Wave Systems Corp. Teams with ZakSat to Offer Satellite Delivery of Electronic Content; WaveMeters to be Incorporated in ZakSat Hardware Beginning Q4.LEE, Mass. and SHUWAIKH, Kuwait--(BUSINESS WIRE)--Sept. 10, 1997-- Wave Systems Corp. (Nasdaq:WAVX; wave.com) and Kuwait-based ZakSat General Trading Co. WLL See wireless local loop and PHS-WLL. (zak-sat.net), the leading provider of cable TV services in the Middle East and a developer of an advanced MPEG (Moving Pictures Experts Group) An ISO/ITU standard for compressing digital video. Pronounced "em-peg," it is the universal standard for digital terrestrial, cable and satellite TV, DVDs and digital video recorders (DVRs). 2 DVB-compliant, satellite-delivered Internet service to be known as ZakNet, announced today that they have signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the incorporation of Wave's proprietary WaveMeter(R) technology in ZakNet(TM) PC cards and television set-top box The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. product in development. By combining ZakSat's hardware components and satellite distribution with Wave's proprietary metering and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , the companies are forming an infrastructure for a broadband "push" distribution service for electronic content such as software, games and data. The ZakSat-Wave service is planned to reach consumers in 63 countries in the Middle East and Asia, including Russia, Japan, India and Australia. The service, which will enable consumers to selectively purchase and/or rent broadcast content, will be marketed under the DataTrain(SM) brand. The MOU calls for ZakSat to purchase a minimum of 25,000 WaveMeters for delivery in the fourth quarter of 1997. ZakSat will provide Wave with access to a minimum of one Mbit/second of satellite bandwidth for the distribution of content on its ZakNet platform. Consumers who have ZakSat PC cards or set-top boxes outfitted with the WaveMeter will be able to subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; and receive encrypted and purchasable (or "WaveEnabled") content delivered by DataTrain and make purchases at their convenience. Under the contemplated agreement, ZakSat would share in transaction royalties with Wave for content aggregated and signed by ZakSat, as well as ongoing revenues derived from all content sales. The companies will market DataTrain services cooperatively. Over the past two years, Wave has been developing relationships with leading content providers to distribute their electronic products via DataTrain, as well as an anticipated CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). bundling program. Wave aims to formally launch both distribution services in 1998. About DataTrain The planned ZakSat-Wave relationship represents a significant step in the realization of Waves DataTrain(SM) concept. DataTrain -- inspired by high-speed bullet trains -- is the service name given to Wave's vision for the creation of a worldwide team of leading satellite, cable, telephone, television and content partners to deliver a continuous feed of encrypted, purchasable digital data and software. Content, which will include sports, email, news, weather, games and other electronic information, will appear as soon as it is broadcast, saving subscribers hours of waiting for downloads. Wave is providing the transaction processing and metering infrastructure and interfaces to facilitate electronic commerce via DataTrain. In addition to satellite distribution, DataTrain will be developed for other broadcast media, including datacast, intercast and cable. ZakSat's satellite distribution range currently includes most or all portions of the Middle East, Africa, Central Asia, the Far East and South Pacific. ZakSat is the first company in the world to commercially provide MPEG2 digital video broadcast (DVB (Digital Video Broadcasting) An international digital television (DTV) standard that is the European and Far Eastern counterpart of the North American ATSC standard. ) compliant satellite-delivered Internet services, currently offering Internet access See how to access the Internet. at about 200 Kbps. "Wave's WaveMeter technology converts the dream of satellite distribution of purchasable electronic content into a reality," said Mario Pino, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of ZakSat. "It is the most comprehensive and targeted solution to industry-wide distribution challenges we have found, and we are very impressed by the breadth of high-profile content that is eager to support this venture." "Our relationship with ZakSat immediately positions Wave as a truly global provider of e-commerce and distribution services," said Steven Sprague, president of Wave. "Through DataTrain services provided by Wave and ZakSat, content providers will be able to distribute their games, software, news and other electronic information instantaneously via satellite. Eventually, with a growing base of partners, we will be in the position to offer content providers potentially unlimited distribution capabilities, without geographic or technological barriers." -0- Note to Editors: Since 1994, Zaid Al Kazemi Sons (ZAK (Zero Administration Kit) A series of wizards that assist network administrators in using system policies and user profiles in Windows. ZAK was first implemented in Windows 95 and NT. See ZAW, system policy and user profile. ) has been involved in the satellite TV business. In January 1995, Mario J. Pino and a new management team was hired to expand the Zak cable and satellite division and to focus its efforts on distribution of pay TV services where the majority of potential subscribers were to be found: in residential buildings and compounds. ZakSat is 50%-owned by ZAK and 50%-owned by Kuwait Investments and Projects Company (KIPCO KIPCO Kuwait Projects Company (Safat, Kuwait) ). KIPCO is the owner of SHOWTIME, one of ZakSat's pay TV services. The co-ownership of ZakSat by one of its programming providers is an indicator of the strength that ZakSat has to develop its business in the region. Today, ZakSat operates its Global Direct TV systems in the United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. , Kuwait and Seychelles. In December 1996, ZakSat started development of a Fast-Access Satellite-Delivered Internet service to be called "ZakNet." The most advanced MPEG 2 DVB standard-based technology was selected and satellite capacity was secured on the AsiaSat 2 satellite. Two types of Internet delivery were planned for end users. One was a satellite/phone hybrid service that allows users to access the Internet at download speeds of ranging from 200 to 800 kbps. This service allows users to "surf the Net To browse the Internet. The most common Internet browsing today is done on the Web. Before the Web, the Internet was "surfed" via Archie, Gopher, WAIS and other search facilities. See surfing and how to access the Internet. " as they always have using a traditional (participating with ZakNet) Internet service provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. (ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. ) to provide the request connectivity (via phone line) to the Internet while downloads are re-routed via a satellite uplink. This service was filed tested all over Asia and will launch commercially on September 10, 1997. The other method of Internet delivery planned was via a direct and continuous broadcast of popular web sites. This "push" type service will be capable of speeds of up to 8 Mbps due top the fact that no return confirmation via phone line will be required. Broadcast Internet service will launch before the end of 1997. ZakSat is on a path towards being the provider of a global platform that will deliver on all of the promises of the Information Superhighway. The company believes that the Internet will be the centerpiece of a global evolution towards all people becoming more aware of one another and therefore hopefully understanding one another better. Wave Systems Corp. produces a distributed information metering and transaction service, the Wave System, for use in consumer entertainment and education applications. This year Wave introduced the "Great Stuff Network" for individual and corporate content creators to securely sell and distribute their products through the Internet via the Wave System. The Wave System permits microtransactions as low as fractions of a penny. Wave is also developing electronic commerce solutions that will provide electronic content providers with secure distribution as well as new marketing and pricing options that include rental, rent-to own, purchase and pay-per-use transactions. The Wave System gives consumers the convenience and control of obtaining content via the Internet, and eventually CD-ROM and broadband transmissions. For more information about Wave please see the Wave's home page at http://wave.com . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to fund operations, the loss of market share, changes in consumer buying habits and other factors over which Wave Systems Corp. has little or no control. CONTACT: Wave Systems Corp. Mark Marinovich, 408/261-9510 mmarinovich@wavesys.com or ZakSat V.K. Sudakhar, 011 965 473 0833 or The Terpin Group Michael Terpin, 415/344-4944 mterpin@terpin.com or Jaffoni & Collins David C. Collins, 212/505-3015 collins@jcir.com |
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