Stock Watcher, very good NEWS for INNI ($1 3/16)...
NET, Inc. February 23, 1999 Update
From: Stephen J. Markee, President and CEO
Our Netscape Enterprise Server will be delivered to the customers using a multi-tiered distribution program created and controlled by IBM. Software manufactures sell to tier one solution providers (SP), who sell to tier two SP who sell to customers. There are only a half dozen tier one SP, but each one of them has 600 to 800 tier two SP buying from them.
I/NET executives are in New Orleans this week attending IBM's Business Partner Executive Conference (BPEC). This is the largest gathering of IBM Business Partners (over 4,000) held annually, and they are presenting Netscape on the AS/400 in the Solution Showcase (exhibit hall). Following this meeting, we will work with Appsmall to follow up with all SP using various media (e-mail, blast fax, print advertising).
Revenue recognized in the first quarter will be minimal because of the multi-tiered delivery system, but we should be setting the stage for the second quarter and beyond.
The AS/400 website (www.as400.ibm.com) was successfully modified this week with the completion of "Operation Bullseye". I/NET performed much of the program modification to this site under our existing service contract. We are now in the process of presenting a new proposal to IBM for expanding our services offering over the next 12 to 24 months. If successful, we could expect a significant increase in these monthly fees.
I/NET developers are putting the finishing touches on a new feature for Webulator, our 5250 emulation program that allows legacy application to interact with the Internet. This feature will provide enhanced printing capabilities and be sold as an additional feature. Although final pricing for this product has not been finalized, comparable programs in the marketplace sell for up to $4,995.
I/NET's Founder and current Chairman is finishing the installation of the company's most "confidential" project in its history. James C. Knapp has spent the last two years working on a financial web site in the Cayman Islands details of which will be publicly announced within the next few weeks. I/NET will have both revenue participation and minority equity interest in this offshore venture. Financial results from this project should begin impacting our fourth quarter statements.
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