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Friday February 12, 12:32 pm Eastern Time
Company Press Release
Forecross and Alydaar Partner on Year 2000 Services
Forecross Announces Three New Contracts
Forecross Completes Private Placement
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 12, 1999--Forecross® Corporation (OTC BB:FRXX), a leading legacy migration and year 2000 solution company, announced today that it has signed a non-exclusive joint marketing agreement with Alydaar Software Corporation (NASDAQ:ALYD - news), a North Carolina-based provider of large-scale IT business solutions.
This agreement allows the companies, which each have Y2K solutions in a broad selection of computer languages, to supplement their offerings.
Commenting on the agreement, Bernadette C. Castello, Senior Vice President of Forecross Corporation, said, ''Both Forecross and Alydaar have extensive, complementary experience providing services in their unique computer language niches. This partnership encourages wider distribution and extends greater service offerings to our clients.''
Forecross also announced it has signed its first contract through the new marketing agreement with Alydaar Software Corporation. Under this contract, Forecross will use its Complete/2000® solution and automated factory in San Francisco to bring into year 2000 compliance certain CSP applications belonging to a customer of Alydaar.
In addition, Forecross Corporation announced today that it has signed two contracts with an undisclosed service provider to complete independent validation and verification on certain applications totaling in excess of three million lines of code belonging that provider's customers.
Forecross will use its Confirm/2000(TM) service, an automated software-based process. Confirm/2000 is designed to help Y2K project managers judge the degree of compliance on fully and partially-completed year 2000 renovation projects.
Finally, in January 1999, the Company sold in a private placement 418,333 shares of common stock at $0.75 per share, resulting in gross proceeds of $313,750.
About Forecross
Founded in 1982 as a high-technology software development laboratory, Forecross Corporation is dedicated to the design and development of innovative conversion software. Clients have included such leading corporations as Aetna Life Insurance Company, Brown Brothers Harriman & Company, Charles Schwab & Co., BDM Technologies, Inc., IBM Corporation and Bank of America NTSA for its migration software services.
Teaming partners of Forecross Corporation for its Complete/2000 offerings include AASKI Technologies, Ltd., TRW, Inc. (BDM International), CIBER, Inc., Information Sciences Group, Inc., NCR Corporation, Marconi Information Systems (a business division of Marconi North America Enterprise Solutions, formerly known as Tracor, Inc.), SCB Computer Technology, Inc., and Sapiens Americas (a subsidiary of Sapiens International).
On Behalf of the Board of Directors, Bernadette C. Castello Senior Vice-President and CFO Forecross Corporation
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the Company's SEC and BCSC filings.
The U.S. Securities and Exchange Commission has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release, which has been prepared by the Company.
Forecross is a registered trademark of the Forecross Corporation. Complete/2000 is a registered service mark of Forecross Corporation. Confirm/2000 is a registered service mark of Forecross Corporation.
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