TORONTO, Aug. 27, 2003 (PRIMEZONE) -- Witnet International, Inc. (OTCBB:WTNT) announced that it has entered into an agreement with Dotsmobile Co. Ltd. to join in the mobile digital content service business.
"The total revenue in the digital content service market was $300 million (estimated) in 2001, and in 2002, the industry grew to $2 billion (estimated) while revenues in voice communications increased by less than 5% in the year 2001 to 2002. Mobile internet service revenues were increased by more than 600% during that span," said Mun Su Han President of Witnet. "This market growth trend and demand in the market makes it a perfect target market for Witnet. In the business plan, Witnet plans to capture 5% of this market."
Dotsmobile Co., Ltd. (http://www.dotsmobile.co.kr) is one of the major content providers in the digital service market. Dotsmobile is the master contents provider of Personal Ring Back Tone service bell sounds and character service providing content to most of the more than 14 million users in Korea.
Witnet's major business areas have been mobile communication software solutions and now Witnet will begin to take the first step in the mobile content service business world.
The mobile digital contents service market is one of the most rapidly growing markets in Korea. The Korean market for mobile internet services is thought to be ahead of North America since the three major telecom companies in Korea began mobile internet services in late 1999.
The co-operation is expected to help Witnet in developing new business to augment its current existing software business.
About Witnet
Witnet International Inc. is a software development company with offices in Seoul, South Korea and Toronto, Canada. Business partners include HP Japan and South Korea, LG Telecom and other major technology companies.
More information about Witnet and its products can be found at the Company's Website, http://www.witnet21.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any forward-looking statements.