NEWS ON JAWZ
Tuesday July 28, 2:06 pm Eastern Time
Company Press Release
SOURCE: JAWS Technologies Inc.
JAWS Technologies validates its claim of having the world's strongest encryption - $5,000,000 US Break the Code Challenge ends with money in the bank
CALGARY, July 28 /CNW-PRN/ - JAWS Technologies Inc. (Nasdaq: JAWZ - news) bet the bank and issued a worldwide challenge to all would-be hackers to crack the company's very strong 4096 bit encryption key. At the official close of the contest at noon (MST) on Tuesday, July 28, 1998, a reported 569 entrants attempted to break the code and decrypt the message. At the completion of the 62 day contest, none of the challengers had successfully broken the code to relinquish this impressive reward.
The challenge was initiated by the organization to support its claim of having a statistically unbreakable encryption key. This scientifically acclaimed encryption product is the world's strongest commercially available software of its kind, powerfully driven by a 4096 bit key. The nearly 600 contest entrants, originating from over 10 countries, downloaded the encrypted file protected by the JAWS L5 Data Encryption code. Entrants employed any tools or methodologies they could in an attempt to decrypt the message. Despite these no-holds barred hacking rules, the plain text message remained scrambled. The file was created and encrypted by a representative of Ernst & Young. The message, in a sealed envelope stored in an independent safety deposit box, will be revealed 48 hours following the close of the contest. Visit the JAWS web site at this time to review the detailed results of the challenge.
The contest began on May 28, 1998 and was scheduled to end on June 28, 1998. The deadline was later extended, says President and CEO Robert Kubbernus, to Tuesday's date to ''illustrate our confidence in the strength of the JAWS L5 Data Encryption software and allows us to further validate this claim (of having an unbreakable encryption code). We wanted to have the best in the world attempt to break our code in order to validate that our product with 4096 bit encryption is the strongest there is.''
JAWS Technologies Inc. is the owner and developer of what is considered to be the world's strongest encryption software, JAWS L5 Data Encryption. With its numerous programming enhancements and abilities, JAWS L5 is fully developed security software that is ideal for both personal and corporate security use. With the explosion of Internet commerce and the skyrocketing use of computer data systems, computer security has risen to become a primary concern for leading edge IT professionals. JAWS Technologies Inc. is moving forward with its flagship ''L5'' products as well as further research and development in the information security field. The company anticipates several world-class product launches within the next 24 to 48 months.
Security has become the single most important issue in the current IT paradigm shift. As the rapid change from private system computing to public system computing continues, the opportunities for intruders and the need for improved security escalates. Amateur and highly paid professional hackers are outpacing the abilities of the security solution providers. Billions of dollars of information could wind up in the wrong hands. Such security issues will become even more pronounced in the future.
Certain statements in the press release are ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements made by the company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from the future results, performance of achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks associated with international operations, dependence on licenses, governmental regulations, technological changes, intense competition and dependence on management. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to forward-looking statements, contained herein to reflect any change in the company's expectation with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements.
SOURCE: JAWS Technologies Inc.
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