TORONTO, Oct. 14, 2003 (PRIMEZONE) -- Witnet International, Inc. (OTCBB:WTNT) announced that it has entered into a formal agreement to acquire KSIGN Co., Ltd. www.ksign.co.kr.
The agreement to acquire KSIGN follows much collaboration, which has been underway between KSIGN and Witnet combining the skills and attributes of both companies.
KSIGN was founded on November 12, 1999 and is led by CEO Ki-Yoong Hong and a strong team of talented managers. There are currently 41 employees of the company.
KSIGN had revenues in 2002 of $6.3 Million USD and is expected to have revenues of 2003 of $8 Million USD and has cash on hand to sustain the business of the current business growth of the company amounting to $2.0 Million USD.
KSIGN's main product line relates to PKI, Public Key Infrastructure, solutions which issue digital certificates to authenticate people with digital signature. The solution uses public key cryptography algorithms, which can replace paper signed documents with digital forms.
KSIGN's PKI solutions, which were developed under fundamental PKI can also be used to provide the following features to e-commerce applications in a wireless environment:
-- Issuance of certificates -- registration of users -- timestamps -- real-time certificate verification -- entrust key -- recover key
"This combination of Witnet and KSIGN is a logical result of the positive synergies we had enjoyed for the past few months. To compete and succeed in this quickly growing industry, we need to work as one team. This transaction is by far the best way to accomplish our goals," said Mun Su Han, CEO of Witnet.
Witnet will file an 8-K with the SEC with a copy of the agreement and other details regarding the proposed transaction.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.