California News Tech (OTCBB: CNTE)
Venture Aims to Leverage PublicMemory.com’s Assets With UDICO’s Patented Text Analysis Technology
SAN FRANCISCO, CA–(MARKET WIRE)–Sep 28, 2006 — California News Tech (OTC BB:CNTE.OB – News), the company behind MediaSentiment.com, AnUpperHand.com and PublicMemory.com, announced today that it has entered into a joint venture agreement with UDICO Holdings, led by well-known software industry inventor, Seymour I. Rubinstein, founder of MicroPro International Corporation and developer of WordStar, the original PC-based word processing software program, as well as QuattroPro.
The long-term objective of the parties is to create a new company to combine UDICO’s patented text analysis technology with Public Memory™’s issue-based, Internet research tools. The short-term objective of the joint venture is to explore and pursue the proper capitalization of this new project.
The technology and related four patents that UDICO and Mr. Rubinstein would bring to the new company were developed through a capital expense said to have been around $2.5 million.
This venture forms around the synergy that both parties believe exists between the text analysis patents and technology that UDICO holds and PublicMemory.com’s online research technology and business model. If properly capitalized, within the one-year term of the joint venture agreement, the new project will create a unique opportunity for growth and profitability under a new company. With over 66 million Americans using information from the Internet to make crucial life decisions, according to the Pew Internet & American Life Project, the market for tools to deliver this information in an issue-oriented and personalized context is anticipated to be very significant.
Mr. Rubinstein, who has also served on several boards of directors, commented, “Public Memory™ technology is an ideal technology to benefit from the synergies of combining the targeted data-mining from unstructured data together with the text analysis and content navigation provided by UDICO technology.”
Marian Munz, President and CEO of California News Tech, commented, “This venture aims to bring together the Public Memory assets and talent with the text analysis patents and technology developed under Mr. Rubinstein’s leadership. If the immediate goal of insuring capitalization is accomplished, this project will open the doors to wonderful new opportunities which, I believe will have the potential to maximize shareholder value.”
If you would like to be added to California News Tech’s investor email list please contact Zack Noory with Nexus Investor Relations at znoory@nexusir.com.
About Public Memory
PublicMemory.com, a product of California News Tech (OTC BB:CNTE.OB – News), is changing the way people do online information research. With the Internet documents in the billions and more than 147 million adults online in the US alone, there is a huge opportunity for new tools to enable research on the Internet. Unlike the traditional Internet search tools, Public Memory’s proprietary technology enables Internet users to conduct custom research on the issues that matter to them and to obtain timely information in their area of interest, easily and in a cost efficient manner. To learn more visit www.PublicMemory.com.
About UDICO Holdings
UDICO Holdings is a private California corporation headed by Seymour Rubinstein that holds the technology represented in four issued patents and a fifth under Patent Office Review.
Forward-looking statement: Except for the historical information, the matters discussed in this news release may contain forward-looking statements, including, but not limited to, factors relating to future sales. These forward-looking statements may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, uncertainties in product demand, the impact of competitive products and pricing, changing economic conditions around the world, release and sales of new products and other risk factors detailed in the company’s most recent annual report and other filings with the Securities and Exchange Commission.
Contact:
FOR FURTHER INFORMATION:
AT CALIFORNIA NEWS TECH:
Marian Munz
Chief Executive Officer
877-370-7401
Email Contact
AT NEXUS INVESTOR RELATIONS:
Zack Noory
Managing Partner
310-606-2018
Email Contact
Source: California News Tech
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