IWAPI Inc. ("IWAPI")announced that MShift Inc. ("MShift" or "Mobile Shift"), "the mobile banking leader" in the United States, has reaffirmed its strategic relationship with IWAPI and IWAPI's rights to MShift software and technologies. Through two Agreements dated November 2000, MShift granted IWAPI perpetual rights to access, customize, modify, develop, improve, integrate and otherwise refine any and all of MShift's software and technologies as they currently exist and are further developed. Pursuant to the Agreements, IWAPI's applications, products and services, as so customized, modified, developed, improved, integrated and/or refined and offered, are the proprietary and intellectual property of, and belong to, IWAPI. MShift has declared that its reaffirmation of the strategic relationship was motivated, in part, by MShift's desire to narrow the focus of pending claims for relief that have been asserted by IWAPI against MShift before the International Chamber of Commerce's International Court of Arbitration. For more details see: www.iwapi.com/MTI.html.
To clarify, such rights were granted in connection with MShift's early partner program and initial focus of providing wireless application development tools which others could use.
MShift notes that the Agreements are non-exclusive.However, IWAPI is unaware of any third party who currently holds similar rights, and has asserted that MShift is in breach of the Agreements in various respects, including inappropriate attempts to terminate, limit and/or frustrate IWAPI's rights, and competing directly in the market place on more than a limited basis.
MShift is a subsidiary of MTI Ltd. (9438: JASDAQ), Japan's "No.1 paid mobile content provider". www.MShift.com and www.mti.co.jp/eng/.
IWAPI offers applications and services for secure transactions and mobile access to real-time information and data. IWAPI also offers proprietary technologies for specialized Federal, State and Local data collection and maintenance activities. www.iwapi.com
Contacts:
IWAPI Inc.
Dawn Van Velzen, 303-596-4016
info@iwapi.com