PASW Inc. Enters Into Technology Licensing and Sales Agreement.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers NEWBURY Newbury, town (1991 pop. 31,488), West Berkshire, S central England. In a farming region, Newbury trades in wool, malt, and farm products. Paper, furniture, and metal products are also made. In the Middle Ages the town was an important textile manufacturing center. PARK, Calif.--(BUSINESS WIRE)--Sept. 5, 2000 PASW PASW Performing Arts Studio West Inc. (Nasdaq:PASW) today announced that it has sold the assets of its PSI Softworks Technology subsidiary to NETsilicon Inc. (Nasdaq:NSIL). The assets primarily consist of PSI's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and Web software. The purchase price for the assets was 90,000 shares of NETsilicon's common stock. In addition, NETsilicon has agreed to grant a non-exclusive, royalty-free license for the acquired technology, to PASW and its affiliates, subject to certain use limitations. NETsilicon is expected to retain substantially all of PSI's personnel as part of a newly formed operating group. NETsilicon is a leading provider of networked-enabled microprocessing solutions that enable manufacturers to easily and affordably build intelligence and network connectivity into their products. The company has created a dominant role in the embedded Inserted into. See embedded system. Internet market by providing low-cost, high-performance integrated solutions, based on their system-on-chip technology. The acquisition of PSI's technology is a natural progression, enabling NETsilicon to control the core networking protocols and intellectual property in its integrated hardware and software solutions. The agreement with NETsilicon will allow PASW to concentrate on its iApplianceNet subsidiary. "We believe the combination of PSI Internet and Web software and NETsilicon system-on-chip technology will bring even greater value to applications like the Internet-enabled, smart `Point of Purchase,' or POP, in-store displays being developed by our iApplianceNet subsidiary," said William Sliney, president of PASW. "This new generation of interactive, retail displays is an excellent example of how low-cost, integrated Web and silicon technology is enabling a new level of user functionality and value. "This is a very important step in creating new value for PASW's shareholders." PASW has the ability to offer silicon Internet and Web technology to its affiliates and companies it is assisting as part of providing key technology, investment and knowledge to help the target companies achieve their goals toward a successful IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . About PASW Inc. PASW Inc. (www.pacificsw.com), formerly Pacific Softworks Inc., through its 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. iApplianceNet has developed proprietary technology that allows conventional and state-of-the-art industries to accumulate Accumulate Broker/analyst recommendation that could mean slightly different things depending on the broker/analyst. In general, it means to increase the number of shares of a particular security over the near term, but not to liquidate other parts of the portfolio to buy a security , transmit/receive and manage data. In addition, PASW is making strategic investments and/or associations to accelerate the growth of small and medium-sized Internet technology companies. To date, PASW has made strategic investments in FSPNetwork Inc. (www.fspnetwork.com) and RedFlag (www.redflag.com). PASW has headquarters in Newbury Park. About NETsilicon NETsilicon Inc. is a leading provider of integrated system-on-silicon and software solutions that connect electronic devices to the Internet and Ethernet Ethernet Telecommunications networking protocol introduced by Xerox Corp. in 1979. It was developed as an inexpensive way of sending information quickly between office machines connected together in a single room or building, but it rapidly became a standard computer networks. Using NETsilicon's solutions based on the NET+ Works(TM) architecture, manufacturers can easily and affordably build network connectivity into their products. Once Internet-enabled, products can be managed, serviced and accessed from anywhere. By making it easy to network-enable products, NETsilicon helps manufacturers reduce product time to market, lower costs and free their engineers from the difficult task of integrating multi-vendor networking components. NETsilicon's solutions are used in a broad range of industries including imaging, industrial automation, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , building controls, security and point of sale. NETsilicon embedded networking solutions are paving the way for the device-centric networks of tomorrow. For additional company, product or financial information, visit the NETsilicon Web site, www.netsilicon.com, send e-mail to infor@netsilicon.com, or call 800/243-2333. For calls originating outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , call 781/647-1234. NETsilicon headquarters is located at 411 Waverly Oaks Road, Suite 227, Waltham, Mass. 02452. Except for the historical information contained herein, this news release contains 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. that involve risks and uncertainties that could cause actual results to differ materially from those contemplated herein, including, but not limited to, timely development, acceptance and pricing of new products; the impact of competitive products and pricing; the ability of PASW to implement its business plan; and other risk factors detailed in the company's periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. |
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