Article #5
San Jose, Calif. February 3, 1998-- WordCruncher Internet Technologies has announced that it did not accept a bid at yesterday's history-making high-tech auction, held at the San Jose Fairmont.
"We received one bid in the range of several million dollars to acquire the company, which we declined, since our goal was never to sell," said Dan Lunt, Wordcruncher president.
"We are in continuing discussions with three firms on licensing. We originally set out to sell an exclusive license to our patented search technology for use on Internet search engines. What's making the negotiations complex is that the interested parties are actually bidding for different, and sometimes overlapping, applications of our search technology. We need to see these conversations through to their complete and natural conclusion, so we've decided to let these negotiations run their course.
"We continue to believe that our search technology has the potential to set the industry standard for next-generation Internet search engines," Lunt continued. "We will continue to pursue a joint venture partner in the Internet search engine business, based upon our strong beliefs that this technology can fundamentally change the way this sector of the business works."
About WordCruncher
WordCruncher Internet Technologies, Inc. software products support electronic publishing and services, and provide efficient, accurate, and lightning-quick information retrieval and analysis. The company's strengths include innovative technology, a seasoned management team, and a history of successful applied uses.
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CHEN PR
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