Bentley Signs Letter of Intent Worth $1.2 Million.Business Editors ATLANTA--(BUSINESS WIRE)--Nov. 12, 2002 Bentley Communications Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTLY) announced today that it has signed a Letter of Intent with a public company that will pay Bentley $1.2 Million in cash and stock for the right to market Bentley's payment gateway services to the securities industry. "We are very pleased with the proposed relationship," said Harry Hargens, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bentley, "as it fits well into Bentley's existing long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. plans, and will benefit Bentley in three ways. "First, this is an important step in establishing a distribution channel for the payENKRYPT gateway service provided by Kryptosima, which Bentley is in the process of acquiring. Kryptosima's strategy is to establish a distribution channel using partners who resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. payENKRYPT. This will allow Kryptosima to minimize selling expense by maintaining a relatively small sales force that works with its resellers, and directly with just a few major customers. "Second, the structure of the relationship will bring cash into Bentley immediately, without diluting shareholders. The public company will not receive equity in Bentley, and Bentley will not incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. any debt. Reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. agreements such as this can give Bentley a quick infusion of working capital. "Third, the relationship is structured so that Bentley will receive ongoing revenue, not just a one-time fee. Kryptosima's gateway will be used to provide the services, for which Bentley/Kryptosima will receive transaction fees." To best focus on the opportunity provided by this relationship with Bentley, the public company plans to change its name and add management familiar with the target market. Due to the terms of the LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items , the public company cannot be announced until their name and symbol change is effective. The parties anticipate signing a final agreement subsequent to these events, which should occur within the next 30 days. About Bentley Communications Corporation: Bentley's focus is on the implementation of services such as Internet payments via an ATM/Debit card from home or office, and for online purchasing of securities. In this regard, with Bentley's system in place, it may be possible for the brokerage client's funds to be immediately available for purchases using Kryptosima's payENKRYPT(TM) system to the online brokerage community. As previously announced, Kryptosima is becoming a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Bentley. For additional information, see www.Bentleycommunications.com and www.Kryptosima.com. About Kryptosima: Kryptosima was founded in January 2000 to develop new Internet See Web 2.0 and Internet2. payment methods. Kryptosima's founders all have 18 to 30 years experience developing and marketing services, software, and/or hardware for the US banking industry. Their experience has primarily involved credit card processing, ATM-card processing, and home banking. payENKRYPT(TM) is Kryptosima's patent-pending service for online payments. For further information, see: www.Kryptosima.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Certain statements in this news release may constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risk, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ materially from the forward-looking statements. |
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