SOURCE: Seamless Technology Inc.

December 04, 2006 09:00 ET

Seamless Technology Announces Exclusive Technology Research and Licensing Agreement With Russian Firm

Seamless Technology to Form Joint Venture With United Russian Technologies

MIAMI, FL -- (MARKET WIRE) -- December 4, 2006 -- Seamless Technology Inc. (PINKSHEETS: SLSX) ( -- a leading U.S. technology holding company and provider of e-business solutions, announced that it has signed an exclusive agreement with United National (Russian) Technologies, Ltd. (URT), a private Russian company based in Moscow. Under the Agreement the two companies will form United Russian Technologies, Inc., a joint venture, for providing intellectual property and services from leading Russian science and research laboratories to commercial markets in the Americas and Europe. The joint venture company will have the exclusive rights to market and license URT products and services in North America, South America, Central America, the Caribbean, and the United Kingdom.

Using the resources made available through URT, the Miami-based joint venture will engage in the business of technology consulting, technology licensing, and technology enhancement (research and development) in the areas of energy, information technology, biotechnology and pharmaceuticals, and will immediately begin seeking partnering opportunities in those industries. The joint venture will additionally seek to use those same resources to help U.S. firms establish new Russian markets.

According to Evgeny Babayan, a director in the venture, "The agreement is significant because it makes Russian technological developments available once again to the U.S. business community. Such cooperation had existed prior to 9/11 but had largely been discontinued since that time. Previously, numerous blue-chip U.S. and global companies had used Russian science, technology and programming resources like those that we make available. Those same types of services, as well as the licensing of technologies, will now be available through the joint venture."

"We are very excited about this agreement, and about the enormous potential of bringing science and technology to corporate America. Many U.S. companies have offshore development and research agreements and facilities, but making the tremendous capabilities of the Russian science and technology base commercially available is truly astounding. We would also look forward to helping U.S. or other firms establish a foothold for their products and services in Russia. Two-way cooperation is the new spirit we hope to achieve," said Seamless Technology Inc.'s CEO and Chairman, Borys Rafalowicz.

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Evgeny Babayan founded URT in 2003 to capitalize on the commmercialization of scientific research in Russia through venture financing and outsourcing in the areas of biotechnology, information technology, energy and materials. Today, the company is incubating dozens of technologies in these areas. Prior to founding URT Mr. Babayan was Head of the Innovation Agency at the Russian Academy of Science (RAS). There he created the innovation policy and model for commercialization of RAS intellectual property. Earlier he was involved in the design and construction of large scale computer networks, development of a pager and internet services company, in the outsourcing of system integration and business consulting, and in acquisition Elbrus, a Russian company. That company had full cycle of chip design with over 600 employees and was acquired by Intel.


Seamless Technology is a publicly traded holding company that focuses on the acquisition, development and operating of Internet based technology companies. It presently owns two established technology companies with excellent industry name recognition and reputations. The Company has located other synergistic businesses that it intends to acquire soon, subject to completion of financing. At December 31, 2005 Seamless had a strong balance sheet and is debt free.

The first subsidiary owned by Seamless is Pinneast Inc. (, an eleven-year-old e-Learning services provider which offers custom web based learning and education, learning management systems, LMS hosting, off the shelf courses and e-Learning technical support. Unlike its competitors, who offer a product that is one size fits all, Pinneast is capable of designing e-Learning products that are tailored to the specific needs of each client. The Company has a present order backlog including contracts from the US-Army and was selected as part of a defense contractor team for the United States Army's Distributed Learning Education and Training Products (DLETP) program. The total contract is estimated at a total value of $483 million over the next five years. Other customers of Pinneast include Dow Chemical, Wachovia, Citigroup, First Data, California Courts, and GlaxoSmithKlein, among others.

The second subsidiary owned by Seamless is MerchandiZer Software, Inc. (, a seven-year-old e-Commerce software company and service provider of end-to-end online storefront and shopping cart services for small to medium-sized companies that want to expand their marketing presence on the Internet sales channel. Over the years the Company's software has been awarded various industry recognition awards, and includes custom design features such as templates that enable web designers to customize sites, as well as an exclusive Internet marketing feature that allows the merchants/clients to optimize their entire catalog for search engines. The software has also been recently reengineered to be highly scalable and meet the demands of exponential growth. The Company primarily services small to medium businesses and its clients include brand name companies such as Dole Plantations, Total Discount Vitamins, Go-To Forms and Kids Customs.


Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release; the Company will appropriately inform the public.

Seamless Technology Inc.
3155 NW 82nd Avenue, Suite 200
Miami, Florida 33122
Phone: 305-477-8177

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