Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: Josef Svejk who wrote (12016)	6/22/1998 1:04:00 PM
From: ThirdEye	Read Replies (2) \| Respond to of 13949

EGNS***** Monday June 22, 8:50 am Eastern Time Company Press Release Year 2000 Wire/Egan Systems Named Prime Contractor by China Y2K Director HOLBROOK, N.Y.--(BUSINESS WIRE)--June 22, 1998--Egan Systems Inc. (OTC BB:EGNS - news) was named a prime contractor to help solve China's massive Year 2000 problems. The Director General of the Department of Computer & IT Advancement, China's highest-ranking Y2K official, will personally recommend Egan Systems in their August Y2K Preferred Vendor Directory. The Directory will be sent in July to over 300,000 identified Y2K government and state industry customers in China. The government will identify China's COBOL-based mainframe systems which Egan's Y2K tool suite can remediate. The program is being put on a fast track so that remediation and testing can be done immediately. Egan Systems is also being personally referred by the People's Bank of China to over 200 of China's top banks as a prime contractor for COBOL remediation problems. Egan Systems is projecting 400% sales growth in 1998, to about $4 million, with sales in 1999 to increase to over $10 million. Egan's potential China revenues have not been figured into these projections. The company is an 11 year old COBOL computer language supplier with customers on every continent. Egan Systems is public, fully reporting and is located in Holbrook with research and design facilities in Raleigh, N.C. More information can be found on the company's web site: www.egns.com. ''Safe Harbor'' Statement Under the Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Contact: Tedrow Communications Corp. Thomas Tedrow, 800/777-8098

To: Josef Svejk who wrote (12016)	6/23/1998 12:36:00 AM
From: Jim Brown	Respond to of 13949

Welcome back Josef! Just in time, as it seems even the republican are getting concerned. It seems news is getting easier to find every day ! my.excite.com Republicans Offer Plan To Pay For Millennium Fix By Patrick Connole WASHINGTON (Reuters) - U.S. House Republican leaders have agreed on a plan to pay nearly $4 billion to repair government computers before the year 2000 millennium bug strikes. In a victory for fiscal conservatives, the leaders agreed to cut other government programs to pay for the costly computer fix rather than tack the money onto next year's budget. "We solved the problem," said Representative Mark Neumann, the Wisconsin Republican who fought this week to hold government spending within the limits set in last year's historic 5-year balanced budget deal. The plan would remove emergency spending provisions from this year's defense and treasury spending bills, and offer the entire $3.85 billion package to the House as a separate, emergency spending bill. By creating the emergency appropriations, the computer bug fix can be paid for by cutting money from the fiscal 1999 domestic and defense programs rather than use part of the anticipated budget surplus. Neumann said if the procedure was not changed, the "barn door" would have opened for an onslaught of emergency spending plans over and above the budget caps. "The debate is not about the computers, but whether we should classify this as emergency spending and break caps and spend the surplus," Neumann said. House Speaker Newt Gingrich, who convened the leadership meeting, would not comment on the agreement, saying he must confer first with Senate Majority Leader Trent Lott. The millennium bug, also known as the Year 2000 problem, can cripple information systems as old software programs do not read the entire four digits in a year, only the last two. At the onset of the Year 2000, these systems mistake the double "00" in the year as standing for "1900" and crash, corrupt or lose data. Potential computer software failures have jolted the appropriations process as lawmakers wrestle with finding money to pay for fixing the problem. Congress has grown increasingly worried that U.S. defenses would be jeopardized if computer systems failed, leaving troops and weapons systems vulnerable to the breakdown. Non-defense government computers would also be impacted, disrupting day-to-day activities ranging from the Federal Aviation Administration air traffic control operations to computerized mailings of monthly Social Security checks.

To: Josef Svejk who wrote (12016)	6/23/1998 12:40:00 AM
From: Jim Brown	Respond to of 13949

And even more news, much more of this and people are going to have to take notice... plus an interesting reference to Euro..... my.excite.com Millennium Still Bugs Cross-border Bourse Links By Catherine Bremer BRUSSELS (Reuters) - Most world stock exchanges are on track to ready their computer systems for 2000 and work must now focus on cross-border market links, the International Federation of Stock Exchanges (FIBV) said. In Brussels for a trouble-shooting session, bourse heads and technicians from FIBV's 40 members and affiliated markets said they were close to tackling the "millennium bug" problem. "They do not expect the world to end in the year 2000. There might be a few small problems and nuisances in single markets but most members are well advanced in their work," FIBV Deputy Secretary-General Thomas Krantz told reporters. Most internal systems would be ready by early 1999, he said. The emphasis now had to shift to links with remote members. "It's not enough to have your computer system ready on that morning (January 3, 2000) -- people have to be able to use it. What we want to work on in the next 18 months is exchanges' links to remote members and payment systems." The swing into the next millennium is causing problems in computers and chips still using two-digit memories as these machines read the year 2000 as 00, causing any information involving the year 2000 to be misread. The issue has been compounded by its overlap with the 1999 start of European monetary union and a drive among exchanges to link electronic platforms to facilitate cross-border trading. Bourses in the 11 EMU member states face a testing transition between 1999 and 2002 when stocks will be quoted in euro but could still be paid for in the national currency. "It's a horrible challenge for them to have to deal with all three at once," said Krantz. But bourses, despite being fiercely competitive, were in constant dialogue to coordinate their efforts and where possible were upgrading systems with a view to enabling eventual tie-ups. Practically all bourses, working on the millennium bug since 1996, had already conducted weekend tests to check their indices and internal systems would work after the year 2000. Most planned tests with local member banks and brokerages for early next year. Cross-border tests would come later. Information technology heads from the bourses, meeting for the last time before the turn of the century, were worried that computer systems at suppliers of utilities and telecommunications could let them down during the switch. The first exchange open in the next century will be Tel Aviv's since it will trade on Sunday, January 2, as Saturday is the Sabbath in Israel. Other bourses will open on Monday, January 3, with Asian markets the first to take the plunge. Bourse officials worldwide would instantly try to find out from Tel Aviv whether its systems had held up.