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[rayrohn]

February 25, 2004 07:00

Y3K Acquires the Complete Technology Assets and Intellectual Property Rights Related to ICS Secure Collaborative Communications Platform
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SEATTLE, WA, Feb 25, 2004 /PRNewswire-FirstCall via COMTEX/ -- Y3K Secure Enterprise Software, Inc., (OTC/BB: YTHK), an end-to-end unified communications and technologies company serving the small to medium sized business market, announced today the purchase of all of the underlying technology related to its ICS Secure Collaborative Communication platform from Karunga Technologies Corporation, the developer of the ICS platform. Under the terms of the transaction, Y3K has acquired sole, exclusive, world-wide rights to the technology, the source code and all of the development tools related to the ICS platform.

Prior to this purchase, Y3K and Karunga Technologies were operating under a joint development agreement whereby Karunga Technologies and Y3K shared the responsibility for the continuing development of the ICS platform. Prior to the purchase, the profits derived from the sale and distribution of the ICS platform were split on a 50%-50% basis between the two companies. Pursuant to this purchase, all further development of the ICS platform will be done by Y3K and all of the profits will be retained by Y3K.

The acquisition of the material assets of Fox Communications and the purchase of 100% of the rights to the ICS technology and source code completes the final step in positioning Y3K as a company that is able to completely and fully execute on its business plan to provide a complete end-to-end unified communications package to the small to medium sized business market. In addition to the acquisition of all of the ICS technology, Y3K has extended employment contracts to the primary developers of the technology as well as to key management of Karunga Technologies.

By combining voice communications traditionally offered by telephone companies with secure, encrypted data and file transfer, text messaging and e-mail on a single platform from one provider (see the Executive Summary at www.ythk.com); Y3K is now positioned to emerge as a leading company in the world of complete communications solutions.

"Following the acquisition of the material assets of Fox Communications, the further development of our VoIP platform and the recent partnership with Corinex, this latest step in our planned expansion allows Y3K to continue on its current growth path to secure a leadership position as one of the few companies nationwide to provide complete voice and secure communications and technologies to small and medium sized businesses," stated King Cole, President of Y3K.

"Y3K and Karunga Technologies have enjoyed a great partnering arrangement over the last several years. This purchase by Y3K marks the completion of a major milestone in the combined vision of the two companies and paves the way for Y3K to take a strong leadership position in providing the next generation of fully integrated communication products and services," stated Shane Smith, President and CEO of Karunga Technologies. "The talented research and development team led by Cedric Griss, founder, CTO and Chairman of the Board at Karunga Technologies will now, under the new roof of Y3K, integrate IP/PBX voice capabilities onto the ICS platform and will provide economical, high quality VoIP, call management and conferencing on a platform scalable to the needs of small to medium sized business."

The coming together of the two companies will allow Y3K to integrate secure file and data back up, storage and archiving to provide a manageable and economical solution for compliance with new increased governmental regulations that is required by 'Sarbains-Oxley' legislation and HIPPA.

Y3K and its subsidiary, Ecuity Advanced Communications (formerly Fox Communications), will immediately and fully incorporate the complete package of Karunga Technologies into their communication packages for the small to medium business market.

For a complete list of products and services, visit www.ythk.com.

About Y3K Secure Enterprise Software (www.ythk.com)

With corporate offices in Bellevue, Washington, Y3K has emerged as one of the few providers of complete end-to-end unified communication technologies for the small to medium business market. Y3K economically delivers secure next generation voice services, instant messaging, data transfer, long distance plans, conference calling, internet services, WiFi solutions, and enterprise software packages designed to meet the communication needs of today's business world.

Through the integration of web based telecommunications and cutting edge software technology, Y3K's unified communication solutions break down distance, time and media barriers to allow people to communicate anywhere, anytime and across multiple mediums.

Perfectly suited for today's geographically diverse workforce, Y3K's unified communication solutions and software technologies allow businesses to work smart, without barriers.

This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, and the impact of competitive services and pricing and general economic risks and uncertainties.


SOURCE Y3K Secure Enterprise Software, Inc.

Y3K Secure Enterprise Software, Inc., Jennifer Stephens,
[phone], [e-mail]
(YTHK)