TORONTO, May 16, 2003 (PRIMEZONE) -- Witnet International, Inc. (OTCBB:WTNT), a provider of proprietary software for wireless mobile devices (PDA's and Cell Phones), yesterday announced that it forecasts $8,000,000 in Revenue for 2003 and $28,000,000 for 2004. The Company had revenues in 2003 of $1,186,277 with sales emanating from Korea and Japan alone.
The increase in projected revenue is largely attributed to the Company introducing its software products in the North American market this year.
The Company has traditionally operated primarily in Korea and Japan where 3G (third generation) high-speed wireless Internet services have already launched.
Wireless Internet services in major North American cities have recently been introduced creating a new demand for mobile devices which are connected to the wireless high-speed Internet and, in turn, the demand for software that gives them added functionality.
High-speed wireless Internet service is expected to steadily improve to reach 3G while the GPRS and CDMA networks are now healthy enough in the U.S. to offer new and exciting software solutions such as Mobilick, stated Mun Su Han, President of Witnet.
The Yankee Group, a leading industry research firm, expects the current 1.8 million U.S. wireless-data subscribers to grow to nearly 8 million by the end of 2003. The majority of the growth is expected in the fourth quarter of this year due to the Christmas season.
Based on the current rate of consumer acceptance to wireless technology, the Boston Consulting Group, another leading industry research firm, estimates global mobile commerce will generate revenues of $100 billion by 2003.
Witnet's premier software product, "Mobilick" allows you to gain access to your home or business computer from your PDA while on the road or out in the field.
In-State finds that, of those business people who use wireless phones today and do not currently have wireless Internet access, 22% plan to add this feature within the next year, making this the hottest growth feature in the business market.
With Mobilick you can access programs such as Microsoft Word, Excel, Power Point and Outlook remotely from the PDA and access and modify any file and send it out using your home of business computers' e-mail program.
Partners such as HP/Compaq are now offering new WTNT "Mobilick" software in Japan and Korea at $40 per user license. Service started in October 2002.
The Company recently entered into an agreement to sell its Mobilick solution on the new security-based handheld from a Consumer Direct Link device known as the "Paron." The Paron is manufactured by IBM and when launched will be sold through IBM Global Services.
A real world example is that if you are travelling and don't like to always lug around your laptop then you can simply connect to your home computer with your PDA over the wireless Internet and access your remote computer to send a file to someone you just got off the phone with. This is a very powerful tool especially in a world where more and more people work from home and very often do not have secretaries.
Witnet started out as a solutions provider making specialized software for large corporate clients including telco's (SK Telecom is a Customer) and Insurance Companies such as Shin Han Life and large Banks and the Korean Government and Military.
Witnet will now seek additional co-marketing partners of the "Mobilick" software to include major device manufacturers and telecommunications companies throughout North America.
About Mobilick
Mobilick allows control over Internet-connected PCs through PDAs (Personal Digital Assistants) that are connected to the wireless Internet.
By applying thin computing solutions, users can run complex applications via PDAs while using only the minimum system resources of PDAs.
www.mobilick.net or www.mobilick.net/eng/home.html
About Witnet
Witnet International Inc. (OTCBB:WTNT) 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 -- www.witnet21.com. For English text, choose English and then click on "Company" for a downloadable PowerPoint presentation detailing the Company's technology.
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 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.