Boeing and Panthesis Complete SWAN Transaction.Business Editors & Aerospace Writers IRVINE, Calif.--(BUSINESS WIRE)--July 22, 2002 The Boeing Co. and Panthesis Inc., today announced that they have completed a transaction that gives Boeing an equity stake in Panthesis and provides Panthesis with an exclusive right to commercialize Boeing's Small-world Wide Area Networking (SWAN) technology. SWAN technology was originally developed by Boeing to allow multiple geographically dispersed dis·perse v. dis·persed, dis·pers·ing, dis·pers·es v.tr. 1. a. To drive off or scatter in different directions: The police dispersed the crowd. b. people to conduct collaborative meetings and engineering design reviews in real time. "SWAN is a revolutionary technology that can be used to enhance numerous computing, networking and communications functions," said Linda Magnotti, 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 Panthesis. "The sophisticated mathematics and software architecture underlying SWAN technology can provide reliable server-less communication for communities anywhere in the world." Magnotti added that Panthesis is currently focusing its development efforts on providing the bandwidth multiplication multiplication, fundamental operation in arithmetic and algebra. Multiplication by a whole number can be interpreted as successive addition. For example, a number N multiplied by 3 is N + N + N. needed for use in massive multi-player online games, real-time online auctions, content distribution and other large-scale, unlimited online collaborations. Based in Bellevue, Wash., Panthesis, was established in 2001 to develop and commercialize innovative software technology. Its co-founders, current Chief Development Officer Dr. Fred Holt and Chief Technology Officer Virgil Bourassa, are both former employees of The Boeing Co., where they co-invented SWAN technology while working in the Mathematics and Computing Technology unit of the Boeing Phantom Works The Phantom Works division is the main research and development arm of The Boeing Company. Founded by McDonnell Douglas before the merger with Boeing, its primary focus had been development of advanced military products and technologies. R&D division. "Because Panthesis clearly has the expertise for adapting SWAN technology to a broad range of potential applications, we were confident in giving them the exclusive right to commercialize this technology in the global marketplace," explained Gene Partlow, vice president of Boeing's Intellectual Property Business. The potential for this agreement was created through Boeing's Chairman's Innovation Initiative, which promotes the development of new business ventures based on entrepreneurial ideas from employees. While some ideas are developed into spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. companies, others are spun into Boeing business units for further development or, like SWAN, into the Intellectual Property Business for other types of business transactions. Panthesis is currently seeking investment capital to support company expansion and market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" , and is engaged in developing relationships with key customers in the online auction and gaming markets. The Boeing Co., with headquarters in Chicago, is the world's leading aerospace company and the No. 1 U.S. exporter. It is the largest manufacturer of satellites, commercial jetliners and military aircraft, and it provides a full range of lifecycle support for these and other products. The company is also a global market leader in missile defense Missile defence is an air defence system, weapon program, or technology involved in the detection, tracking, interception and destruction of attacking missiles. Originally conceived as a defence against nuclear-armed ICBMs, its application has broadened to include shorter-ranged , human space flight and launch services. Boeing capabilities also include financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and advanced information and communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. . |
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