Filing under Rule 425 under
the Securities Act of 1933
and deemed filed under Rule 14a-12
of the Securities Exchange Act of 1934
Filing by: BROKAT Infosystems AG
Subject Company: Blaze Software, Inc.
SEC File No. of Blaze: 000-29817
Brokat, Blaze, and GemStone
Creating the International e-Business Powerhouse
[GRAPHICS OMITTED]
BROKAT
Version 1.0
20. June 2000
<PAGE>
--------------------------------------------------------------------------------
Target group
This Business White Paper presents the strategic
rationale behind Brokat's acquisition of Blaze
Software and GemStone Systems. It is addressed
mainly to shareholders, customers, partners,
market analysts and industry analysts.
Overview of Contents
Chapter Contents
--------------------------------------------------------------------------------
The platform race is on The e-Business platform market: winning in a
highly competitive business environment.
--------------------------------------------------------------------------------
The e-Services Platform Brokat's e-Services Platform Twister: the right
Twister product at the right time.
--------------------------------------------------------------------------------
New Market Trends and CRM and EJB (J2EE): two new trends emerging in
Customer Requirements the e-Business world.
--------------------------------------------------------------------------------
Three Leading Brokat, Blaze, and GemStone: offering a
e-Infrastructure players consolidated and complementary e-Infrastructure
join forces product.
--------------------------------------------------------------------------------
Summary The new e-Business Powerhouse: benefiting both
customers and partners.
--------------------------------------------------------------------------------
Brokat
Brokat is among the world's leading suppliers of
software for e-Business solutions, and is the
worldwide market leader in the Internet banking
segment. A key product is the modular e-Services
Platform Twister. This far-reaching software
integrates existing IT systems and applications
within companies, and provides secure links to
various electronic channels like the Internet
and mobile communications. Currently more than
2,000 companies, including Allianz, Axa, Bank of
America, Deutsche Bank 24, ABN Amro,
Cable&Wireless, Consors, DBS Bank Singapore,
Swiss Post, SE-Banken, Toronto Dominio Bank and
Union Bank of California. Brokat, founded in
1994, currently employs a workforce of 750 in 15
countries. In calendar year 1999 the Company
realized a sales volume of $ 46 million. Brokat
is headquartered in Stuttgart, Germany.
Further Information
--------------------------------------------------------------------------------
Address Brokat AG
Industriestr. 3
D - 70565 Stuttgart
Tel: +49 - (0) 711 - 78844 - 0
Fax: +49 - (0) 711- 78844 - 777
Email: [email protected]
WWW: www.brokat.com
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
Content
1 The platform race is on.............................................2
2 The e-Services Platform Twister.....................................3
3 New Market Trends and Customer Requirements.........................5
3.1 Customer Relationship Management....................................5
3.2 Enterprise Java Beans (J2EE)........................................5
4 Brokat, Blaze, and GemStone: Three Leading e-Infrastructure players
join forces.........................................................7
4.1 Blaze Software, Inc.................................................7
4.1.1 Company profile.....................................................7
4.1.2 Product offering....................................................7
4.1.3 Joint product vision and roadmap....................................8
4.2 GemStone Systems, Inc...............................................9
4.2.1 Company profile.....................................................9
4.2.2 Product offering....................................................9
4.2.3 Joint product vision and roadmap...................................10
5 Summary............................................................11
<PAGE>
--------------------------------------------------------------------------------
Executive Summary
According to Forrester Research, US companies
will spend $14.5 billion on e-Commerce software
in 2003 but purchasing patterns are likely to be
different than today. Market consolidation will
yield two camps: platform vendors and component
applications providers. (1)
TechMetrix predicts that platform vendors will
dominate the market, especially those who (a)
provide business solutions above their
application server (2) and (b) offer a platform
that combines strong technical infrastructure
with value-added out-of-the-box components,
increasing productivity for System Integrators
(3).
Brokat has foreseen this trend for quite a
while. Brokat first offered its e-Services
Platform Twister, combining technical
infrastructure with ready-to-use business
services, in 1998. In addition, Brokat also
offers out-of-the-box applications for banking,
brokerage, or commerce and enables its partners
to build customer-specific e-Business solutions.
Two highly visible trends affecting platform
requirements today are Customer Relationship
Management (CRM) and Enterprise Java Beans
(EJB). The ability to improve services in order
to increase customer loyalty is a new
requirement that has to be addressed by
CRM-functionality within a platform. The need
for openness leads to what we call
"multi-standard compliance" -- a new platform
requirement on the technical side. By meeting
these two new requirements through the
acquisition of Blaze and GemStone, Brokat is
taking a significant step towards achieving a
major position within the e-Business platform
market.
Blaze Software, Inc. is a leading provider of
rules based software infrastructure that enables
adaptable and personalized interactions which
are consistent across all customer touch points.
GemStone Systems, Inc. is a leading provider of
Java Enterprise Application Server and
distributed objects technology for
mission-critical environments.
Coming together as one company, the new Brokat
will offer integrated, state-of-the-art
e-Business infrastructure. Service providers and
partners will now have a flexible, future-proof,
and customer-focused platform for building
e-Business solutions with lower integration cost
and a shorter time-to-market horizon.
--------------------
1 Forrester Research; Commerce Software Takes Off; March 2000
2 TechMetrix; What's the future of application server vendors?; November 1999
3 TechMetrix; E-business: Reshaping the Application Server Market?; June 2000
<PAGE>
--------------------------------------------------------------------------------
1 The platform race is on
e-Business and the Internet have spawned a new
category of software platform products:
Enterprise Application Servers, e-Business
Platforms, or e-Commerce Servers. Though named
differently they are all about the same idea:
providing a powerful, robust, future-proof, and
flexible infrastructure for doing e-Business.
A variety of software vendors are striving to
lead this dynamic and fast growing "e-platform"
market. Some of them are former application
providers, while others are coming from the
middleware world, and still others are younger
firms that have grown up alongside the Internet.
Different strategies are being applied to win
this race. According to TechMetrix:
"Vendors who provide business solutions above
their application server have put together the
winning cocktail."4
Besides providing application packages on top of
the platform that can provide complete
solutions, the companies heading for the upper
echelons of the e-Business platform market have
to offer a platform product that combines
technical strength (e.g. easy, flexible and fast
application development) with important business
features such as profiling, collaboration or
notification services, attributes that further
shorten time-to-market for total e-Business
solutions.
"The vendors leading the pack today are those
capable of covering the entire scope of Web
application development, including value-added
components and custom application
development."5
--------------------------------------------------------------------------------
Leading vendors offer
integrated platforms [GRAPHIC OMITTED]
Brokat was one of the first companies to realize
the trend towards an integrated platform combing
technical and business infrastructure. Coming
from the e-Finance market, the "e-industry" with
the highest expectations and requirements, we
built our flagship product Twister. This
e-Services Platform has been developed based on
experience and competency gained during several
hundred successful e-Business projects around
the world.
--------------------
4 TechMetrix; What's the future of application server vendors?; November 1999
5 TechMetrix; E-business: Reshaping the Application Server Market?; June 2000
<PAGE>
--------------------------------------------------------------------------------
2 The e-Services Platform Twister
Being a top-league player in any industry means
having a visionary view of the future while also
knowing about how to execute on this vision.
Brokat has had a vision very early and since
then executed on it by winning major projects
with key global players.
The e-Services Platform vision has had its
greatest success within the financial services
market. The financial self-services segment
remains a tremendously vibrant and demanding
market due to complex IT infrastructure
environments, incredibly high security
requirements and a mixture of delivery services
channels.
With the Internet boom, financial institutions
and others have discovered that offering
e-Self-Services decreases cost and increases
quality of customer service.
The software infrastructure addressing the needs
of these financial institutions moving into
e-Business had to combine:
o True multi-channel Customer Interaction
Services covering different access devices
(Multi-channel) and interaction methods
(self-service information and transaction,
as well as collaboration) in order to make
e-Services accessible over a broad selection
of delivery channels;
o Open, secure, reliable, and scaleable
Enterprise Application Server technology for
application deployment and transaction
handling, allowing mission critical
operations while offering support for major
industry-standards;
o An integrated Application Development Center
to empower users to rapidly develop and
permanently modify e-Business applications
in an "EAI-to-GUI" approach;
o Extensive Enterprise Application Integration
Services to seamlessly integrate
Applications and Data residing in arbitrary
back-office environments into e-Services,
and;
o Business Services enabling Customer
Relationship Management (e.g. Collaboration,
Profiling) with the goal of establishing
long-term relationships with customers and
partners ("learning loop") as well as other
business-level services covering horizontal
functions like e.g. Payment and
Workflow-Management.
<PAGE>
--------------------------------------------------------------------------------
Evolution of e-Services
Platforms --
Growing requirements and
new trends [GRAPHIC OMITTED]
The concepts underlying the e-services platform
vision, while having been tested and proven in
the e-Finance environment, they are valid for
e-Businesses as a whole. e-Finance has been a
trendsetter in e-Self-Services and continues to
shape e-Business like no other industry in terms
of technical infrastructure demands, numbers of
users and a very early understanding of Customer
Relationship Management as a key element in the
drive to increase customer retention.
The e-Services Platform approach provides
e-Business players with an extensive integrated
framework of technical and business
infrastructure elements that offer a strong
alternative to multi-vendor/multi-technology
patchwork solutions.
Due to changing market environments, an
infrastructure approach has to be highly
adaptive in order to reflect changing market
environments and dynamics. The Brokat e-Services
Platform concept is an evolutionary approach to
an ever-changing world. In the future, this will
lead to the adoption of new functional elements
demanded by global leaders of the e-Business
revolution.
<PAGE>
--------------------------------------------------------------------------------
3 New Market Trends and Customer Requirements
3.1 Customer Relationship Management
As customer loyalty continues to become more and
more of a vital success factor in today's highly
competitive "e-world", Customer Relationship
Management (CRM) is emerging as the strategic
competitive differentiator.
The goal of Customer Relationship Management is
to optimize customer care in order to obtain
satisfied and loyal customers. To achieve this
goal, more and more companies are starting to
define a new key business process called the
"CRM Cycle" or "Learning Loop."
According to the META Group the Learning Loop
"enables companies to dynamically enhance their
understanding and response to customer needs,
expectations, and behavior through a continual
set of processes that listen to, extract
knowledge from, and respond to customers
regarding when, where, and how they want to
conduct business."6
Forrester Research talks about "Smart
Personalization" when explaining the mechanism
of the Learning Loop: "Firms must move to smart
personalization. Content and services should be
actively tailored to individuals based on rich
knowledge about their preferences and
behavior."7
To build a total, "closed loop" e-Business
solution, integrated business services for
profiling, reporting, and personalization have
to be included in the platform on which the
solution is based. These services are targeted
toward non-technical business users, such as
marketing, allowing them to learn from
customer's behavior over time and personalize
services accordingly.
3.2 Enterprise Java Beans (J2EE)
Regarding technical infrastructure aspects of
e-Business platforms, a stabilization of core
architectures has been taking place. "Besides
CORBA technology, the Java 2 Enterprise Edition
Standard (J2EE) driven by the non-Microsoft
players (Sun, BEA, Oracle, IBM) has overcome its
hype phase and now enters consolidation due to
increasing maturity of the specifications.
Mainstream adoption will be starting not earlier
than by end of 2000."8
"Java(TM) 2 Platform, Enterprise Edition (J2EE),
is a standard architecture to define and support
a multitiered programming model where
thin-client applications invoke business logic
that executes on an Application Server." 9 J2EE
will take its place in the mission-critical
large-scale environments of top-tier e-Business
participants. J2EE's component model is
named Enterprise Java Beans (EJB). It implements
the Java's "Write-once/Run-anywhere" concept at
the Application Server level.
--------------------
6 META Group; Creating a Customer Relationship Management Architecture;
September 1998
7 Forrester Research; Smart Personalization; July 1999
8 GartnerGroup; Middleware Scenario: From Business to E-Business; May 2000
9 Sun; Web Resource;
http://developer.java.sun.com/developer/technicalArticles/J2EE/index.html
<PAGE>
--------------------------------------------------------------------------------
"J2EE's distributed and object-oriented
capabilities tend to be better suited to
large-scale projects. As a result, mind shares
favor a J2EE-compliant application server."10
For infrastructure platform vendors selling into
leading enterprises, it is crucial to supply
error-free implementation of the J2EE standard
in order to satisfy market demands for open
standards. J2EE implementations ready for "prime
time" need to stick to the definition of the
standard and must be robust, scaleable and offer
high-performance in order to be applicable in
mission-critical environments.
For the e-Services Platform, the approaching
adoption of EJB in "real e-Business" represents
a key market need that has to be addressed. The
Enterprise Application Server within the
e-Services Platform has to live up to the
promises of the J2EE standard.
--------------------
10 TechMetrix; E-business: Reshaping the Application Server Market?; June 2000
<PAGE>
--------------------------------------------------------------------------------
4 Brokat, Blaze, and GemStone: Three Leading
e-Infrastructure players join forces
Through the acquisition of Blaze and GemStone by
Brokat, three leading e-Infrastructure have
united to deliver the vision of an integrated
e-Business Platform.
4.1 Blaze Software, Inc.
4.1.1 Company profile
Blaze is a leading provider of rules based
e-Business infrastructure software that enables
companies to implement proprietary policies,
practices, and processes to create adaptable and
personalized interactions with customers in
real-time. The core Blaze Advisor product allows
for rapid modification of business rules that
are embedded into e-Business applications. The
result is more efficient and adaptable
e-Business applications that quickly respond to
rapidly changing market conditions, business
practices, customer desires, and competitive
pressures. The 100 percent Java-compatible suite
is designed to give e-business applications more
personalized interaction for users, leading to
greater customer retention, decreased costs, and
increased sales.
Blaze powers e-business projects for more than
200 customers in the high technology, financial,
insurance, manufacturing, telecommunications,
and healthcare industries. Its products are
embedded in leading e-business software
packages. Blaze offers complete support for
implementations across extended enterprises and
within software applications, including
training, consulting, and integration services.
Blaze Software is headquartered in San Jose,
California, and maintains a global network of
subsidiaries and resellers in North and South
America, Europe, Australia, and Asia.
4.1.2 Product offering
The Blaze Advisor Solution Suite offers a
rule-based approach to business process
management with a particular focus on the
creation of e-Business solutions (e-CRM,
e-Business process automation). Blaze Advisor is
not a full application development environment
but, instead, offers the rules engine that can
be used as the core of business applications.
Rule Engines
Rule engines are software components designed to
process rules quickly and efficiently -- they
use sophisticated algorithms that optimize the
use of computing resources for rule processing.
Rule engines are ideal for implementing
flexible, easy-to-maintain business rule
applications because they keep the rules
separate from the application code. Rule Engines
allow rules to be added or modified dynamically
without taking a running system off line.
Rule Engines are particularly suitable for
building efficient and adaptable e-Business
applications that quickly respond to dynamic
market conditions, business practices, customer
desires, and changing competitive pressures.
Rule Engines allow better Customer Relationship
Management (Personalization), system integration
(EAI = defining interaction
<PAGE>
--------------------------------------------------------------------------------
process between various legacy systems), and
business process automation (e.g. e-Self
Services).
The main benefits of Rule Engines are:
Intensified automation of business operations,
more efficient application development and
maintenance and improved responsiveness.
Blaze Advisor allows business policies and
procedures to be defined in terms of rules,
which can be applied across the entire spectrum
of e-Business applications. As users carry out
their designated tasks, the rules are used to
create context, to identify the nature of
activity, and to direct operational flow to the
appropriate functions.
Physically, the rules are created by the Blaze
Advisor Builder. These are deployed into a rules
database that is controlled by the Blaze Advisor
Rule Engine. Access from the user interface
through the Rule Engine and onto the actual
application logic is achieved through an open
API that allows any application tool (e.g.
Enterprise Application Servers) to build the
rules into its business solution.
4.1.3 Joint product vision and roadmap
Together with Blaze, Brokat will offer
out-of-the-box functionality for Twister to
enable the creation of total, "closed loop"
e-Business solutions. Blaze Advisor will become
the CRM-engine inside Twister extending Twister
with embedded functionality for defining and
closing the CRM cycle.
--------------------------------------------------------------------------------
Blaze Advisor--
the CRM-engine inside
Twister [GRAPHIC OMITTED]
Initially, the rule engine will be offered as a
single add-on component for Twister, allowing
better e-business process automation as well as
personalization of e-Business processes. The
mid-term goal is to offer an integrated
CRM-package consisting of future
Twister-embedded business services allowing easy
and fast deployment of CRM-enabled e-Business
solutions.
<PAGE>
--------------------------------------------------------------------------------
4.2 GemStone Systems, Inc.
4.2.1 Company profile
Founded in 1982, Beaverton (OR)-based GemStone
was the first company to ship an Application
Server for Smalltalk. With the emergence of
Sun's Java Platform, GemStone continued
pioneering component and transactional Internet
technologies for enterprise-class systems in the
Java space. GemStone's production-proven
GemStone/J(R) Application Server today leverages
Java-technology to deploy large-scale, mutlitier
applications. GemStone is a proven leader in the
space of Application Servers implementing the
J2EE standard.
Since the emergence of the Java mainstream,
GemStone has been an acknowledged leading-edge
innovator in Java Server-side technology.
GemStone's customers are corporations throughout
the world seeking to leverage the new Internet
medium while keeping pace with their rapidly
changing business environments. GemStone
customers are Fortune 2000 companies,
independent software companies and Internet
companies building large-scale e-Business
applications in heterogeneous environments.
These key applications include Internet portals,
telecommunications services and billing
integration, brokerage portfolio management,
banking and customer care, cross selling, and
retail real-time inventory management. Examples
of these customers include Banque Generale du
Luxembourg, Deutsche Bank, MoneyGram Payment
Systems, Inc., Visa International, Interpath
Communications, Sprint Communications, BellSouth
Telecommunications, DaimlerChrysler, Campus
Pipeline and Sony.
4.2.2 Product offering
The GemStone/J Application Server, a Java
Application Server flagship, leads the GemStone
product offering with great credibility in the
market. "Characteristics such as persistence,
distribution, object transactions and
administration make up a coherent model that
completely surpasses those of the other products
evaluated ..."11
Key strengths of GemStone/J, in addition to a
strong implementation of the J2EE standard, are
its mission-criticality and performance design
center. GemStone has invented technologies such
as Extreme Clustering(TM) and the Persistent
Cache Architecture(TM), setting the standard in
the field of mission-critical server-side Java.
GemStone/J's multi-Virtual Machine architecture
has brought unchallenged scalability to the
world of Enterpise Java. GemStone/J has just
been released its 4.0 version implementing the
J2EE standard.
--------------------
11 Techmetrix Java App Server Report 1999; Gemstone/J literally leaves all other
products behind
<PAGE>
--------------------------------------------------------------------------------
EJB - part of a new specification defining
Enterprise Java (J2EE) 12
The Java(TM) 2 Platform, Enterprise Edition
(J2EE) defines the standard for developing
multi-tier enterprise applications. J2EE
simplifies enterprise applications by basing
them on standardized, modular components, by
providing a complete set of services to those
components, and by handling many details of
application behavior automatically, without
complex programming.
The Java 2 Platform, Enterprise Edition, takes
advantage of many features of the Java 2
Platform, Standard Edition, such as "Write Once,
Run Anywhere(TM)" portability, JDBC(TM) API for
database access, CORBA technology for
interaction with existing enterprise resources,
and a security model that protects data even in
internet applications. Building on this base,
Java 2 Enterprise Edition adds full support for
Enterprise JavaBeans(TM) components, Java
Servlets API, JavaServer Pages(TM) and XML
technology. The J2EE standard includes complete
specifications and compliance tests to ensure
portability of applications across the wide
range of existing enterprise systems capable of
supporting J2EE.
4.2.3 Joint product vision and roadmap
Together with GemStone, Brokat will provide a
J2EE-compliant Twister product portfolio.
GemStone/J will take the role of being the Java
Enterprise Application Server part of the
Twister e-Services Platform, enabling Brokat
customers to make use of the J2EE industry
standard.
--------------------------------------------------------------------------------
GemStone/J --
the Java Enterprise
Application Server inside
Twister [GRAPHIC OMITTED]
In the future there will be targeted Editions of
Twister. The Twister Professional Edition will
be the Java-only Enterprise Application Server
consisting mainly of GemStone/J technology
whereas the Twister Enterprise Edition will
comprise GemStone/J, the Twister CORBA
Enterprise Application Server, Customer
Interaction Services, Enterprise Application
Integration Services and Business Services such
as Blaze's Rule Engine.
--------------------
12 Sun, Web Resource, http://java.sun.com/j2ee/overview.html
<PAGE>
--------------------------------------------------------------------------------
5 Summary
Brokat, Blaze, and GemStone -- three leading
vendors of e-Business infrastructure software --
will jointly move forward as the "go to"
international e-Business leader. Under the brand
of Brokat and Twister, the company will strive
to achieve a leading position in the e-Business
platform market. Three jointed together as one,
we are set to meet the challenges of the ongoing
e-platform race.
Blaze's CRM Engine and GemStone's J2EE-compliant
Enterprise Application Server are perfect
components complementing the e-Services Platform
Twister.
"Customers want to shorten time-to-market for
their e-business projects. System integrators
need building blocks to conciliate productivity
and openness." 13
With the "new" Twister, customers get a platform for building flexible,
future-proof, and customer-focused e-Business solutions with lower integration
cost and shorter time-to-market. For System Integrators, Value-added Resellers
and other partners an improved platform is now available incorporating
multi-standard compliance, ready-to-use components, and a large set of tools,
thus increasing their productivity in e-Business projects.
Filings with the US SEC
BROKAT plans to file a Registration Statement on Form F-4 with the US SEC in
connection with the Blaze transaction. The Form F-4 will contain an exchange
offer prospectus, a proxy statement for Blaze's special meeting and other
documents. Blaze plans to mail the proxy statement/prospectus contained in the
Form F-4 to its stockholders. The Form F-4 and proxy statement/prospectus will
contain important information about BROKAT, Blaze, the Blaze transaction and
related matters. Investors and stockholders should read the proxy
statement/prospectus and the other documents filed with the US SEC in connection
with the Blaze transaction carefully before they make any decision with respect
to the Blaze transaction. A copy of the merger agreement with respect to the
Blaze transaction has been filed by Blaze as an exhibit to its Form 8-K dated
June 20, 2000. The Form F-4, the proxy statement/prospectus, the Form 8-K and
all other documents filed with the US SEC in connection with the transaction
will be available when filed free of charge at the US SEC's web site at
www.sec.gov. In addition, the proxy statement/prospectus, the Form 8-K and all
other documents filed with the US SEC in connection with the Blaze transaction
will be made available to investors free of charge by calling or writing to:
Brokat Infosystems AG
Silke Simon
Head of Investor Relations
Industriestr.3
70565 Stuttgart, Germany
Phone: +49-711-78844 298
Email: [email protected]
Blaze Software, Inc.
Gary Shroyer
Investor Relations Department
150 Almaden Blvd.
San Jose, CA 951134
(408) 535-1757
In addition to the Form F-4, the proxy statement/prospectus and the other
documents filed with the US SEC in connection with the Blaze transaction, Blaze
is obligated to file annual, quarterly and special reports, proxy statements and
other information with the US SEC. You may read and copy any reports, statements
and other information filed with the US SEC at the US SEC's public reference
rooms at 450 Fifth Street, N.W.,
--------------------
13 TechMetrix; What's the future of application server vendors?; November 1999
<PAGE>
--------------------------------------------------------------------------------
Washington, D.C. 20549 or at the other public reference rooms in New York, New
York and Chicago, Illinois. Please call the US SEC at 1-800-SEC-0330 for further
information on public reference rooms. Filings with the US SEC also are
available to the public from commercial document-retrieval services and at the
web site maintained by the US SEC at http//www.sec.gov.
Solicitation of Proxies; Interests of Certain Persons in the Transaction
The identity of the people who, under SEC rules, may be considered "participants
in the solicitation" of Blaze stockholders in connection with the proposed
merger, and a description of their interests, is available in an SEC filing on
Schedule 14A made by Blaze on June 21, 2000.
Forward-Looking Statements
This release contains statements that constitute forward looking statements
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward looking statements are statements other than historical information or
statements of current condition. These statements appear in a number of places
in this release and include statements concerning the parties' intent, belief or
current expectations regarding future events, including: the transactions; other
transactions to which the parties may be a party; competition in the industry;
changing technology and future demand for products; changes in business strategy
or development plans; ability to attract and retain qualified personnel;
worldwide economic and business conditions; regulatory, legislative and judicial
developments; financing plans; and trends affecting the parties' financial
condition or results of operations. Forward looking statements are not
guarantees of future performance and involve risks and uncertainties, and actual
results may differ materially from those in the forward looking statements as a
result of various factors. Although management of the parties believe that their
expectations reflected in the forward looking statements are reasonable based on
information currently available to them, they cannot assure you that the
expectations will prove to have been correct. Accordingly, you should not place
undue reliance on these forward looking statements. In any event, these
statements speak only as of the date of this release. The parties undertake no
obligation to revise or update any of them to reflect events or circumstances
after the date of this release, or to reflect new information or the occurrence
of unanticipated events. Readers are referred to Blaze's Annual Report to
Stockholders and BROKAT's and Blaze's other filings with the US SEC for a
discussion of these and other important risk factors concerning the parties and
their respective operations.