October 4, 2000
Intelligent Compression Technologies, Inc. (ICT) announced today that Nortel Networks had completed a minority equity investment in ICT of $5 million.
In March of this year, Nortel Networks signed a licensing agreement for the use of ICT's XpressFiles (XPF) Compression Technology. XPF, an advanced, file specific compression program is being integrated into Nortel Networks e-mobility™ Acceleration Software.
Nortel Networks e-mobility™ Acceleration software is designed to enable mobile office applications access to corporate Intranets, e-mail (including downloading of large attachments such as PowerPoint™, Microsoft Word™, Excel™ spreadsheets and graphic files) and web browsing at significantly greater speeds than any other wireless solution available today. In addition, it will adapt today's wireline office applications for wireless channels, thus enabling Internet access and other data services on 2G wireless networks, regardless of air interface, at effective rates of more than 56 kbps.
"Nortel is pleased to strengthen its relationship with Intelligent Compression Technologies," said Loretta Michaels, Director, Wireless Internet Strategic Marketing for Nortel Networks, "ICT's technology will play a vital role in the emerging wireless marketplace. We continue to be impressed with ICT's compression technology and look forward to a long and rewarding business relationship."
"This infusion of capital will further enable ICT to expand its development of advanced compression algorithms as well as enhancing our company's infrastructure," said Bill Sebastian, President of ICT. "ICT's goal is to assist in making true, wireless Internet access a more viable reality in the near future."
About Nortel Networks
Nortel Networks is a global leader in telephony, data, eBusiness, and wireless solutions for the Internet. The Company had 1999 U.S. GAAP revenues of US$21.3 billion and serves carrier, service provider and enterprise customers globally. Today, Nortel Networks is creating a high-performance Internet that is more reliable and faster than ever before. Information about Nortel Networks and its products can be found on the World Wide Web at www.nortelnetworks.com.
About Intelligent Compression Technologies
Intelligent Compression Technologies, Inc., a privately held company located in Massachusetts, is a leading developer of software compression products. XpressFiles contains advanced, file specific compression algorithms for Microsoft Office Programs, graphics, and other mission critical file formats that far exceed the performance of other currently available compression products. The end result is a dramatic increase in file transfer speeds over wire or wireless applications. Visit us at www.accelenet.com.
Media contact: pr@accelenet.com