SOURCE: California News Tech

June 17, 2005 16:27 ET

California News Tech Announces Letter of Intent to Merge Technology and Patents Created by Seymour I. Rubinstein, Renown Software Industry Inventor

SAN FRANCISCO, CA -- (MARKET WIRE) -- June 17, 2005 -- California News Tech (OTC BB: CNTE), the creator of the Media Sentiment™ (www.MediaSentiment.com), Media Sentiment Index™ and aHeadsUp™ (www.aHeadsUp.com), decision tools for active investors, announced today that it has entered into a non-binding letter of intent to acquire intellectual property, including intangible assets, programming code, and patents, created 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. Mr. Rubinstein has also served on several boards of directors.

"We believe that this transaction will create great value for the company if consummated," said Marian Munz, President & CEO of California News Tech. "This technology, together with Mr. Rubinstein's enormous talent and experience, represents a fantastic opportunity and greatly complements our Media Sentiment technology and our current team."

In signing this Letter of Intent, Mr. Rubinstein said, "I'm looking forward to this new assignment and the opportunity to create a marriage of the technologies represented by what I have done, and the brilliant technology represented by California News Tech."

It is the intent of both parties that Mr. Rubinstein will become an active member of the senior management team of California News Tech if the acquisition is completed.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of California News Tech in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under applicable securities laws, or absent the availability of an exemption from such registration or qualification requirements.

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