Wednesday August 9, 8:08 am Eastern Time
Press Release
I-Transaction.net Inc's Wholly Owned Subsidiary DVDC Succeeds In Winnng $100,000 Contract To Develop Software For Essential Reality LLC
TORONTO--(BUSINESS WIRE)--Aug. 9, 2000--(OTCBB:ITNI - news)
ITNI and DVDC have recently succeeded in winning a development agreement with Essential Reality LLC (ER) a New York-based hardware manufacturer.
Under the contract, DVDC will provide the underlying technology for ER's new Glove Interface Device (GID).
``We are confident that this project and other projects like it could lead to much larger contracts as well as spinning off a long term annuity stream for the company,'' said Tom Weisner, COO, ITNI. ``This $100,000CDN contract is just the beginning of our initiative to provide mission critical tools for the entertainment and other industries.''
Essential Reality is developing a unique product code named The Gauntlet, which allows PC users to intuitively interface with their computer and Web pages via a special input device on the user's hand. With gesture recognition drivers and software, a user will be able to manipulate content on the Internet and interface with 3D applications like never before.
David Devor, Co-Founder of ER, says, ``DVDC's technologies and know-how have helped us accelerate our product development and achieve our goals. We are looking forward to a long relationship with the Company.'' Mr. Weisner comments, ``Essential Reality has a very unique and innovative product. We are very excited to work with their team and participate in The Gauntlet, which will change the way people interface with their computers.''
ITNI is a global leader in the development of advanced business software solutions. It currently supports products designed for the financial community, call centers, embedded products, and the Internet. The company exclusively owns both the eP@ss(TM) product line and eP@ss(TM) brand name. The eP@ss(TM) line of products are based on tight systems integration. The keystone of eP@ss(TM) begins with a simple user interface and convenient interaction between people and technology. ITNI's products and services originate in four basic areas: database management and mining, advanced communication technologies including delivery of Voice over IP (VOIP), rapid deployment of complex web sites and integrated instant messaging products.
For more information, please visit ePass Canada Inc. at www.epasscanada.com
This Press Release contains forward-looking information, including but not limited to statements involving ITNI's plans, expectations and objectives. Actual results may be materially different than those anticipated in these forward-looking statements. Factors that could cause actual results to materially differ include known and unknown risks, including uncertainty of new product development, the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated, early stage of development of the eP@ss products, the company's ability to predict accurately the demand for its products in these emerging markets and to develop strategies to address these markets successfully, the company's ability to manage its growth and changing business, the company's ability to successfully integrate the operations of eP@ss Canada, the retention of key technical and other personnel, risks associated with the financial leverage, currency and other risks related to international operations, rapid technological change and intense competition, as well as other risks set forth in ITNI's filings with the Securities and Exchange Commission. ITNI cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. ITNI expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in ITNI's expectations or any change in events, conditions or circumstance on which any such statement is based. All product names and trademarks mentioned herein are trademarks of ePass Canada Inc. or their respective owners.
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