the Securities and Exchange Commission. |
