SALT LAKE CITY, June 18 /PRNewswire-FirstCall/ -- Commercial
Concepts Inc. (OTC Bulletin Board: CMEC - News) will seek to
generate a new revenue stream by licensing its patent-pending
technologies to others, CEO George Richards announced, as
CCI filed its form 10K to maintain its fully-reporting status with the
SEC.
Richards said the company has entered negotiations with a
prospective licensee and expects to complete the discussions
favorably in the foreseeable future.
Meanwhile, CCI filed its form 10K on June 13, 15 days late,
according to Executive VP Scott Adamson. "The 10K was filed
late because we were unable to get the auditors started in a
timely fashion," he said. "This late start delayed the entire
process thus causing us to file for an extension. This did not
affect our fully-reporting status with the SEC however."
"We have sound technologies, with strong intellectual property
rights," said Richards, "but that is only one leg of a three legged
stool.
"As most of our shareholders are aware, we had a strong funding
commitment that would have financed the company through to
profitability," Richards said. "The investor reneged, however,
which left us without cash and scrambling.
"We have instituted several cost-cutting measures including downsizing our office space and
headcount reduction," he said. "Also, we have renegotiated with several of our debt holders and
thereby removed some of the downward pressure on our stock.
"That has allowed us to enter into negotiations with third parties for the wholesale licensing of
our technologies. We are expecting to complete these negotiations within the next few weeks.
We anticipate a long term agreement with a substantial down-payment and an ongoing royalty
to CCI," Richards said.
CCI's main technologies are PictureBase and WaveScreens.
PictureBase is a patent pending imaging software that captures and stores a variety of images
in databases that are accessible via Local Area Networks, Wide Area Networks and the Internet.
The first application of this software, PictureBase Medical, has been installed at various beta
test sites in the U.S. It captures and stores images from the operating room, permitting
physicians and administrators to access and annotate the images during or after the procedure
from any computer on the network or over the Internet.
WaveScreens is a customized interactive screen saver that allows host organizations to
disseminate information to their users while generating revenues through local, regional and
national onscreen advertising.
CCI envisions three distinct markets for WaveScreens; (1) non-profit organizations such as
schools, charities, and community groups, (2) corporations that have large intra-company
communication needs, and (3) commercial enterprises such as sports franchises, theme parks,
fan clubs.
"The key to CCI becoming viable will be the willingness of our employees and shareholders to
be patient," said Richards. "Until now the key elements of both groups have been wonderful and
as the management of CCI we ask for their continued indulgence."
This news release contains forward-looking statements which are subject to risks and
uncertainties detailed in the company's SEC filings, including the report on Form 10K for the
fiscal year. These risks and uncertainties could cause actual results to differ materially from
those expressed or implied in such forward-looking statements.
SOURCE: Commercial Concepts Inc. |
