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Microcap & Penny Stocks : Veronex Technologies Inc. (VXTK) -- Ignore unavailable to you. Want to Upgrade?

To: TEDennis who wrote (298)4/9/1998 11:55:00 PM
From: Jeffrey S. Mitchell  Read Replies (2) | Respond to of 684
 
TED, here's the history of I|Nova as told by CEO David Hite on the Yahoo board:

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The I|Nova System is not new. Tom Price originally conceived the idea for the I|Nova System some 20 years ago when he wrote what is known as Pro-IV. The fourth generation language used in Pro-IV was acquired by McDonnell Douglas in its subsidiary Micro Data and was re-named ALL.

Pro-IV was used by C.Ioh and General Automation. Veronex has acquired the fifth gereration language product re-named the I|Nova System. The product was originally called M-5 and was owned by ProMax Conceptual Strategies, Inc. Veronex acquired ProMax and the exclusive rights to the software. The first installation of the M-5 System was at JPL in 1988 as a proof of concept.

You can think of Veronex as having a product which is as tested as the spreadsheet program offered by Lotus 123 when it started. The original spreadsheet was known as Visicalc.

Veronex's I|Nova System is actually an engineering and re-engineering software system which was designed to fix or replace old legacy source code software systems. One of the re-engineering features of the I|Nova System is that it can repair any part of the legacy source code, including the date field. The I|Nova System uses field expansion or windowing to repair the Y2k problem. The best fix for the Y2k problem is field expansion.

David Hite

messages.yahoo.com

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I wonder if ProMax Conceptual Strategies sold it for $2.5M. I can't find any reference to them anywhere on the net.

- Jeff



To: TEDennis who wrote (298)4/10/1998 10:02:00 AM
From: Janice Shell  Respond to of 684
 
Now I read that the software that is being marketed for 2.5 million was bought for "$20,000 cash plus as much as 12 million shares of Veronex stock".

And it was purchased, mind you, at the beginning of 1997. "As much as 12 million shares" is a bit ambiguous, isn't it? I vaguely recall that the precise terms of the deal were given in one of the company's SEC filings from last year, but would have to check to be sure.


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