Innuity Signs Source Code License Agreement
Source Code Acquirer Continues as Ongoing Innuity Customer
REDMOND, Wash. (October 30, 2007) – Innuity, Inc. (OTC BB: INNU), a Software as a Service (SaaS) company that designs, acquires, and integrates affordable solutions for small businesses, announced that it has granted to one of its current Creditdiscovery and private label gateway customers, Terminal Velocity Processing, Inc. (TVP), a source code license to Innuity’s Creditdiscovery merchant life cycle automation software for $300,000.
TVP indicated that it licensed the Creditdiscovery source code so it could automate its direct ISO acquiring business, specifically new account boarding to TSYS, automated risk underwriting, out of pocket verification, and risk/credit decisioning on new merchant applications with its own sales team, resellers, and sales channel. Innuity and TVP also agreed to explore additional technology opportunities that TVP could bring to its customers. Innuity expects TVP to continue as an ongoing customer of Innuity’s private label gateway product.
“This source code licensing transaction with TVP strongly validates the value of our Creditdiscovery technology and software, which we acquired late last year,” said Doug Merryman, president of Innuity’s Merchant Services business line. “We are excited to see this positive market acceptance of our technology’s potential, and look forward to continuing to explore ways to leverage our strong technology assets.”
About Innuity, Inc.Headquartered in Redmond, WA, Innuity is a Software as a Service (SaaS) company that designs, acquires and integrates applications to deliver solutions for small business. Innuity’s Internet technology is based on an affordable, on-demand model that allows small businesses to simply interact with customers, business partners and vendors and efficiently manage their businesses. Innuity delivers its on-demand applications through its Internet technology platform, Innuity Velocity™. The Velocity technology platform enables use-based pricing, provides the opportunity to choose applications individually or as an integrated suite and requires minimum start-up costs and maintenance. For more information on Innuity, go to www.innuity.com.
Forward-Looking StatementsThis press release contains forward-looking statements and information (within the meaning of the Private Securities Litigation Reform Act of 1995), about our financial results and estimates, business prospects, new products, and products under development, all of which involve substantial risk and uncertainties. For example, our business depends in part on the market's adoption of our new product offerings, and our ability to increase our selection of value-added Internet technology applications and solutions, through either internal development or agreements with third parties. Our business will be harmed if our new product offerings are slow to be adopted, or if we are unable to develop or offer additional Internet technology applications and solutions in a timely and cost-effective manner. To expand our Internet technology solutions offerings, we may need to license or acquire other technologies or businesses. We may find that it is difficult to identify or conclude such acquisitions on favorable terms, or to integrate future technology or business acquisitions, which could limit our growth, disrupt our business and adversely affect our operating results. Other factors include, but are not limited to, risks and uncertainties associated with our financial condition, our ability to sell our products and services, our ability to compete with competitors, and those included in our annual report on Form 10-KSB, as well as other documents we periodically file with the Securities and Exchange Commission.
Jordan Silverstein & Christine Berni
The Investor Relations Group