INET inetmi.com
Trading symbol INNI (OTC-BB)
Business: Multimedia Research and Development
Trading range 52wk high .47 low .17
Recent Price .28 X .30
Chart chart4.bigcharts.com:80/report?r=cobrand&onbad=cobrandsymb&site=freerealtime&symb=INNI&sid=11668&sec=c&xyz=225866157&s=22319
Shares OS/ 30mil/13mil
Float
Corporate 643 W. Crosstown Parkway Kalamazoo, Offices Offices Michigan 49008
Contact Stephen J. Markee
I/NET Inc. smarkee@inetmi.com
(616) 344-3017 ext. 104 or
Jeff Lambert or John Vonder Haar
Seyferth & Associates, Inc.
(800) 435-9539 jtlsa@aol.com
SEC filings edgar-online.com
SOFTWARE DEVELOPER I/NET REPORTS
FIRST-EVER YEAR-END PROFIT
Record Fourth Quarter Caps Strong Year
KALAMAZOO, Michigan, February 3, 1998 -- I/NET Inc. (OTC: INNI) today announced record earnings for the year-ended December 31, 1997 representing a 134% increase over the pervious years revenue, spurred by the Company's growing software development and licensing initiatives.
The developer and marketer of Internet- and Intranet-based software applications for mid-range computers reported net earnings of $377,721 on net revenues of $1,692,170, compared with a net loss of $1,132,052 on net revenues of $724,032 in the same period last year. I/NET said
continuing sales growth for its Internet software products, coupled with the impact of its recent agreements with technology leaders International Business Machines (NYSE: IBM) and Netscape
Communications Corporation (NASDAQ: NSCP), contributed to the Company's increase in revenue and profit improvement. The 1997 year-end results include an extraordinary one-time gain of $97,946 from the extinguishment of a previously recorded debt.
All other press releases amy be found at inetmi.com
Customers
IBM
The Upjohn Company
International Research & Development Corporation
Kodak
Electronic Data Systems
The Chicago Tribune
United States Government
W. K. Kellogg Foundation
Greater Kalamazoo Association of Realtors
Company Background
I/NET is a publicly traded multimedia research and development company based in Kalamazoo, Michigan. It can be found on OTC Bulletin Board (OTC, INNI).
For fifteen years since its inception in 1982, I/NET, Inc. has served as a $2 million research and development contract consulting firm, serving some of the world's largest companies and organizations, including IBM, Eastman Kodak, The Upjohn Company, The W. K. Kellogg
Foundation, Electronic Data Systems, and the U.S. Government. I/NET's specialty: digital imaging and digital voice recognition systems.
In 1993, I/NET became a public company, at the same time repositioning itself to develop and market its own products in addition to its ongoing R & D business. This expanded company direction was a response to timely opportunities in the rapidly-evolving multimedia marketplace and the forging of strategic partnerships with IBM (which purchased a 16 percent share in the company) and Electronic Data Systems (EDS) for multimedia product development, packaging, and marketing.
Over the past fifteen years, I/NET has utilized its skills as a research and development firm to provide low cost, large scale digital imaging and voice recognition systems for companies on a contract basis. IBM's Image Plus/400 and Ultimedia/400 development, the U.S. Secret Service's high speed image systems and DuPont's FD2000 laser digitizer medical image integration are just a few of the systems that exemplify I/NET's high technology achievements. The widespread
acceptance of these technologies is evidenced by the size of the installed customer base, numbering in the hundreds of thousands, using I/NET's developments. In addition, the emergence of products
that bring together communications, television, VCR, and telephone technologies into the new field of commercial multimedia is further confirmation that I/NET is strategically well positioned to capitalize on the evolving marketplace.
Historically, I/NET has focused on developing products for its customers that incorporated leading edge technologies, and it intends to continue its work in these areas; however, I/NET is now also
developing its own multimedia application products that incorporate digital imaging and voice recognition.
I/NET management decided to focus its efforts and technology on providing products for the Internet and educational marketplace. As a result, the company initiated the development of products known as Career/NET, Web Server/400, and Webulator/400.
Management
James C. Knapp, Founder and Chairman
Mr. Knapp, 47, began working with computers at age of 15,
in a special program sponsored by IBM, and later served in
the United States Air Force as a teacher for missile computer
guidance systems. He founded I/NET in 1982, originally as a
research and development firm catering to large corporations
including IBM, Eastman Kodak, Upjohn, Kellogg, EDS and
the US Government. Mr. Knapp's efforts in digital imaging and
voice recognition have earned him induction into "Who's Who
in the Computer Industry". He is also listed in the ACR
Directory of Top Computer Executives. A featured speaker at
the Massachusetts Institute of Technology and the Harvard
Business School, Mr.Knapp holds a BBA Degree from the
University of Maryland.
Stephen J. Markee, President and CEO
Mr. Markee, 50, is a licensed certified public accountant. Since
joining I/NET in 1986, he has helped guide the company to a
successful equity partnership with IBM and its public offering. Mr.
Markee served in the United States Army during the Vietnam
conflict and was decorated and medically retired in 1968. After
completing his education, he served as Assistant Auditor General
for the State of Michigan before joining Western Michigan
University as Director of Internal Auditing. His private sector
business experience includes serving as Vice President of Planning
and Control for Standex International, where he was responsible
for information systems, accounting and human resources. A
frequent speaker to civic and business groups, Mr. Markee has
served on various boards of directors and has appeared on the
financial News Network. He holds a B.S. Degree from Ferris
State University and an MBA from Western Michigan University.
Paul A. Bertoldi
Vice President, Systems Development
Mr. Bertoldi, 32, was one of I/NET's first employees. He has
helped design the architecture of state-of-the-art imaging and
voice recognition systems in the fields of real estate, medical
imaging and document imaging. Mr. Bertoldi is currently
involved in the development of applications in multimedia and
pen computing. He is a past president of the Southwestern
Michigan chapter of Data Processing Management
Association. He holds a BBA Degree and an MBA magna
cum laude both from Western Michigan University.
Keith M. Knapp
Sales Manager, Web Sites Administrator kknapp@inetmi.com (616) 344-3017 ext. 159 Keith joined I/NET August 1, 1994 to help facilitate I/NET's marketing and sales of Internet services. (I/NET previously provided research and development for other companies in the creation
of systems and products.)
Info off INNI's last 10QSB -which I find of particular interest
www4.edgar-online.com
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.
Happy Trading,
Israel
P.S. Im am sure there is quite a bit of information which I left out. Please feel free to add to this. I encourage you to do some reseach on this company.. You will find it interesting I am sure. |
