EnterNet Inc. Signs Letter of Intent to Acquire a Revolutionary Internet Firewall and Virus Blocker
SCOTTSDALE, Ariz., Jan 8, 2002 (BUSINESS WIRE) -- EnterNet Inc. (OTCBB:ETEN) is pleased to announce today that it has signed a Letter of Intent with Preferred Internet Technology, Inc. of Scottsdale, Ariz., to acquire, for restricted stock and cash, all rights, title and interest in their patent pending Router / Firewall / VirusBlock hardware device, known as netMind.
The netMind product -- three years in the market -- essentially makes a user network invisible to the Internet (via any method of connection) effectively blocking any unauthorized or unwanted source of intrusion such as "hackers", worm or executable (`exe' attachments) Trojan Horse viruses. The plug and play software/hardware solution provides a proven secure firewall and virus block protection (complete with "Packet Filtering and Stateful Inspection") and is not only the smallest product of its type on the market today, but is also the only such product with a patent pending. Its optional Secure Virtual Private Network (SVPN) also offers a 512 byte-encrypted tunnel for data and packet handling.
In addition to its vast business application, netMIND -- www.netmind-firewall.com -- is also attractively priced offering a significant discount to its competitors, with base prices starting at under $700.00/unit compared to that of almost $3,000.00/unit for its nearest competitor's product.
And as there are no updates to download or additional (future) software purchases required to keep the product current, the one time purchase price further adds to its overall cost efficiency.
The closing of the netMIND acquisition completes two important steps regarding EnterNet's corporate objectives:
-- 1. netMIND is natural external hardware compliment, "hand in glove" add-on to the Company's iCyberdata Court Manager Suite of products, previously announced by EnterNet (November 19, 2001)
-- 2. The product's standalone market potential will be a
lucrative revenue source for EnterNet.
During the three years that netMIND has been marketing and installing their proprietary product, it has become dramatically obvious that the market potential is vast. According to recent Nielsen/Net ratings, there are currently over 400 Million Internet users globally, 162 Million of those in the United States alone. That measure combined with Internet security experts -- as quoted by CNN.com and Reuters -- stating that 2001 was the worst year for computer viruses with an estimated $2.6 Billion in damages, to some 300,000 computers, and an estimated $12.3 Billion to actually fix the damage, it is no surprise that there is a (2002) potential market of $32 Billion for Internet related products, with firewalls and virus protection making up a substantial portion of that.
As such, it is EnterNet's goal -- and Management believes it to be an attainable one -- to become the key industry supplier of such Internet security products to small, midsize and home-based businesses.
Note: Please watch for further details regarding a Hackers Challenge to be sponsored by EnterNet. This challenge will prove the security of not only the firewall but also VirusBlock and will offer a significant cash price to the hackers of the world.
Forward-looking Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21 B of the Securities and Exchange Act of 1934, as amended. Readers are cautioned not place undue reliance on these forward-looking statements, which are only predictions and only speak as of the date hereof. Forward-looking Statements usually contain the words "estimate", " anticipate", "believe", "plan", "expect", or similar expressions and are subject to numerous known and unknown risks and uncertainties. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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