QNET news:
Quest Net Signs 5-Year, 18 Million Dollar Contract for Internet Services
Business Wire - September 01, 1998 11:44
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Sept. 1, 1998--Quest Net Corp., (OTC BB:QNET - news) a leading edge Internet Service Provider, today announced the signing of a 5 year contract with Secure Transaction International Corporation ("STIC"), a startup company who will provide secure, on-line credit card transactions over the Internet.
The contracts, one for consulting services, and the other for Quest Net to provision network connections to STIC, commence immediately.
Camilo Pereira, Chairman and CEO of Quest Net Corp. said: "We are very excited about this relationship with STIC, not only for the revenue it represents for Quest Net, but because STIC stands to become a major player in the rapidly growing 'Internet Gold Rush.' The ability of companies engaged in conducting commerce over the Internet to be able to offer consumers safe and secure methods for handling credit cards is vital to the future of e-commerce." Pereira also said the value of the contracts being announced today exceed $18 million (US$18,000,000).
"We selected Quest Net, not only because they are one of the largest Internet Service Providers (ISP) in Florida, but because they really understand the capabilities and direction of the Internet," said Douglas R. Miller, President and CEO of STIC. "Within the next two years, the dollar amount of consumer spending on the Internet will grow from US$9 Billion in 1997 to over $327 Billion within the next four years," he continued. "Our product, which has been developed after 18 months of intensive testing, is in beta test today, and is in an ideal position to become a market leader in secure transactions."
Secure transactions protect both buyer and seller, by efficiently processing credit card transactions, while keeping details, like credit card numbers, safe from prying eyes and hackers on the Internet. Lack of adequate safeguards is often cited by experts as the most significant factor limiting Internet trade. A seamless, fast, secure, accurate method for handling these transactions, while keeping the process seamless and easy for the consumer can provide a competitive edge for companies who integrate secure transactions into their Internet applications.
QUEST NET FACTS:
Based in Fort Lauderdale, Fla., Quest Net (OTC BB:QNET) operates its own OC-12 (622Mbps) Fiber optic self-healing SMARTRing backbone leased from BellSouth (NYSE:BLS - news) running from Key West to Sebastian, Fla. and is a provider of secure, full-service global Internet and Intranet broadband digital networking solutions for businesses and individuals. Quest Net is one of the largest regional Internet Service Providers with Dial-up POPs (point-of-presence) in 228 cities and over 2000 clients, mostly small businesses. It also offers dedicated high-speed Internet access, metropolitan and wide area network data transport services, including virtual private networks, to several commercial clients and other ISPs, and Wireless Internet Connection at a speed of up to three Mbps to a distance of eight miles on a license free spectrum. Quest Net offers one of the fastest and cleanest routing system for the transfer and delivery of voice, video and data streams at speeds ranging from 64 Kbps to 155 Mbps (OC-3), as well as frame relay connections at speeds up to 45 Mbps.
SECURE TRANSACTION INTERNATIONAL CORPORATION ("STIC") FACTS
STIC is a Florida corporation, formed in December, 1997. STIC will serve as a holding company for the purpose of commercializing a newly developed, next generation, state of the art encryption technology owned by the Company. The President and CEO of STIC, Douglas Miller, 52, is a widely recognized start-up and turnaround expert, who brings over twenty years of experience in a wide range of companies to STIC. Other managers and directors bring extensive sales and marketing backgrounds to STIC, which will rely heavily on sales and marketing to successfully launch STIC. This press release may contain forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, subscriber growth, product demand, competition, and other risks and uncertainties.
CONTACT: Quest Net Corp., Fort Lauderdale
George Elia, 954/567-1008
Fax: 954/567-1055
Email: info@ipquest.com
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