.NEWS!!!!! Advanced Encryption Technology of America, Inc.|
LONG BEACH, Calif.--(BUSINESS WIRE)--Oct. 21, 1998-- Steven Fox, President, Advanced Encryption Technology of America, Inc. (OTC BB: AETI) announced today that revenues of $100,000 have been generated over the past three months by two major ongoing software contracts in Europe (a Major Military Organization and a Fortune 500 European Bank). These contracts have supported our European marketplace, which we expect to grow at a considerable rate.
''Once the agreed upon software changes for the product have been completed, tested and accepted we will conclude negotiations and determine the total number of units that are to be shipped. It is at this time that the major revenue stream begins for the company. The work on these two contracts is scheduled to be completed by calendar year end and they will continue to generate $30,000 monthly revenues until that time'', said Mr.Fox.
AETI also expects that the first revenues generated by the agreement signed with Dynasty Components, Inc. shall start to come in within the next 30 days. Revenues will begin at a moderate rate and should build very quickly each month there after. As previously announced it is anticipated that $500,000 will be generated in the first twelve months, of this agreement.
In other developments, Mr. Fox stated that Ken Andruski, President, of AETI CANADA, has advised that the British Post Office is currently evaluating our Windows NT product. After a successful evaluation, AETI would be placed on an approved product list, this could make AETI's product the only NT security product in the Post Office. Based upon preliminary conversations it is anticipated that this agreement will also generate revenues in excess of $500,000 over the first twelve
''Its been a long time coming'', says Fox, ''for the past two years we have been designing the most sophisticated and the easiest to use encryption products found anywhere in the marketplace. We have been signing multi-million dollar contracts, designing and delivering proto-types to major Corporations, Militaries and Government Agencies all over the world. It is now our time to reap the benefits of our labors, by receiving a steady and ever-increasing revenue stream. We feel, from this point forward AETI will be not only the number one choice for Computer Security, but we will be the only choice.''
Advanced Encryption Technology Inc. is a developer, manufacturer, licenser/licensee and supplier of cryptographic software and hardware solutions to militaries, governments, Fortune 500 customers, and consumers. The company's ''AccessDenied'' Suite of products capitalizes on leading edge smartcard and software technology, which presents customers with cost- effective, high performance data security solutions. AETI continues to be a leader in the cryptographic field with its technology advancements.
Advanced Encryption Technology Holdings has sales offices in Mississauga, Ontario: Ottawa, Ontario: Long Beach, California, and Arnhem, the Netherlands.
Contact: Steven Fox, President, Advanced Encryption Technology of America, Inc. 888-292-2384 (AETI), Ken Andruski, President, Advanced Encryption Technology Holdings, Inc. 905-848-3666, or Brokers and Analysts: Columbia Financial Group, Inc. 888-301-6271. News and information are also available on the World Wide Web at aeti.com.
Steven Fox, President
Advanced Encryption Technology of America, Inc.
Ken Andruski, President
Advanced Encryption Technology Holdings, Inc.
Brokers and Analysts: Columbia Financial Group, Inc.