Here's something that I pulled off of the latest 10Q, which states this company is way undervalued. IBM an minority holder in the company and making payments to Netscape in behalf of INNI. A major take over candidate. JMO
Whoaaaaaaa NELLY!!! I think we got our selves a barn burner hear folks!!!!
September 30, 1997, the Company entered into a software license agreement
with Netscape Communications Corporation (Netscape) wherein Netscape granted to
the Company the right to port certain of its Internet Server products to the IBM
AS/400 platform. This agreement is for a period of three years and allows the
Company to market and distribute the ported products upon their modification to
the AS/400 platform.
In exchange for this license agreement, I/NET has agreed to pay minimum
royalties to Netscape in the amount of $3,000,000 according to the following
repayment schedule:
Paid by IBM on behalf of
I/NET in October, 1997 $ 250,000
September 30, 1998 $ 750,000
September 30, 1999 $1,000,000
September 30, 2000 $1,000,000
International Business Machines Corporation has guaranteed to Netscape the above
listed royalties in the event that product sales are insufficient to repay
amounts due under this agreement.
In addition, IBM will provide advances against royalties in the amount of
$600,000 as certain tasks are completed during the porting of the Netscape
products to the IBM platform. These advances are treated as if under a research
and development agreement whereby I/NET is not obligated to repay any of these
funds advanced by IBM except from royalties of future sales, if any. |
