hey Gary.. long time no chat... Hope everything is well.. thought I'd drop by and throw one your way...
INET inetmi.com
Trading symbol INNI (OTC-BB)
Business: Multimedia Research and Development
Trading range 52wk high .47 low .17
Recent Price .28 X .30
Chart chart4.bigcharts.com:80/report?r=cobrand&onbad=cobran...
Shares OS/ 30mil/13mil
Float
Corporate 643 W. Crosstown Parkway Kalamazoo, Offices Offices Michigan 49008
Contact Stephen J. Markee
I/NET Inc. smarkee@inetmi.com
(616) 344-3017 ext. 104 or
Jeff Lambert or John Vonder Haar
Seyferth & Associates, Inc.
(800) 435-9539 jtlsa@aol.com
SEC filings edgar-online.com
SOFTWARE DEVELOPER I/NET REPORTS
FIRST-EVER YEAR-END PROFIT
Record Fourth Quarter Caps Strong Year
KALAMAZOO, Michigan, February 3, 1998 -- I/NET Inc. (OTC: INNI) today
announced record earnings for the year-ended December 31, 1997 representing a
134% increase over the pervious years revenue, spurred by the Company's growing
software development and licensing initiatives.
The developer and marketer of Internet- and Intranet-based software applications for
mid-range computers reported net earnings of $377,721 on net revenues of
$1,692,170, compared with a net loss of $1,132,052 on net revenues of $724,032 in
the same period last year. I/NET said
continuing sales growth for its Internet software products, coupled with the impact of its
recent agreements with technology leaders International Business Machines (NYSE:
IBM) and Netscape
Communications Corporation (NASDAQ: NSCP), contributed to the Company's
increase in revenue and profit improvement. The 1997 year-end results include an
extraordinary one-time gain of $97,946 from the extinguishment of a previously
recorded debt.
All other press releases amy be found at inetmi.com
Customers
IBM
The Upjohn Company
International Research & Development Corporation
Kodak
Electronic Data Systems
The Chicago Tribune
United States Government
W. K. Kellogg Foundation
Greater Kalamazoo Association of Realtors
Company Background
I/NET is a publicly traded multimedia research and development company based in
Kalamazoo, Michigan. It can be found on OTC Bulletin Board (OTC, INNI).
For fifteen years since its inception in 1982, I/NET, Inc. has served as a $2 million
research and development contract consulting firm, serving some of the world's largest
companies and organizations, including IBM, Eastman Kodak, The Upjohn Company,
The W. K. Kellogg
Foundation, Electronic Data Systems, and the U.S. Government. I/NET's specialty:
digital imaging and digital voice recognition systems.
In 1993, I/NET became a public company, at the same time repositioning itself to
develop and market its own products in addition to its ongoing R & D business. This
expanded company direction was a response to timely opportunities in the
rapidly-evolving multimedia marketplace and the forging of strategic partnerships with
IBM (which purchased a 16 percent share in the company) and Electronic Data
Systems (EDS) for multimedia product development, packaging, and marketing.
Over the past fifteen years, I/NET has utilized its skills as a research and development
firm to provide low cost, large scale digital imaging and voice recognition systems for
companies on a contract basis. IBM's Image Plus/400 and Ultimedia/400 development,
the U.S. Secret Service's high speed image systems and DuPont's FD2000 laser
digitizer medical image integration are just a few of the systems that exemplify I/NET's
high technology achievements. The widespread
acceptance of these technologies is evidenced by the size of the installed customer base,
numbering in the hundreds of thousands, using I/NET's developments. In addition, the
emergence of products
that bring together communications, television, VCR, and telephone technologies into
the new field of commercial multimedia is further confirmation that I/NET is strategically
well positioned to capitalize on the evolving marketplace.
Historically, I/NET has focused on developing products for its customers that
incorporated leading edge technologies, and it intends to continue its work in these
areas; however, I/NET is now also
developing its own multimedia application products that incorporate digital imaging and
voice recognition.
I/NET management decided to focus its efforts and technology on providing products
for the Internet and educational marketplace. As a result, the company initiated the
development of products known as Career/NET, Web Server/400, and
Webulator/400.
Management
James C. Knapp, Founder and Chairman
Mr. Knapp, 47, began working with computers at age of 15,
in a special program sponsored by IBM, and later served in
the United States Air Force as a teacher for missile computer
guidance systems. He founded I/NET in 1982, originally as a
research and development firm catering to large corporations
including IBM, Eastman Kodak, Upjohn, Kellogg, EDS and
the US Government. Mr. Knapp's efforts in digital imaging and
voice recognition have earned him induction into "Who's Who
in the Computer Industry". He is also listed in the ACR
Directory of Top Computer Executives. A featured speaker at
the Massachusetts Institute of Technology and the Harvard
Business School, Mr.Knapp holds a BBA Degree from the
University of Maryland.
Stephen J. Markee, President and CEO
Mr. Markee, 50, is a licensed certified public accountant. Since
joining I/NET in 1986, he has helped guide the company to a
successful equity partnership with IBM and its public offering. Mr.
Markee served in the United States Army during the Vietnam
conflict and was decorated and medically retired in 1968. After
completing his education, he served as Assistant Auditor General
for the State of Michigan before joining Western Michigan
University as Director of Internal Auditing. His private sector
business experience includes serving as Vice President of Planning
and Control for Standex International, where he was responsible
for information systems, accounting and human resources. A
frequent speaker to civic and business groups, Mr. Markee has
served on various boards of directors and has appeared on the
financial News Network. He holds a B.S. Degree from Ferris
State University and an MBA from Western Michigan University.
Paul A. Bertoldi
Vice President, Systems Development
Mr. Bertoldi, 32, was one of I/NET's first employees. He has
helped design the architecture of state-of-the-art imaging and
voice recognition systems in the fields of real estate, medical
imaging and document imaging. Mr. Bertoldi is currently
involved in the development of applications in multimedia and
pen computing. He is a past president of the Southwestern
Michigan chapter of Data Processing Management
Association. He holds a BBA Degree and an MBA magna
cum laude both from Western Michigan University.
Keith M. Knapp
Sales Manager, Web Sites Administrator kknapp@inetmi.com (616) 344-3017 ext.
159 Keith joined I/NET August 1, 1994 to help facilitate I/NET's marketing and sales
of Internet services. (I/NET previously provided research and development for other
companies in the creation
of systems and products.)
Info off INNI's last 10QSB -which I find of particular interest
www4.edgar-online.com
September 30, 1997, the Company entered into a software license agreement with
Netscape Communications Corporation (Netscape) wherein Netscape granted to the
Company the right to port certain of its Internet Server products to the IBM AS/400
platform. This agreement is for a period of three years and allows the Company to
market and distribute the ported products upon their modification to
the AS/400 platform.
In exchange for this license agreement, I/NET has agreed to pay minimum royalties to
Netscape in the amount of $3,000,000 according to the following repayment schedule:
Paid by IBM on behalf of
I/NET in October, 1997 $ 250,000
September 30, 1998 $ 750,000
September 30, 1999 $1,000,000
September 30, 2000 $1,000,000
International Business Machines Corporation has guaranteed to Netscape the above
listed royalties in the event that product sales are insufficient to repay amounts due under
this agreement.
In addition, IBM will provide advances against royalties in the amount of $600,000 as
certain tasks are completed during the porting of the Netscape products to the IBM
platform. These advances are treated as if under a research and development agreement
whereby I/NET is not obligated to repay any of these funds advanced by IBM except
from royalties of future sales, if any.
Happy Trading,
Israel
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