Advanced Encryption Technology Inc. Receives Government Funding
Business Wire - October 29, 1998 12:57
LONG BEACH, Calif.--(BUSINESS WIRE)--Oct. 29, 1998--Steven Fox, President, Advanced Encryption Technology of America Inc. (OTC BB:AETI), announced today that Advanced Encryption Technology of Canada Inc. has received a grant from the Canadian Governments National Research Council's Industrial Research Assistance Program to continue development of the smartcard encryption technology.
"Ken Andruski, President of AETI Canada, has informed me today that they will receive $100,000 dollars, which will be paid over the next eight months beginning November 1998, for the further development of our smartcard encryption technology. This is a significant announcement," says Fox. "The support and satisfaction that we are receiving from our clients and now the Canadian Government is quite impressive."
AETI is in the process of building their own smartcard technology, which will give them a definite advantage in the computer data security market by lowering costs and providing more product range and flexibility.
It is the intent of AETI to have this product ready for worldwide distribution in mid 1999.
"We are very excited about the revenue opportunity that this will provide AETI, and also the show of support from the Canadian Government by reviewing our work in process and proceeding with this NRC-IRAP grant," said Mr. Andruski.
Advanced Encryption Technology Inc. is a developer, manufacturer, licenser/licensee and supplier of cryptographic software and hardware solutions to militaries, governments, Fortune 500 customers, and consumers. The company's "AccessDenied" Suite of products capitalizes on leading-edge smartcard and software technology, which presents customers with cost-effective, high-performance data security solutions. AETI continues to be a leader in the cryptographic field with its technology advancements.
Advanced Encryption Technology Holdings has sales offices in Mississauga, Ontario; Ottawa, Ontario; Long Beach, Calif.; and Arnhem, the Netherlands.
News and information are also available on the World Wide Web at aeti.com.
CONTACT: Advanced Encryption Technology of America Inc.
Steven Fox, 888/292-2384 (AETI)
or
Advanced Encryption Technology Holdings Inc.
Ken Andruski, 905/848-3666
or
Brokers and Analysts:
Columbia Financial Group Inc., 888/301-6271
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