SAN FRANCISCO, CA -- (MARKET WIRE) -- Jun 17, 2005 -- California News
Tech (OTC BB:CNTE.OB - News), the creator of the
Media Sentiment(TM) (www.MediaSentiment.com), Media
Sentiment Index(TM) and aHeadsUp(TM) (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.
