To: Jim Bishop who wrote (28174 ) 2/16/2000 11:20:00 AM From: CIMA Read Replies (1) | Respond to of 150070
ITNI - Wednesday February 16, 10:48 am Eastern Time Company Press Release I-transaction.net Inc.'s Wholly Owned Subsidiary Dynamic Visions Ltd. Announces Contract With the Canadian Department of National Defense TORONTO--(BUSINESS WIRE)--Feb. 16, 2000-- I-transaction.net In(OTC Bulletin Board:ITNI - news) I-transaction.net Inc. (OTC BB:ITNI) is pleased to announce that its wholly owned subsidiary Dynamic Visions Ltd. (DVL) has won, through a competitive process, a contract from the Canadian Department of National Defense (DND). The contract calls for the development of a platform for low cost, PC-based computer graphics (CG) simulators. The new capability is intended for use in future anti-armour training systems, specifically the ERYX/TOW missile platforms. Currently DND uses laser disc technology to simulate training situations. Due to the high cost involved in filming new scenarios, there is a need to use interactive simulation technologies in order to create additional scenarios. These tools will allow for quick deployment of new scenarios with control of conditions such as: variety of terrain, vegetation, weather effects, time of day, multiple lighting conditions and a variety of targets. By using DVL's proprietary technology, DND will be able to create very low cost, high performance systems that allow trainers to quickly switch between different scenarios. Dr. Julius Grodski, the scientific authority on the DND contract says, ''We are glad to work with DVL to develop the technologies that can be used for effective training of Canadian Forces soldiers at reduced costs. DVL's expertise at developing world class entertainment applications allows them to create very engaging training scenarios.'' Avanindra Utukuri, President of Dynamic Visions Ltd. says, ''Winning this contract drastically validates our technology, and gives us the opportunity to create a leading edge application for the DND. We are extremely excited at the future possibilities that are open to the Company with the technology that is being developed for this contract and are actively looking at redeploying the technology in numerous applications.'' Over the next few months, ITNI will begin to integrate the core technology of DVL, developed over the last five years, into its business-to-business and business-to-consumer application. These applications will include the ability to attach audio, visual and graphics to databases for the purpose of enhancing the business-to-business experience, and simulated training. ITNI develops and deploys business-to-business and consumer-to-business e-commerce solutions as well as offering electronic funds transfer, advertising, marketing and database support. The website is located at www.i-transaction.net -------------------------------------------------------------------------------- Contact: Chase Equity Group 416/864-0808, 877/847-7719