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Gold/Mining/Energy : HSS Hars Systems - Internet Travel -- Ignore unavailable to you. Want to Upgrade?

To: MCrow who wrote (68)	7/10/1999 1:33:00 AM
From: David Michaud	Read Replies (1) \| Respond to of 127

Hars Systems' subsidiary acquires intellectual property assets from Intermezzo Hars Systems Inc HSS Shares issued 15,796,296 Jul 8 close $0.63 Fri 9 Jul 99 News Release Mr. Kelly Blake reports Hars Systems Inc., through its wholly owned subsidiary, VIP International Corp., has disclosed the purchase of the intellectual property assets of Intermezzo Systems Inc. of Denver, Colo., through the signing of a binding letter of intent. Intermezzo is a software development company that created a central reservation system (CRS) (ResBook) for the hospitality industry. Additionally, Intermezzo developed and operated an E-mail reservation delivery system (ResPop) for VIP and was completing a hotel property management system (PMS) connection for the two-way interface between most industry PMS and the VIP CRS. Further, Intermezzo was developing a virtual Web-based PMS to rival other traditional systems that depend on the acquisition of hardware and the installation of resident software at the hotel central reservation office level. The Intermezzo Web PMS will provide computer utility-type services to the hospitality industry. Hotel property customers will subscribe to an on-line PMS and negate the need to expend finances for equipment and software through Internet access to PMS applications in a secure chain-specific environment. Canadian Pacific Hotels purchased a non-exclusive licence to use the ResBook CRS and operate this CRS today, while Pegasus Systems Inc. of Dallas, contracted with Intermezzo for the development of somewhat unrelated software. Intermezzo expended an estimated $3.5-million (Canadian) on the development of these intellectual property assets and VIP has acquired the exclusive rights to use, develop, market and/or resell these intellectual property assets at its sole discretion. Those customers of Intermezzo that presently have a non-exclusive right to the intellectual property will maintain their contractual rights to the software. VIP's president, Kelly Blake stated: "VIP has made a move to better secure its position through ownership of key technological assets. Not only have we acquired a system that will provide an integrated link to our customers but, we now own an exceedingly valuable state-of-the-art central reservation system and Web PMS product, which offer potential cost savings and more importantly, significant revenue opportunity." The Intermezzo intellectual property includes a nearly completed connection to Pegasus' TravelWeb (www.travelweb.com) Internet site, which will expedite VIP's listing on this premier travel channel. Additionally, through Pegasus' relationship with Preview Travel (www.previewtravel.com) VIP will gain access to this significant source of business. Central reservation systems on the market today command between $200,000 to $2-million in one-time license fees and 50 to 100s of thousands in annual maintenance fees. Property management systems sell for one-time license fees of between $20,000 and $100,000 and command thousands in annual support fees. Bringing the reservation delivery system in-house will eliminate significant annual transaction expenses called for in the former Intermezzo service agreement. The revenue opportunities associated with ResBook and the Web PMS product could exceed several million dollars annually. VIP has received numerous inquiries from interested parties with respect to ResBook and the Web PMS applications. The company will be carefully evaluating its strategic opportunities over the next few months with respect to these products.