BELLEVUE, Wash., May 26, 2004 (PRIMEZONE) -- Y3K Secure Enterprise Software Inc. (OTCBB:YTHK), an end-to-end unified communications and technologies company serving the small to medium business and residential markets, today announced that it has entered into substantive negotiations with Pacific Communication Systems, Inc., (PCS) for the purpose of completing a definitive agreement for Y3K's acquisition of PCS a Silicon Valley-based ISP and wireless technology (WiFi) provider for shares of Y3K's common stock. In addition to the shares, it is expected that under the terms of the acquisition Y3K will be obligated to make quarterly capital investments to fund PCS operations over a one-year period.
When and if the acquisition is completed, Y3K expects to gain PCS's ISP network, which provides a connection to the public Internet, and its WiFi expertise. PCS supplies wireless technology services to hundreds of customers, including commercial buildings, government applications, diversified retail locations, small businesses and residential complexes. Its major business lines are: DSL/Broadband connectivity and hosting for small/medium sized businesses; DSL/Broadband and WiFi services to commercial and residential campuses; Broadband and WiFi to large enterprises such as national fast food chains; and technological consulting.
King Cole, president of Y3K said, "PCS's expertise in WiFi is a perfect fit with Y3K's business strategy to deliver secure voice and document services and products to the small and medium sized business community. Its acquisition will extend the range of services we can provide and secures us a new customer base. We expect that it will have an immediate positive effect on top line growth and a substantial positive impact in our fiscal year 2005. Importantly, PCS has the same approach as Y3K to systems design with systems that are easy for customers to tailor to their needs that are minimally disruptive to customer operations and require little employee involvement."
William F. Wiles, president of PCS, said, "The PCS Team is very excited about completing the acquisition as the strength of the combined companies will allow PCS to aggressively pursue several large multi-location enterprise opportunities, including a national fast-food chain, that are currently in discussion. The ability to offer Y3K's suite of services in addition to PCS's high speed connectivity and WiFi solutions provides a very complete package and a compelling story."
About Y3K Secure Enterprise Software, Inc. (www.ythk.com)
Y3K Secure Enterprise Software is a provider of end-to-end unified communication technologies for the small- to medium-business market. Y3K uses secure next-generation voice services, instant messaging, data transfer, internet, conference calling and enterprise software to create solutions that meet the communication needs of today's business world.
Through the integration of web-based telecommunications and cutting edge software technology, Y3K economically delivers secure unified communication solutions that break down distance, time and media barriers to allow people to communicate anywhere, anytime and across multiple mediums. Y3K has offices in Bellevue and Seattle, Washington.
About Pacific Communication Systems, Inc.
Since 1996, Pacific Communication Systems has provided Internet business solutions focused on the business professional and corporation Internet access market. These solutions have been provided to a wide variety of client environments including commercial buildings, government applications, retail locations including coffee shops and micro-brew pubs, small businesses and residential complexes. Building on its high-speed wired and wireless connectivity that it provides to a broad customer base, PCS has worked with developers and property management companies to tailor solutions to fulfill the needs of large commercial and residential sites for both wired and wireless services. Further, PCS's solutions have been customized to provide added customer services and enhanced internal communications to large enterprises such as the fast food industry. With these enhanced solutions and services, PCS is rapidly becoming recognized as a company that provides reliable full solutions across all market sectors.
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.