OTC Bulletin Board : OWHC


August 24, 2006 10:16 ET

AskMeNow Signs Letter of Intent for Worldwide Exclusivity of Leading Data Mining & Natural Language Retrieval Technology

Technology Partnership to Help Scale AskMeNow Operations Globally to Help Meet Demand of Its Search Product

IRVINE, CA--(CCNMatthews - August 24, 2006) - AskMeNow, a wholly owned subsidiary of Ocean West Holding Corporation (OTCBB: OWHC), today announced it has signed a letter of intent for a multi-year worldwide exclusive software license agreement for the mobile communications industry with a leading edge semantic intelligent search technology. The name of the technology company will not be disclosed until such time as a definitive agreement is reached.

The semantic intelligent data-mining license offers AskMeNow a unique methodology for enhancing the search and indexing of information in unstructured databases, such as Internet web sites, and structured databases such as a company's knowledge base or Intranet. Intelligent search allows for the retrieval of information in spite of the presence/absence of keywords, misspellings and the meaning of the words expressed in their contexts -- returning the exact answer instantly. Intelligent search through semantics provides the most relevant and precise response, ensuring the highest level of accurate answers possible without human interaction.

AskMeNow believes that integrating this technology into its current search and research operations will greatly further its advantage over mobile search technologies currently on the market; enabling the Company to offer end users and carriers around the world the leading natural language intelligent search solution -- returning answers, not links, to the World Wide Web, ringtones, latest video clips and other popular content.

In addition to lowering operating costs and making AskMeNow a global and scalable product by removing the need for human involvement, the integration of this technology into AskMeNow will also offer the ability to bring a robust Enterprise application into the Company's product line. Many of AskMeNow's current Enterprise customers have expressed interest in this improved product and our two companies intend on co-marketing an Enterprise product on both desktop and mobile platforms.

"Consumers and enterprises are frustrated with WAP browser solutions and complex applications. They're demanding an easy to use search platform to access the vastness of the Internet, the latest content and corporate information instantly," says Darryl Cohen, AskMeNow, CEO.

Integration of the semantic technology into AskMeNow's product has already begun and the Company anticipates having natural language queries fully automated in partnership with its content partners by the end of Q1 2007 and natural language queries for its leading AskMeAnything search product by the end of Q2 2007.

"This license agreement is vitally important as it allows us to rapidly scale while reducing the cost of operations, without making a substantial investment for an acquisition," Cohen states further.

While this is the first endeavor for the unnamed technology partner into the United States wireless market, it has had many successful ventures with Fortune 500 companies in the U.S. and Europe during its 17 years in business.

About AskMeNow

AskMeNow, a wholly owned subsidiary of Ocean West Holding Corporation, is the easiest, most convenient way to access information on the Internet or from local content from your cell phone or mobile PDA device. The first mobile lifestyle network, AskMeNow utilizes its proprietary technology to offer a natural language based interaction and dynamic content provision platform designed for simple and quick information retrieval. Through relationships such as the one previously announced with Rogers Wireless, Canada's leading wireless carrier, the Company generates revenues through per usage fees and one to one contextual mobile advertising sponsorships. AskMeNow launched officially in November 2005. The Company is based in Irvine, California. Please click on for more information.

Forward-Looking Statements

This press release contains certain statements which are not historical or current fact and constitute forward-looking statements within the meaning of such term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual financial or operating results of the Company or AskMeNow to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements are based on our best estimates of future results, performance or achievements, based on current conditions and the most recent results of the Company and AskMeNow. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms may, will, potential, opportunity, belies, belier, expects, intends, estimates, anticipates or plans to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.

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