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Technology Stocks : Open Market (OMKT) -- Ignore unavailable to you. Want to Upgrade?

To: Frank Ferrari who wrote (1611)	6/9/1999 8:03:00 PM
From: steve poon	Read Replies (2) \| Respond to of 2004

Open Market Announces $18 Million Distribution Agreement For Folio and Commerce Products Wednesday June 9, 4:55 pm Eastern Time Company Press Release SOURCE: Open Market, Inc. Open Market Announces $18 Million Distribution Agreement For Folio and Commerce Products Focuses on fast-growing Internet commerce business BURLINGTON, Mass., June 9 /PRNewswire/ -- Open Market (Nasdaq: OMKT - news), a leading provider of Internet commerce software, announced today the formation of a strategic relationship with ABSB, L.C., a Provo, UT-based company backed by private investors and headed by Brad Pelo, one of Folio's original founders. The agreement enables Open Market to concentrate resources on its fast-growing Internet commerce business, serve publishers more effectively through an exclusive Folio product reseller, and also establishes ABSB as a significant reseller of Open Market commerce products into the publishing market. Concurrent with the effective date of this relationship, ABSB will launch the new Folio product distribution business under a new company name. The agreement: -- Under the terms of the agreement, Open Market is to receive a minimum of $14 million in guaranteed royalties for the Folio line of electronic publishing products over three years. -- ABSB is granted the following: -- Exclusive worldwide marketing and distribution rights for three years to Open Market's Folio products. -- Rights to sell, support, maintain and further develop the Folio products. -- Non-exclusive worldwide rights to market and distribute Open Market's Internet commerce software products to the commercial publishing industry. ABSB will pay Open Market a minimum of $4 million over the next two years in license fees for the commerce software. -- An option, at the end of the three-year period, to obtain all rights, title and interests to the Folio Products for fair-market value consideration.