[BROKAT logo]
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
WELCOME TO BROKAT Infosystems AG
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[Graphic omitted]
<PAGE>
[BROKAT logo] 2
www.brokat.com
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CONTENT
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COMPANY OVERVIEW
MARKET STRATEGY
& STRATEGIC RATIONALE
OF THE ANNOUNCED
[Graphic omitted] ACQUISITIONS
FINANCIALS & CONCLUSION
APPENDICES
<PAGE>
[BROKAT logo] 3
WHO'S BROKAT?
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BROKAT IS AN e-BUSINESS HYPERGROWTH COMPANY
o September 17th 1994 founded in Germany by 5 Partners
o Established European market leader in e-Banking
o Inroads into other verticals
o >700 employees worldwide
[Graphic omitted]
o Strong international presence
o Over 2000 financial companies using BROKAT Twister-
solutions worldwide
o More than 2.5 million end-users in Europe are already
doing Internet banking and brokerage based on BROKAT
technology today
<PAGE>
[BROKAT logo] 4
COMPANY OVERVIEW
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Business Sector: Software for e-Business
Main Product: The e-Services platform TWISTER
Software, that integrates
existing IT systems and
applications within companies
(Enterprise Application
Integration), and securely
connects them to various
electronic channels like the
internet, mobile phones or call
centers
Vertical Applications: e-Business applications for
financial services and e-Commerce
Target Customers: Companies and institutions that
offer services and transactions
via electronic channels
Project Volume: 1 m DM on average
Main Source of Revenue: License sales
<PAGE>
[BROKAT logo] 5
BROKAT CUSTOMERS
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WHO'S WHO IN INTERNET BANKING AND e-COMMERCE
e-Banking / e-Brokerage
[Graphic omitted]
e-Commerce
[Graphic omitted]
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[BROKAT logo] 6
WORLDWIDE PARTNER NETWORK
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BROKAT AND HIS TORNADO PARTNERS
Tornado Partner
[Graphic omitted]
<PAGE>
[BROKAT logo] 7
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CONTENT
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COMPANY OVERVIEW
[Graphic omitted]
MARKET STRATEGY
& STRATEGIC RATIONALE
OF THE ANNOUNCED ACQUISITIONS
FINANCIALS & CONCLUSION
APPENDICES
<PAGE>
[BROKAT logo] 8
MARKET DRIVEN SOFTWARE DEVELOPMENT
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DIVISIONAL STRUCTURE FOR A FOCUSED SOFTWARE DEVELOPMENT
[Graphic omitted]
Brokat
Infosystems AG
Corporate Field
Services Operations Brokat Twister Division
(e.g. Finance/Admin.) Unit
Brokat Financial Systems Division
Brokat Commerce Systems Division
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[BROKAT logo] 9
BROKAT TWISTER - SOFTWARE ARCHITECTURE
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[Graphic omitted]
END-DEVICES NETWORKS BROKAT TWISTER BACK-END SYSTEMS
<PAGE>
[BROKAT logo] 10
HOW DO WE VIEW THE MARKET?
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BUSINESS DISAGGREGATION AND e-FRONT OFFICE
[Graphic omitted]
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[BROKAT logo] 11
CONVENTIONAL FRONT-OFFICE BUSINESS AND E-BUSINESS COEXIST . . .
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Conventional Front Office (trad. CRM)
[Graphic omitted]
<PAGE>
[BROKAT logo] 12
. . . AND FINALLY FORM THE e-FRONT OFFICE
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Traditional Channels e-Front Office (e-CRM)
[Graphic omitted]
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[BROKAT logo] 13
COMBINING BROKAT, GemStone & BLAZE FIELD ORGANIZATIONS
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Challenging growth
opportunities
[Graphic omitted] o One strong US field
organization
o Growing market share by
consolidating market
o Higher market penetration
BROKAT due to increasing customer
US Field Organization base
o Sales
o Professional Services
o Customer Support
o Marketing
o Enlarged product portfolio
and the offering of an
integrated platform
solution
o An-organic growth by
combined skilled resources
o Increase of human capital
by knowledge combination
and exchange
<PAGE>
[BROKAT logo] 14
BROKAT POSITIONING
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A BLUEPRINT FOR e-FRONT-OFFICE
o For companies that provide
transactional services over
electronic distribution
channels ("e-Services"),
BROKAT supples
SW-infrastructure and
applications.
o Unlike other software vendors
offering individual pieces of
a puzzle, BROKAT delivers
integrated e-Front Office
solutions that combine
technology elements and
business logic.
[Graphic omitted] o Vertically BROKAT
is focused on financial
applications such as
e-Banking, e-Brokerage or
e-Payment.
o Horizontally BROKAT is
specialized in integrating
electronic delivery channels
such as the Internet or mobile
phone, with a particular
emphasis on mobile
authentication ("meSign").
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[BROKAT logo] 15
FINANCIAL SYSTEMS DIVISION
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THE FINANCIAL SYSTEMS DIVISION COMBINES THE TWISTER-PLATFORM WITH IN-HOUSE
DEVELOPED AND STANDARDIZED APPLICATIONS FOR THE FINANCIAL INDUSTRY
LEADING FINANCIAL INSTITUTIONS ARE IMPLEMENTING BROKAT TECHNOLOGY
SEB:
o Largest bank in Scandinavia
o 380.000 online customers
TD Bank Financial Group
o Largest bank in Canada [SEB logo]
o 2.2 million online accounts
[TD logo]
<PAGE>
[BROKAT logo] 16
FINANCIAL SYSTEMS DIVISION
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THE FINANCIAL SYSTEMS DIVISION COMBINES THE TWISTER-PLATFORM WITH IN-HOUSE
DEVELOPED AND STANDARDIZED APPLICATIONS FOR THE FINANCIAL INDUSTRY
o For retail banking
- banking and brokerage
o For corporate banking [Graphic omitted]
- cash management
o The goal: the "bank out of the box"
o Fernbach's reference model
standardizes the access to all
banking data available 24 hours/7
days
Recent customer wins are leading financial institutions such as SEB, the largest
bank in Scandinavia, with 380,000 online accounts and TD Bank Financial Group,
the largest bank in Canada, with 2.2 million online accounts are implementing
BROKAT technology
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[BROKAT logo] 17
SUCCESSFUL ACQUISITION
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THE FERNBACH-GROUP, LUXEMBOURG
o 107 employees with excellent banking know-how
o Fernbach is a leading provider of data warehousing software for banking
administration. It provides a reference model for saving all existing
banking data (customer -, transaction -, account-, and market data...)
including the business logic.
o The reference model is a major part of the BROKAT finance applications.
It provides:
o Standardized access to all banking data
o Independence from the back office-systems of a financial services
provider
o 24 hours/7 days availability
o Customer relationship management
o Major component for a Pan-European internet-banking offering
o Integration into the BROKAT-Group successfully completed
<PAGE>
[BROKAT logo] 18
COMMERCE SYSTEMS DIVISION
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MARKET LEADERS ARE USING THE BROKAT PAYMENT PRODUCT - CERTIFIED BY THE
INTERNATIONAL STANDARD OF SECURE ELECTRONIC TRANSACTION (SET)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
o Subsidiary of Deutsche Telekom
o Market leader in electronic payment in Germany [TeleCash logo]
o about 10,000 transactions per day with over 80 retailers
o Leading banking group in Singapore
[DDS BANK logo] o 500 kiosk systems (plan for 2003: 20,000)
o Market leader for payment transactions in Switzerland
o 10 retailers online, 25 retailers in a test phase [SWISS POST logo]
</TABLE>
<PAGE>
[BROKAT logo] 19
MOBILE BUSINESS
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THE MOBILE REVOLUTION
Mobile phone users world wide Mobile Banking in Europe
[Graphic omitted] [Graphic omitted]
The m-Business market for Brokat
o New target group: Mobile operators
o Additional mobile services and applications for e-Finance and e-Commerce
<PAGE>
[BROKAT logo] 20
MOBILE PHONES AS BUSINESS ENABLERS
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THE ATTRACTION OF MOBILE PHONES AS BUSINESS ENABLERS REVOLVES AROUND
THEIR ADAPTABILITY
Market situation:
o Slow market development in e-commerce due to undeveloped infrastructure
and incomplete processes
o Absent public key infrastructure
o Small market penetration of card readers due to high
initial costs and high maintenance costs
o Low convenience factor of smart card applications
Solution:
o High penetration of mobile phones
o Mobile phones can be used as secure card readers and signing devices
o The digital signature for identification and
authentication of participants
o Non-repudiation of transactions
o Authorization of transactions
<PAGE>
[BROKAT logo] 21
BUSINESS MODEL OF THE MOBILE ELECTRONIC SIGNATURE
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NEW MARKET EMERGES
[Graphic omitted]
<PAGE>
[BROKAT logo] 22
GOAL OF THE "MOBILE ELECTRONIC SIGNATURE CONSORTIUM"
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DEVELOPING A UNIFORM APPLICATION PROTOCOL INTERFACE (API) FOR THE INTEGRATION
OF THE MOBILE PHONE INTO THE INTERNET WORLD AND TO USE THE MOBILE PHONE FOR
IMPLEMENTING MOBILE DIGITAL SIGNATURES
[Graphic omitted]
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[BROKAT logo] 23
BROKAT DELIVERS PRODUCTS TO THE MARKET PLAYERS
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[Graphic omitted]
<PAGE>
[BROKAT logo] 24
MEMBERS OF THE MOBILE ELECTRONIC SIGNATURE CONSORTIUM
--------------------------------------------------------------------------------
[Graphic omitted]
[The Mobile
Electronic
Signature
Consortium logo]
<PAGE>
[BROKAT logo] 25
FRONT-OFFICE MARKET SEGMENTATION
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BOTH TECHNOLOGY AND CONTENT DIMENSIONS
[Graphic omitted]
Application Servers
High Enterprise e-Services
Application Platforms
Infrastructure
TECHNOLOGY
(Application Hosting, Back-
End Integration, Channel
Support, Transaction
Processing, etc.)
Web/Database Front-Office
Servers Applications
Low
Low High
CONTENT
(Prepackaged Processes for
e-Business, CRM, Automated
Marketing, etc.)
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[BROKAT logo] 26
BROKAT TWISTER POSITIONING
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BROKAT TWISTER IS THE LEADING FINANCIAL FRONT-OFFICE PLATFORM
[Graphic omitted]
BEA
High Webshere E-. . .
Inprise E-Government
Netdynamics E-Commerce
TECHNOLOGY Neon E-Finance
(Application Hosting, Back-
End Integration, Channel
Support, Transaction
Processing, etc.)
Oracle Siebel
Sybase Vignette
Netscape Vantive
Kiva S1
BroadVision
Low
Low High
CONTENT
(Prepackaged Processes for
e-Business, CRM, Automated
Marketing, etc.)
<PAGE>
[BROKAT logo] 27
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CONTENT
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COMPANY OVERVIEW
[Graphic omitted]
MARKET STRATEGY
& STRATEGIC RATIONALE
OF THE ANNOUNCED
ACQUISITIONS
FINANCIALS & CONCLUSION
APPENDICES
<PAGE>
[BROKAT logo] 28
REVENUE DEVELOPMENT
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BROKAT HAS ENJOYED 3-DIGIT GROWTH RATES EVERY YEAR
Quarterly revenues CY 1999 and 2000
[Graphic omitted]
Development of yearly revenues
[Graphic omitted]
<PAGE>
[BROKAT logo] 29
SUCCESSFUL START OF CALENDAR YEAR 2000
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License revenue
[Graphic omitted]
International revenue Partner revenue
[Graphic omitted] [Graphic omitted]
<PAGE>
[BROKAT logo] 30
Q1 CONSOLIDATED STATEMENT OF OPERATIONS (according to US-GAAP)
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[Graphic omitted]
Q1 1999 Q1 2000
DM m Jan-March Jan-March
Revenues 17,6 38,5
Cost of sale (5,5) (15,9)
Gross profit 12,2 22,5
Selling expenses (9,9) (15,6)
General and administrative expenses (2,5) (7,1)
Research and development (2,0) (10,1)
Operating result (2,2) (10,2)
Other income and expenses (0,4) 2,6
Earnings before interest, taxes, depreciation,
amortization and stock options (EBITDASO) (1,9) (5,3)
Amortization of goodwill and intangible assets from
acquisitions 0 (7,2)
Non-cash charges associated with stock option grants (5,1) (20,4)
Net loss (7,5) (36,2)
Loss per share in DM (0,3) (1,35)
<PAGE>
[BROKAT logo] 31
EXPENDITURE FROM STOCK OPTION PLAN
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o Accounting according to US-GAAP (APB25): treated as variable share
option plan because of the exercise hurdle required by Neuer Markt
regulations and therefore expenses have to be reported
o Parameters used to calculate the expenses
o Number of option rights issued: 2.409.639
o Difference between strike price (Euro 10.9 and 33.33) and
cut off date December 30, 1999 (Euro 69)
o The amount of expenses to be reported stays in direct relation to the
development to the shares
[Graphic omitted]
<PAGE>
[BROKAT logo] 32
QUARTERLY REVENUE DEVELOPMENT BY SEGMENT SINCE SHORT FY
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[Graphic omitted]
<PAGE>
[BROKAT logo] 33
QUARTERLY REVENUE INTERNATIONAL / DOMESTIC
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[Graphic omitted]
<PAGE>
[BROKAT logo] 34
QUARTERLY REVENUE PARTNER / DIRECT
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[Graphic omitted]
<PAGE>
[BROKAT logo] 35
QUARTERLY DEVELOPMENT OF MARGINS SINCE SHORT FY
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[Graphic omitted]
<PAGE>
[BROKAT logo] 36
BUSINESS MODEL
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BROKAT's license pricing is based on a concurrent user model.
<TABLE>
<CAPTION>
Number of licences and pricing (example of an average start-up project) [Graphic omitted]
Customer Licenses End users Average price Upgrades
in thousands
<S> <C> <C> <C> <C>
Bank 20 2 to 10 DM 300,000 from 20 to 50 licenses
Bank 50 5 to 25 DM 450,000 DM 150,000
Broker 50 5 to 15 DM 450,000 from 50 to 100 licenses
Broker 100 15 to 30 DM 675,000 DM 225,000
</TABLE>
BROKAT will generate recurrent revenue as the number of e-Banking users grow
e-Banking users in Europe
[Graphic omitted]
With over 160 existing installations with 100-200 parallel sessions on average,
we should see an upgrade to a few hundred and more parallel sessions on average
from most of our existing customers by 2001.
<PAGE>
[BROKAT logo] 37
PRO-FORMA CALENDAR YEAR 1999 INCOME STATEMENT
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[BLAZE SOFTWARE logo] [GemStone logo]
[BROKAT logo]
[Graphic omitted]
(USD in thousands) Blaze GemStone Brokat Pro-Forma
Pro forma P&L CY 1999* 1/
Total revenues 14,761 23,640 50,150 88,551
Cost of revenues 5,418 7,098 23,405 35,921
Gross profit 9,343 16,542 26,744 52,629
Gross margin 63.3% 69.9% 53.3% 59.4%
EBITDASO (5,786) (3,227) (17,535) (26,548)
EBITDASO margin (39.2%) (13.7%) (35.0%) (30.0%)
Net income (18,333) (4,536) (44,264) (67,133)
1. Excluding all synergies
2. Average 1999 Euro / US dollar exchange rate: 0.9588
* Figures are rounded
<PAGE>
[BROKAT logo] 38
JOINT EMPLOYEE STRUCTURE
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OVER 1,000 EMPLOYEES WORLDWIDE
[BLAZE SOFTWARE logo] [GemStone logo]
[BROKAT logo]
[Graphic omitted]
BROKAT BLAZE GEMSTONE TOTAL
Europe 471 27 30 528
USA 113 190 143 446
Australia 59 10 -- 69
643 227 173 1043
Finance & Organization 95 37* 21 153
Research & Development 201 41* 66 308
Customer- & Professional Services 195 50* 35 280
Sales & Marketing 152 62* 51 265
TOTAL 643** 227 173 1043
* USA only
** Does not include Fernbach
<PAGE>
[BROKAT logo] 39
FINANCIAL ANALYSIS OF THE TRANSACTIONS
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[Graphic omitted]
o One of the first Neuer Markt-listed all stock acquisition of a
Nasdaq-listed company 1
o Blaze premium of 35% compares to industry averages2:
= Vignette / OnDisplay 30% premium
= Webmethods / Active Software 39% premium
o Blaze revenue multiples compare favorably with comparables:
= BroadVision 31x CY2001 revenues
= Vignette 23x CY 2001 revenues
= Blaze 12.9x CY2001 revenues3
o The stock option plan of Blaze will not be vested as of the closing. At
the regular exercise time, the employees will receive Brokat ADSs.
o GemStone equity value of $271.2mn represents a CY99 revenue multiple of
11.1x
--------------
1 Brokat will pay approx. 4.974 m shares for 100% of Blaze's fully
diluted number of shares and 2.435 m shares for 100% of GemStone
2 Based on implied purchase price of $20.93 and closing price as of June
19 of 15.50 USD
3 Based on implied purchase price of $20.93 and calendarized revenue
projections for 2001 (Source: Robertson Stephens)
<PAGE>
[BROKAT logo] 40
CRITICAL SUCCESS FACTORS, USP'S
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SUMMARY
o Global approach
o Combination of platform and applications
o R/3 Model
o Windows / Office Approach
o Financial Services focus
o Market leader in e-Banking
[Graphic omitted] o Mobile Commerce experts
o Founder of "The Mobile Electronic
Signature Consortium"
o Strong partnerships
o Worlds only SAP-Certified Front-Office for
BCA
o Partnerships with 4 of the "Big 5"
o Partnerships with Intel and Nokia
o The 2 acquisitions underline our platform strength
and strong footprint into the US market
<PAGE>
[BROKAT logo] 41
CONTENT
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COMPANY OVERVIEW
[Graphic omitted]
MARKET STRATEGY
& STRATEGIC RATIONALE
OF THE ANNOUNCED
ACQUISITIONS
FINANCIALS & CONCLUSION
APPENDICES
<PAGE>
[BROKAT logo] 42
REASONS FOR THE ACQUISITIONS
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IMPROVED CUSTOMER AND PARTNER ATTRACTIVENESS. . .
[Graphic omitted]
Brokat:
o CORBA Enterprise Application Server
o Multi-Channel Customer Interaction
o Enterprise Application Integration
o Business Services (Payment, Collaboration)
GemStone:
o Investment protection and improved completeness and openness through
J2EE industry-standard compliance
o Faster time-to-market via lower Java entry barrier & best practices
o Lower cost of ownership through efficient server architecture (Extreme
Clustering (TM))
o Large developer's community for steep learning curve (knowledge
transfer) and best practices
Blaze:
o Supports rapidly changing applications that can respond to dynamic
market conditions or customer behavior
o Improved Customer Relationship Management through personalization
across all channels enhances completeness of platform
o Cost reduction through business process automation (intelligent
e-Self-Services)
o Frameworks for ASP models
<PAGE>
[BROKAT logo] 43
CONSOLIDATED INCOME STATEMENT
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[Graphic omitted]
DM m CY* 1998 CY* 1999
Revenues 36.1 94.0
Cost of sales (19.1) (43.9)
Gross Profit 17.0 50.2
Selling expenses (25.1) (50.1)
General and administrative expenses (6.6) (20.1)
Research and development (6.9) (17.6)
Operating result (21.6) (37.6)
Other income, net 5.8 3.6
EBITDASO (14.1) (32.9)
Amortization costs -- (19.5)
Cost of employee participation -- (28.6)
EBIT (15.8) (82.0)
Net interest 0.4 (0.8)
Income taxes, net -- (0.2)
Extraordinary loss (4.2) --
Net Loss (19.6) (83.0)
* CY 98 and CY 99 numbers are unaudited and are just reported as
comparison for future development
<PAGE>
[BROKAT logo] 44
BLAZE TRANSACTION STRUCTURE
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BLAZE APPROX. PURCHASE PRICE 1*
Brokat share price on 19/6/00: (U)119.80 (114.61 USD)
Exchange ratio: 0.1826
Price per Blaze share 2: $20.93
Basic Blaze shares outstanding: 22.625 mn
Fully diluted shares outstanding 3: 26.801 mn
Basic equity value in USD: 473.541 mn
Value of options outstanding in USD: 87.400 mn
Fully diluted equity value in USD: 560.941 mn
Enterprise value in USD: 491.641 mn
BLAZE IMPLIED REVENUE MULTIPLES 4
CY 1999 CY 2000 CY 2001
Enterprise value / sales 33.3x 17.1x 11.3x
Equity value / sales 38.0x 19.5x 12.9x
Brokat equity value / sales 64.7x 38.4x 24.6x
BLAZE PURCHASE PREMIUM
Premium to closing price on 19/6/00 of 15.50USD: 35%
Premium to IPO price on 22/3/00 of 16.00USD: 31%
1 All share deal, Blaze shareholders will receive approx. 4.974 m Brokat
shares for 100% of Blaze's fully diluted number of shares.
* Actual purchase price might eventually be lower. Portion of stock
options could be accounted for as deferred compensation. Resolution
pending.
2 Based on 0.9567 Euro/USD.
3 Based on treasury method with weighted average exercise price of $1.99
and 4.615 m stock options outstanding.
4 Based on calendarized revenue projections (source: Robertson Stephens).
Price calculation for US GAAP purchase accounting purposes will be based on a 5
day trading average (+/-2 days of merger announcement).
<PAGE>
[BROKAT logo] 45
MARKET DEVELOPMENT
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[Graphic omitted]
TODAY IN COMPARISON TO 2003
o Industry analysts estimate that financial services IT spending is
roughly US$140 billion per year of which US$50 billion is Web-related
spending. (Source: IDC)
o Online banking accounts will grow by 145% from 7.5 m to 18.4 million in
Europe. (Source: Datamonitor)
o Compared to the worldwide internet user which will grow by 65% over the
next 3 years, m-Commerce user will amount to 420 million worldwide
which is a growth rate of 1,845%. Today there are 21.6 million users.
(Source: The Arc Group/eMarketer)
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46
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
<PAGE>
47
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., 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
<PAGE>
48
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.
