Wednesday April 28, 11:16 am Eastern Time|
Company Press Release
Carnegie International Corporation Moves
to American Stock Exchange
Signs Letter of Intent to Acquire Internet's MailGong
BALTIMORE--(BUSINESS WIRE)--April 28, 1999-- Carnegie International Corporation (OTC BB: CAGI -
news) said today that it has been granted a listing on the American Stock Exchange (AMEX: CGY - news), and
that today is its last day of trading on the OTC Bulletin Board.
Carnegie Chairman E. David Gable said ''the move to this prestigious quoted exchange is yet another major
step forward for Carnegie and our loyal shareholders and employees. We believe being listed on the AMEX
will open and position Carnegie to a new group of investors, including institutional investors, around the world.''
Lowell Farkas, Carnegie's president and CEO, said the AMEX listing ''should further increase Carnegie's
ability to continue to grow through acquisition, as it has the past several years.''
Carnegie to Acquire INSI/NetGong
On Tuesday Carnegie signed a Letter of Intent to acquire Internet Notification Solutions, Inc. (INSI), a Delaware
corporation, and its wholly-owned subsidiary NetGong, which created MailGong(tm), one of the most advanced
e-mail notification software systems for the Internet. Following due diligence and acceptance of final terms by
both companies, Carnegie would own a very popular application that meets users' needs while reducing
capacity problems for Internet Service Providers (ISPs).
MailGong's unique patent-pending technology notifies a PC user when an event, such as the arrival of e-mail
occurs, even if the PC is off-line. Notification is provided without a telecommunication fee to the user and
reduces the workload on ISP's systems or a business's Intranet. MailGong also can automatically forward
notification to other PCs, phones, fax machines, pagers and similar devices. MailGong is marketed on a
revenue-share basis through ISPs as well as directly to large corporate systems users.
INSI was founded by S.H.F. Computers, an Israeli high-tech pioneer and leader which has developed
sophisticated communications software for major IT corporations including Motorola (NYSE: MOT - news),
3Com (NASDAQ: COMS - news), and Bay Networks (part of Northern Telecom, NYSE: NT) for more than 20
''We are pleased with the potential acquisition of INSI by Carnegie,'' said Jack L. Rivkin, senior vice president,
Investments, with the Travelers Investment Group, a subsidiary of Citigroup, Inc. (NYSE: C - news). ''Through its
business model, Carnegie can fully exploit the significant technologies developed by Gidi Lefeber and his
team in Israel.'' Travelers Insurance companies were an early investor in INSI.
B. Chris Schwartz, Carnegie's new COO, updated an announcement made on April 16 concerning Carnegie's
Paramount International Telecommunications subsidiary. Schwartz said Paramount, which is partnering with
BCT.TELUS to provide value-added telephony services, will be processing U.S.-bound phone calls from
26,000 pay phones in Canada. David Moody, Paramount's chairman, said the service is an integral part of its
expanded relationship with BCT.TELUS (TSE:BTS - news) and should add $36 million (of the projected $60
million-plus total) in revenue to Paramount over the next three years. BCT.TELUS is 26 per cent owned by
U.S.-based GTE Corporation (NYSE: GTE - news).
Carnegie International Corporation (OTC BB: CAGI - news) is an Internet support and computer telephony
holding company with specialization in telecommunications products, services and distribution, and in
E-Commerce and EDI. Its MAVIS (Multi-Language Automated Voice Independent System) is a breakthrough
in speech recognition-driven automated attendant/ voice mail systems, using proprietary IVR (interactive voice
response) software to recognize/respond to callers. Along with Paramount, Carnegie subsidiaries include:
RomNet Support Services, Inc., an Internet, e-business and technical support services company, Profit Through
Telecommunications (Europe) Ltd. (PTT), a telecommunications software company providing business
solutions utilizing proprietary speech recognition, touch tone and bar code responses to send and/or receive
information; ACC Telecom, a leading reseller of equipment and business telephone systems from Comdial
(NASDAQ: CMDL - news), SONY® (NYSE: SNE - news), and Sprint® (NYSE: FON - news), and Voice Quest,
Inc., a developer and provider of speech recognition and voice mail technologies and products.
This release may include information that could constitute forward-looking statements made pursuant to the
safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking
statements may involve risk and uncertainties that could cause actual results to differ materially from any future
results encompassed within the forward-looking statements. Factors that could cause or contribute to such
differences include those matters dis