Tuesday March 7, 11:00 am Eastern Time
Company Press Release
SOURCE: Planet City Corp.
Planet City Software Selected as Development Partner
SEDONA, Ariz., March 7 /PRNewswire/ -- Planet City Corp. (OTC Bulletin Board: PINC - news, PINCE - news) announced today that its wholly owned subsidiary, Planet City Software, Inc., has been selected by a privately funded software services firm to develop a comprehensive web based system.
The system will be designed to fulfill specific requirements for the private firm's target marketplace, which remains confidential for competitive reasons. The system will be developed in three distinct phases; 1) basic functionality to enter the marketplace, 2) expanded support for additional competitive needs, 3) wireless handheld access.
The funding firm will own the source code and associated intellectual property rights of the system after it is completed. Planet City will retain the rights to modify and extend the system for its own use in future web based projects, on a royalty fee basis. In addition, Planet City will be authorized to package the base system as a web site development tool for sale to other providers of software services.
Terry Dennis, Planet City's President and CEO, stated, ``This partnership helps expedite Planet City's entry into the Application Service Provider (ASP) marketplace, where the cost of application development can be spread out over multiple customers. The result is that our ASP customers will receive a high quality application at a reasonable cost. Combining our Web Services Division's site design and customization capabilities with the system's common set of application components gives us the necessary rapid speed of deployment without the 'cookie cutter`` look and feel of the web sites that many of our competitors produce. The system's generalized architectural design will enable us to quickly provide many variations of similar applications to our client base.'
OTHER NEWS:
Planet City announces that it has completely unwound the acquisition of Montreal, Quebec based Millennium Software Solutions (MSS). On May 13, 1998, Planet City issued 3,000,000 restricted shares of PINC in conjunction with the acquisition of MSS and its technology. In an April 1999 transaction, 2,000,000 shares from the original allocation were canceled. This transaction cancels the remaining 1,000,000 shares effective 9/30/99. MSS has now been returned to private ownership, thus eliminating the need for certain MSS historical data that has been delaying Planet City's audited financials. The auditors may now complete their process. A few days after receiving the completed audit, the company will file an SEC Form 10-SB Registration Statement with intent to become a Fully Reporting company.
For further information call:
1-877-840-PINC (7462)
Certain of the statements contained herein which are not historical facts are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. Any such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
SOURCE: Planet City Corp.
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