SOURCE: Innofone.com

August 10, 2005 13:57 ET

Innofone.com Enters Into Acquisition Agreement With IPv6 Summit, Inc.; Appoints Alex Lightman as CEO

OLNEY, MD -- (MARKET WIRE) -- August 10, 2005 -- Innofone.com Inc. (OTC BB: INFN) today announced that it has entered into a Stock Purchase Agreement whereby it will acquire 100% of the equity in IPv6 Summit, Inc., a Nevada company, (the "Acquisition"). Under the terms of the Acquisition, Thirty Three Million, Three Hundred and Thirty Three Thousand (33,333,000) shares of the Company's common stock will be issued to the shareholder of IPv6 Summit, Inc., a Santa Monica, California-based Technology Company.

Alex Lightman, Founder and CEO of IPv6 Summit, Inc., has been appointed Chairman and Chief Executive Officer of Innofone.com Inc.

IPv6: IPv6 stands for Internet Protocol version 6 and is the successor protocol to the current Internet, Internet Protocol version 4, which was introduced in June 1973 and turned 32 years old this summer. IPv4 is a 32-bit protocol, while IPv6 is 128-bits, allowing for 3.4 x 10 to the 38th power new IP addresses, and thus allowing for a vast increase in connecting people, places, and things to the Internet. IPv6 has new labels for Quality of Service and Flow that are being integrated into new products and services under development by many companies, and most new routers and operating systems include IPv6. IPv6 usage, in packets, is expected to grow over 1,000 times between now and 2010 in part due to dozens of government IPv6 mandates and new hardware and software that uses IPv6 for what some perceive as greater potential Internet security and quality.

Leadership: IPv6 Summit, Inc. CEO and Chairman Alex Lightman are among the few recognized leaders of the emerging IPv6 industry. Mr. Lightman and IPv6 Summit are the leading organizers of IPv6 events in North America and Mr. Lightman has chaired seven IPv6 events, including the Coalition Summit for IPv6 that attracted government representatives from over a dozen allied nations. Mr. Lightman edits and publishes the only international periodical on IPv6, the 6Sense newsletter, and has written a number of articles related to the business and policy changes needed to realize the vast potential of an accelerated IPv6 transition.

Mr. Lightman was the initiator of the U.S. Congressional Hearings on IPv6 held by the Government Reform Committee and chaired by Congressman Tom Davis, who based the hearing title "To Lead or Follow: The Next Generation Internet and the Transition to IPv6" on Mr. Lightman's April 6Sense article (available online at http://www.usipv6.com) calling for IPv6 leadership by the U.S. government to maintain overall Internet leadership. Mr. Lightman testified at the hearings, held June 28, 2005, which prompted the Office of Management and Budget announcement on June 29 of a requirement to support IPv6 federal-wide by mid-2008.

Mr. Lightman has spoken or keynoted on IPv6 in Europe, Japan, China, Korea, Australia, and New Zealand as well as in the U.S. Mr. Lightman is also an inventor, with patents both issued and pending in the area of pervasive computing, and was named a "CEO of the Future" by The Chief Executive magazine. He is the author of "Brave New Unwired World: The Digital Big Bang and the Infinite Internet," published by John Wiley in 2002, the first book on 4G wireless broadband and over 100 articles related to business and technology in ten publications. He is a 1983 graduate of MIT and attended graduate school at Harvard University.

About IPv6 Summit, Inc.: The Company is among the leading organizers of IPv6 events in the world and derives revenue from several sources:

Sponsorships -- The Company accounts for a significant fraction of total global historical sponsorships for IPv6, from 44 companies and the U.S. and Japanese governments.

Attendee Fees -- The Company has generated a significant fraction of attendee fees for IPv6 events, including those sponsored by governments.

Training Fees -- The Company has provided trainings and briefings, through its tutorials and briefings, to over 1,000 people to date.

Consulting to Governments -- The Company is one of a very small number of contractors to the U.S. Dept. of Defense IPv6 Transition Office, the first budgeted IPv6 office in the U.S. federal government, and authored one of the two plans for the DoD-wide IPv6 transition.

New sources of revenue during the 2005-2007 periods will be derived from:

Consulting to Corporations -- serving the need for companies seeking to understand, act, profit, and lead their industries in v6.

Consulting to Governments -- providing plans and projects to assist and enable in budgeting, purchasing, testing, deploying, and maintaining IPv6 related infrastructure for national IPv6 transitions, with an emphasis on defense and security.

Software Revenue -- acting as online distributor of IPv6-capable software and developing software that utilizes the new features of IPv6 for massively multiuser platforms, including games and remote training, services, and presentations.

Subscription Revenue -- offering broadband IPv6 wireline and wireless services, as an IPv6-centric ISP and WISP, including Voice over IPv6 and Video over IPv6.

Information Revenue -- setting up one of the largest IPv6 information portals, building on the existing multiple gigabytes of IPv6 related information on http://www.usipv6.com

Safe Harbor Forward-Looking Statements

Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. The above information does not guarantee any successful closing of new business. No assurances can be given that any projections related to gross revenues or profit margins will be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.

Innofone.com Inc. (OTC BB: INFN)

Contact Information

  • Contact:
    Alex Lightman
    IPv6 Summit Inc.
    1431 Ocean Avenue, Suite 1500
    Santa Monica, CA 90401
    Tel. 310-458-3233