InvestNet Signs Memorandum of Understanding to Install and Customize Advance Switch System.
Dragon has also agreed that should utilization of InvestNet's Advance Switch prove successful during a six month evaluation period, it will purchase the Advance Switch source code for U.S. $800,000 payable in four equal installments commencing on March 1, 2005 with the final payment on Dec. 1, 2005. Dragon intends to commit additional research and development resources to augment the Advance Switch source code for the purpose of enhancing telecommunication applications throughout China. Further, Dragon is committed to promoting Advance Switch and will provide InvestNet with any technical expertise that it may require to fully customize Advance Switch to Dragon's business.
Advance Switch is a software engine designed to handle broadband telecommunications. Advance Switch provides wide flexibility for call processing that can be applied to different networks, including combinations of circuit-based networks and packet voice networks using multiple packet voice formats and physical transports. Advance Switch allows standardized commodity computing platforms, operating systems, and development environments to be leveraged, thereby bringing considerable economics to the development, implementation, and processing aspects of telephony. Advance Switch also allows a centralized intelligence in a service provider's voice network to remotely control switching devices located on the customers' premises, a key requirement for full utilization of telephony Internet protocols.
Dragon is a private sector telecommunications carrier that provides call center, fax relay and Internet services throughout China and is the only private sector telecommunications company with a voice platform facility that enables it to connect to all the major telecommunications carriers in China.
InvestNet's chief executive officer, Norman Koo, stated, "This arrangement with Dragon will introduce our Advance Switch technology to a broad array of telecommunication applications and assist us with the research and development resources we need to ensure that Advance Switch will lead the way in advancing software switch engine technology."
InvestNet is engaged in the research and development of real-time business solutions for Chinese businesses involved in telecommunications and securities trading, Internet technologies for handling inbound and outbound route calls, software solutions for inventory, accounting, payroll data control and system integration in addition to providing technical consultancy services that include custom-made solutions and system integration services for corporate clients.
InvestNet is a public company; its common shares trade on the OTCBB under the ticker symbol "IVNE.OB" and on the Berlin stock exchange under the symbol "IWM."
Shareholders and interested parties may obtain more information by visiting InvestNet's Web site at www.investnetinc.com.
A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results InvestNet may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. InvestNet encourages the public to read the information provided here in conjunction with its most recent filings on Form 10KSB and Form 10QSB. InvestNet's public filings may be viewed at www.sec.gov.
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|Date:||Aug 16, 2004|
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