ATLANTA, Aug. 16 /PRNewswire/ --
Preferred Networks, Inc. (OTC Bulletin Board: PFNT), a developer and supplier
of advanced communications networking products and a leading provider of
network services to the wireless industry, today reported that it has changed
its name to "PNI Technologies, Inc." Both its networking products business
and its network services division (formerly PNI Access Services) will operate
under the new name, and the company will continue to trade under the symbol
PFNT. PNI Technologies, Inc. ("PNI") has adopted the new name to better
reflect its broadening opportunities in the Internet-wireless marketplace.
PNI's origins as a network service provider led it to develop a number of
advanced networking technologies that provide greater processing efficiencies,
network cost savings, and an open platform for unified Internet-wireless
service offerings. Recognizing a significant market opportunity in bringing
these same powerful solutions to other companies, PNI has begun to introduce
hardware and software products that incorporate these technologies. Since
January 2000, PNI has started to ship its first three networking products to
customers: the iTerminal(TM) desktop product that enables Internet transport
of wireless messaging traffic; the iLink Internet TNPP router; and the
Platform1(TM) high-speed, intelligent, modular switch. PNI plans to introduce
additional applications that will address Internet service providers ("ISPs"),
competitive local exchange carriers ("CLECs"), two-way wireless data and voice
carriers, and private networking companies.
Mark Dunaway, CEO of PNI Technologies, Inc., said, "Changing our name to
PNI Technologies, Inc. preserves continuity of our reputation for
high-quality products and services with our customers, while more broadly
conveying our emerging position in the Internet-wireless marketplace. Our new
networking products provide companies with the unique opportunity to expand
their service offerings while reducing operating costs. PNI is harnessing the
power of the Internet to eliminate many of the traditional barriers to entry
that companies have faced in offering value-added and next generation
services." Dunaway added, "In addition to our new market segment
opportunities, PNI's network service business has an established base of
customers that can also benefit from our networking products. By purchasing
our networking products, we believe these customers will be more competitive
in offering services on PNI's networks to their subscribers."
PNI will showcase its networking products at the 2000 Personal
Communications Industry Association Global Xchange (PCIA) Show in Chicago in
late September. The 2000 show marks the first in which PNI will have its own
display booth, which will include PNI's currently selling iTerminal, iLink,
and Platform1 products, as well as demonstrations of new applications and
modules in development. Last September at the 1999 PCIA show in New Orleans,
PNI demonstrated the prototype for its Platform1. PNI's booth at the 2000
PCIA show will be #1925.
About PNI Technologies, Inc.:
PNI Technologies, Inc. is a developer and supplier of advanced networking
hardware and software products for companies that operate in the wireless,
fixed network and Internet marketplaces. These products provide companies
with greater processing efficiencies, cost savings, and an open platform to
bring them closer to their customers through unified service offerings. PNI
also owns and operates one-way wireless messaging networks in the Eastern
United States and provides unbranded, wholesale network services to companies.
PNI's address on the World Wide Web is: http://www.pni.net .
Safe Harbor Statement:
Safe Harbor Statement Under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release which are not historical
facts, are forward-looking statements that are subject to risks and
uncertainties, including those identified in PNI's 1999 Annual Report on Form
10-K and subsequent quarterly reports on Form 10-Q, and actual results could
differ materially from those anticipated in the forward-looking statements.
Certain information included in this release contains statements that are or
will be forward-looking. Such forward-looking information involves important
risks and uncertainties that could significantly effect anticipated results in
the future and, accordingly, such results may differ from those expressed in
any forward-looking statements made by or on behalf of PNI. These risks and
uncertainties include, but are not limited to, risks related to technological
change in the wireless industries; risks associated with PNI's efforts to
commercialize and market successfully its networking products, such as the
Platform1 and iTerminal products; the relatively unproven nature of PNI's
networking products, which represent a new product line for PNI; and
challenges to PNI's technologies (such as challenges to the validity of
patents on PNI's switching technology). PNI operates in a highly competitive
marketplace and new product developments by competitors can occur at any time,
thereby diminishing the attractiveness of PNI's products.
SOURCE PNI Technologies, Inc.
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Related links:
http://www.pni.net
Company News On-Call:
http://www.prnewswire.com/comp/109794.html or fax,
800-758-5804, ext. 109794
CONTACT:
Kathryn Loev Putnam, Senior Vice President
and Chief Financial Officer of PNI Technologies, 770-582-3507
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