TORONTO, August 12, 2003 (PRIMEZONE) -- Witnet International, Inc. (OTCBB:WTNT) announced that it has entered into an agreement with K-Sign Inc. to provide for new wireless security products combining the two companies' expertise in mobile computing and Internet security products.
"Security products for wireless solutions is a prime concern of all users. The global Internet security industry is over $1 billion annually and is growing steadily with more and more wireless product introductions.
"Meanwhile every major technology company is constantly seeking the best solution for their customers and we believe that together with K-Sign we can be a significant provider of these new solutions," said Mun Su Han, President of Witnet.
For Witnet, this means a whole new revenue stream in the improvement of its existing products, with the goal of an additional $8 - $10 million by the second quarter of 2004.
K-Sign, founded in 1999, has supplied Internet security technology and service to such clients as LG Telecom, KT, LG Card, Universities, governments and even 2002 FIFA World Cup MVP voting system.
K-Sign (www.K-Sign.com/english/company_vision.shtml) has become a well-known company specializing in security with its PKI (Public Key Infrastructure) technology and products.
Now K-Sign and Witnet have agreed to develop a new 'Wireless Network Security Solution' using their know-how in each technology field.
K-Sign has a fundamental knowledge and experience in Wireless Network Security with its WPKI (Wireless Public Key Infrastructure) products.
Witnet has been providing various solutions utilizing wireless network such as Mobilick, X-Stan, X-Solomon etc.
There is a significant need in the wireless industry overall for providers of wireless mobile software solutions to enhance its products with more reliable security policies. Together with K-Sign, they will apply its WPKI technology to more customer-friendly products or services.
Both parties will co-develop the 'Wireless Network Security Solution' based on WTNT's solutions powered by K-Sign's PKI technology.
With the co-development, they will share intellectual properties and sales rights with each other. Now within three months, Witnet is expected to have stronger and more attractive versions of its products, while K-Sign will receive customized products for wireless networks.
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.