Spectrum Information Technologies Hires Director of Internet Operations
PURCHASE, N.Y., June 29 /PRNewswire/ -- Spectrum Information Technologies, Inc. (OTC Bulletin Board: SITI) announced that James G. Moore has joined Spectrum as Director of Internet Operations.
Before joining Spectrum, Mr. Moore was Director of Network Operations and Internet Services with Prodigy Services Company. At Prodigy, he was responsible for the planning, design and operation of Prodigy's nationwide access and backbone network from its inception through its period of rapid growth. Mr. Moore also built and managed Prodigy's Internet proxy, content hosting, e-mail, and newsgroup services. Prior to Prodigy, he held several IT management and strategic planning positions with General Foods Corporation
At Spectrum, Mr. Moore will manage the day to day operations of Spectrum's FastLane(TM), the world's first Web acceleration service. Mr. Moore will also play a key role designing and managing the infrastructure to support the deployment of the FastLane Service,
"Jim Moore brings unique experience and adds technical depth to Spectrum's management team," said Donald J. Amoruso, Spectrum's President and CEO. "Jim has proven that he can build and manage a top notch nationwide Internet services network. We are fortunate to have attracted one of the few people that have successfully managed the rapid growth of a large Internet service. We expect Jim to be a major contributor to planning and implementation of our FastLane Service, which will provide our customers unparalleled reliability and performance."
In May, Spectrum launched free trials of FastLane, a highly affordable service available directly to dial-up users accessing the Web through local, regional, national, and international Internet Service Providers (ISPs). FastLane does not require any complex set-up and is available today. FastLane is also available to ISPs looking to provide faster image downloading speeds to all or part of their subscribers. Free trials of the service are available for a limited time, with full-scale operation planned for this summer. Internet users may sign up to use FastLane free by simply going to www.fastlanehome.com and registering with Spectrum.
FastLane is a versatile solution. Nearly all Web pages contain graphic images that can greatly frustrate users when these images slow the process of downloading a Web page. FastLane directly addresses this frustration by dramatically speeding up image downloads. Measurements have shown that for Web page images, FastLane provides up to a 3x reduction in image download times. The time that an Internet user normally spends browsing the Internet can be reduced 30-50% and the overall browsing experience will be greatly improved.
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2.Spectrum Information Technologies Reports Results
PURCHASE, N.Y., June 29 /PRNewswire/ -- Spectrum Information Technologies, Inc. (OTC Bulletin Board: SITI) announced financial results as reported in its Annual Report on Form 10-K for the Fiscal Year Ended March 31, 1998 as filed with the Securities and Exchange Commission. Spectrum also reported that it is actively seeking to raise capital to implement its business strategy.
For the fiscal year ended March 31, 1998, Spectrum reported a net loss of $3.1 million, or $2.33 per share, compared to a net loss of $6.2 million, or $6.04 per share, for the previous fiscal year. The reduction in net loss is primarily attributable to $2.3 million in Chapter 11 administrative expenses that the Company incurred in fiscal 1997 as part of its reorganization that were not incurred during the fiscal year reported.
Revenues were nearly unchanged from the previous fiscal year, but the operating loss decreased approximately $800,000, or 20%. Spectrum reported $1.8 million in revenues for the fiscal year ended March 1998 versus $1.9 million for the fiscal year ended March 1997, and operating loss of $3.2 million for the fiscal year reported, compared to an operating loss of $4.0 million for the previous year. All of the Company's revenues were related to its patented cellular data technology, not its Internet service. The decrease in operating loss was primarily the result of reductions of $518,000 in legal expenses, $141,000 in personnel and related expenses and $123,000 in insurance expenses, and a non-recurring $334,000 write-down of intangible assets in the 1997 fiscal year. Spectrum reported that its research and development expenses increased to $2.1 million from $1.3 million the previous year.
Spectrum reported that on May 4, 1998, the Company began offering free trials of FastLane(TM), the World's First Web Acceleration Service. Spectrum's FastLane Service is targeted at improving the Internet experience for dial-up Internet users by accelerating the download of graphical Web images up to three times as fast as regular browsing for modem connections up to 56K. The Company is currently outsourcing the FastLane operations at NaviSite, Inc., a full service data center in Andover, MA. Following the free trial, the FastLane Service will be available for about $4.95 per month. As previously reported, Spectrum indicated that it has limited capital resources and must raise capital during the second or third quarter of this fiscal year to market and deploy the FastLane Web Acceleration Service and continue as a going concern.
In a separate release, Spectrum announced that it has hired James G. Moore, formerly Director of Network Operations and Internet Services with Prodigy Services Company, to manage the day to day operations of the FastLane Web Acceleration and to help design and manage its deployment.
In addition to developing Internet software, Spectrum owns a portfolio of patents relating to commercially practicable methods to wirelessly transmit data over circuit-switched cellular networks. Spectrum licenses this technology to many leading modem manufacturers and markets proprietary direct connect activation kits providing interface connection between a variety of cellular phones and PC card modems. Spectrum is headquartered in Purchase, New York and has offices in the Boston, Massachusetts and Redwood City, California areas.
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