[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 AG
--------------------------------------------------------------------------------
ROADSHOW
USA July 20-24, 2000
[Graphic omitted.]
www.Brokat.com
<PAGE>
[Brokat logo]
FORWARD LOOKING STATEMENTS
--------------------------------------------------------------------------------
This presentation contains forward looking statements that relate to the
proposed acquisition of Blaze Software and Gemstone Systems with Brokat ,
including: the combines enity's market strategy, the development of the market
toward and integrated e-services platform and how the combines entity's business
adn technical infrastructure would position in that market, and how the
acquisitions would enhance the product portfolio, sales organization, market
share, market penetration and internal knowledge of the combines entity to
create future growth opportunities; the strategic rationale of the proposed
mergers and the anticipated development and growth of the e-commerce and mobile
and multi-channel "m- commerce"; pro forma financial information for the
combined entity; and the anticipated effect of the acquisitions of shortening
the time to profitability of the combined entity by increasing revenue growth,
reducing marketing and sales spending, enhancing the product development
pipeline to reduce time-to-market, increasing credibility and branding,
combining complementary skills sets and service offerings, creating new selling
opportunities, and leveraging customer relationships.
These forward looking statements involve risks and uncertainties, and actual
results may differ materially from expectations. The companies may not realize
any benefits from the proposed acquisitions. Factors that could affect these
forward-looking statements include the ability of the companies to complete the
proposed transactions, to successfully integrate their operations, technology
and employees, and to retain their employees, customers and strategic alliances.
In addition, technological advances, economic conditions and regulatroy,
judicial and legislative developments will have an effect on the growth of the
e-commerce and m- commerce markets and on the anticipated results of the
combined entity. You should read the additional information on these and other
risks and uncertainties related to the forward- looking statements included in
the sections titled "Risks related to the Merger Agreement, Completion of the
Merger and the Consequences of the Merger" and "Factors that May Affect Future
Results" in Blaze's annual report on Form 10-K, which is on file with the SEC,
and risk factors described in the registration statement and proxy statement on
Form F-4 to be filed by Brokat with the SEC. The companies assume no obligation
to update forward- looking information in this presentation.
<PAGE>
[Brokat logo]
www.Brokat.com
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CONTENT
--------------------------------------------------------------------------------
OVERVIEW
MARKET STRATEGY
& STRATEGIC RATIONALE
OF THE ANNOUNCED
[Graphic omitted] ACQUISITIONS
FINANCIALS & CONCLUSION
APPENDICES
<PAGE>
[Brokat logo]
THREE LEADING e-INFRASTRUCTURE PLAYERS JOIN FORCES
--------------------------------------------------------------------------------
CREATING AN INTERNATIONAL e-BUSINESS POWERHOUSE
[Graphic omitted.]
o Brokat entered into agreement to acquire Blaze and GemStone
o The combination allows us to deliver an integrated e-Services
Platform
o Flexible, future-proof, customer-focused e-Business solutions
with shorter time-to- market for service providers
o Partner readiness through improved functionally and industry
standard compliance
o CRM-enabling
o J2EE-compliance
o Optimal fit will result in earlier profitability with greater
revenue and earnings momentum
<PAGE>
[Brokat logo]
WHO'S Brokat?
--------------------------------------------------------------------------------
Brokat IS AN e-BUSINESS HYPERGROWTH COMPANY
o Founded in 1994 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
worldwide using Brokat
Twister-solutions
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]
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").
<PAGE>
[Brokat logo]
www.Brokat.com
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CONTENT
--------------------------------------------------------------------------------
COMPANY OVERVIEW
MARKET STRATEGY
& STRATEGIC RATIONALE
OF THE ANNOUNCED
[Graphic omitted] ACQUISITIONS
FINANCIALS & CONCLUSION
APPENDICES
<PAGE>
[Brokat logo]
HOW DO WE VIEW THE MARKET?
--------------------------------------------------------------------------------
BUSINESS DISAGGREGATION AND e-FRONT OFFICE
[Graphic omitted]
<PAGE>
[Brokat logo]
THE MARKET MOVES TOWARDS THE INTEGRATED PLATFORM
--------------------------------------------------------------------------------
[Graphic omitted.]
<TABLE>
<S> <C>
TPM
MOM
Application e-Services
Application Development and Execution Server Platform
o Transaction Processing EAI
o Back-Office Integration
o Multi-Channel Rule
o Messaging Web- Engines Data
o Security enabling Analysis
o Standard Compliance Software Tools
o (EJB/J2EE) Content
Mgmt
o User Profiling /
Customer Tracking
"The vendors leading the pack today are o Content Management
those capable of covering the entire scope o e-Business Intelligence
of Web application development, including o Message Notification
value-added components and custom o Payment
application development." o Teleweb
o Personalization (Business
e-Business: Reshaping the Application Server Market? Rule Automation)
TechMetrix, Jun. '00
</TABLE>
<PAGE>
[Brokat logo]
Brokat TWISTER
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INFRASTRUCTURE FOR THE e-FRONT-OFFICE
o Customer Contact Tracking
o Data Warehousing
o Data Analysis/Decision Support
o Personalization
o Workflow
o . . . .
[Graphics omitted.]
<PAGE>
[Brokat logo]
ENRICHMENT OF e-SERVICES PLATFORM
--------------------------------------------------------------------------------
Brokat TWISTER: INFRASTRUCTURE FOR THE e-FRONT-OFFICE
[Graphics omitted.]
[Blaze logo]
Blaze Advisor:
Rule Engine that
allows personalization
[Graphic omitted.]
[Graphic omitted.]
[GemStone logo]
GemStone/J:
J2EE-Compliant
Enterprise Application Server
<PAGE>
[Brokat logo]
MOVING TO THE FOREFRONT IN e-SERVICES PLATFORMS
--------------------------------------------------------------------------------
POSITIONING OF Brokat, BLAZE AND GemStone IN THE NEW CONTEST OF PLAYERS
[Graphic omitted.]
<TABLE>
<S> <C>
GemStone BEA
SUN
GemStone is a leading provider of EJB e-Services
Enterprise Application Server IBM Platform
"J2EE's distributed and object-oriented Brokat
capabilities tend to be better suited to large-
scale projects. As a result, mind shares favor Broad
a J2EE-compliant application server." Vision
"e-Business: Reshaping the Application Server Vignette
Market?" TechMetrix, Jun. '00 Blaze
[Graphic omitted.]
Personalization,..., has been a key enabling
technology for bringing e-Commerce and Blaze is a leading provider of rules based software
CRM together. It will be important to be able infrastructure for personalization
to personalize consistently across different
applications as well as across all channels.
</TABLE>
GigaGroup
<PAGE>
[Brokat logo]
COMBINING Brokat, GemStone & BLAZE FIELD ORGANIZATIONS
--------------------------------------------------------------------------------
Future 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 Enlarged product portfolio
o Professional Services and the offering of an
o Customer Support integrated platform
o Marketing solution
o An-organic growth by
combined skilled resources
o Increase of human capital
by knowledge combination
and exchange
<PAGE>
[Brokat logo]
FINANCIAL APPLICATIONS
--------------------------------------------------------------------------------
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]
- TST based cash management
o The goal: the "bank out of the box"
Recent customer wins that implement Brokat technology 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
<PAGE>
[Brokat logo]
PAYMENT SOLUTIONS
--------------------------------------------------------------------------------
Brokat OFFERS A UNIQUE MULTI-PAYMENT SOLUTION
o Certified by the international standard of secure electronic
transactions (SET)
o SET provides privacy and authenticity as well as message integrity
and non repudiation
o X-PAY Server is available on NT, Sun Solaris and Linux. With X-Pay
2.0 merchants now have a SET-certified Linux server at their
disposal.
o Thin Java Wallet can be loaded into the customer's internet browser
and allows internet payment without installing any additional
software.
o Support of various payment methods such as credit-, debit- and cash
cards
o Access of various electronic channels through Twister platform
o Simple integration to internet shopping systems (e.g. Intershop)
o Expandable by components for electronic bill presentment and payment
(EBPP)
[SET logo]
<PAGE>
[Brokat logo]
FROM e-COMMERCE TO m-COMMERCE
--------------------------------------------------------------------------------
[Graphics omitted.]
M-COMMERCE
E-COMMERCE
Mobile &
Multi-Channel
<TABLE>
<S> <C>
THE PILOT OF THE NEW ECONOMY THE UNIVERSAL NEW ECONOMY
o 400mm USERS BY 2003 o 1.3BN estimated users by 2003
o large imbalance across countries o broader penetration across geographies
o only available to limited users o potentially available to everyone
o technical barrier o fewer barrier - easy for everyone
o limited ubiquity o potentially available anytime, anywhere
o single channel o multi channel
o lack of authentication device o seamless authentication
</TABLE>
<PAGE>
[Brokat logo]
MOBILE PHONES AS e-BUSINESS ENABLER
--------------------------------------------------------------------------------
o Truly ubiquitous commerce device
o "Anytime & Anywhere"
[Graphic omitted.] o Universality
o Potential availability to everyone
o Ease of use
o Authentication
o Personalization
o "Mobile Phones as NC's"
<PAGE>
[Brokat logo]
LEADING TO A BROADER SET OF SERVICES
--------------------------------------------------------------------------------
[Graphic approximated.]
<TABLE>
<S> <C> <C>
Business Consumer
o Stock trading o Wireless PDA
o Mobile banking Process o Voice mail
o Location based Transactions facilitation o Entertainment
advertising o Remote operation
o M-tailing B2C/C2D Personal life o E-mail
o M-wallet m-transactions management o Instant messaging
o Micro payments
o B2B market places B2B Mobile office o Access to corporate
o B2B m-commerce m-transactions Business databases
e.g. banking process o Sales force support
services, real-time enhancement o Field service
trading management
o Wireless services o Fleet management
e.g. wireless portal o Remote monitoring
for big construction
project
</TABLE>
<PAGE>
[Brokat logo]
MEMBERS OF THE MOBILE ELECTRONIC SIGNATURE CONSORTIUM
--------------------------------------------------------------------------------
[Graphic omitted]
[The Mobile
Electronic
Signature
Consortium logo]
<PAGE>
[Brokat logo]
Brokat VISION
--------------------------------------------------------------------------------
WHAT WILL THE FUTURE LOOK LIKE?
[Graphic omitted.]
Service Like Air
We see consumers and citizens with the power to manage and fully control their
life: independent of place, time, and the means of communication
<PAGE>
[Brokat logo]
--------------------------------------------------------------------------------
CONTENT
--------------------------------------------------------------------------------
COMPANY OVERVIEW
MARKET STRATEGY
& STRATEGIC RATIONALE
OF THE ANNOUNCED
ACQUISITIONS
[Graphic omitted]
FINANCIALS & CONCLUSION
APPENDICES
<PAGE>
[Brokat logo]
REVENUE DEVELOPMENT
--------------------------------------------------------------------------------
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]
PRO-FORMA CALENDAR YEAR 1999 INCOME STATEMENT
--------------------------------------------------------------------------------
[Blaze logo] [GemStone logo]
[Brokat logo]
[Graphic omitted]
(USD in thousands) Blaze GemStone Brokat Pro-Forma
Pro-Forma P&L CY 1999*(1) (2)
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]
PRO-FORMA REVENUE ANALYSIS OF THE COMBINED ENTITY
--------------------------------------------------------------------------------
THE PRO-FORMA REVENUE FOR THE COMBINED ENTITY ISSUED 88.5 million
[Graphics omitted.]
[Blaze logo] [GemStone logo]
[Brokat logo]
Calendar 1999 revenues by product Estimated Calendar 1999 revenues by
geography*
Service/Other Product Rest of the World
58% licenses 29% US
42% 46%
Germany
25%
USA was the largest revenues generator with 46% of overall revenues.
* Includes Blaze discontinued operations; geography revenue breakdown for Brokat
based on short FY 1999
<PAGE>
[Brokat logo]
JOINT EMPLOYEE STRUCTURE
--------------------------------------------------------------------------------
OVER 1,000 EMPLOYEES WORLDWIDE
[Blaze 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
As of March 2000
* USA only
** Does not include Fernbach
<PAGE>
[Brokat logo]
FINANCIAL IMPACT OF TRANSACTION
--------------------------------------------------------------------------------
o After consolidation immediate accretion on a revenue and gross margin
basis
o Improved revenue growth through cross selling opportunities
o Better branding could reduce marketing spending
o Opportunity for further US expansion at reduced cost due to joint sales
and marketing force
o Brokat will improve its financing with a cash position of about USD 160
million
Expected revenue synergies and cost savings
should lead to shortened time to profitability for the new Group
<PAGE>
[Brokat logo]
REASONS FOR OPTIMAL FIT
--------------------------------------------------------------------------------
[Graphics omitted.]
Shared vision of
e-Services Platform
o Java-based EAS and CRM Engine
are strategic additions to the
Twistere-Services Platform
Product o Shares view of development pipeline
Development o Complementary development skills
reduce time-to-market
o Enhanced credibility and branding
Marketing especially in the US market
o Promotion of Twister platform Brokat to
reach earlier
EBITDASO*
profitability
o Complementary geographies, skill
sets and services offerings
Sales & Services o Cross-selling/up-selling potential
for all involved parties
o Leveraging of customer relationships
o Employees share a culture of
Culture/HR innovation and product excellence
* Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Options
Source: Brokat, Blaze, GemStone
<PAGE>
[Brokat logo]
CRITICAL SUCCESS FACTORS, USP'S
--------------------------------------------------------------------------------
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]
--------------------------------------------------------------------------------
THANK YOU FOR LISTENING
[Graphic omitted.]
www.Brokat.com
<PAGE>
[Brokat logo]
CONTENT
--------------------------------------------------------------------------------
COMPANY OVERVIEW
MARKET STRATEGY
& STRATEGIC RATIONALE
OF THE ANNOUNCED
ACQUISITIONS
[Graphic omitted]
FINANCIALS & CONCLUSION
APPENDICES
<PAGE>
[Brokat logo]
THE PLAYERS: EACH RESPECTED LEADERS IN
ITS FIELD OF e-BUSINESS
--------------------------------------------------------------------------------
OVERVIEW BROKAT
[Graphic omitted.]
Main product
e-Services platform TWISTER: infrastructure platform
to build e-Business solutions
Applications packages for specific verticals
Brokat Mission (e-Finance, m-Commerce)
Providing a Main customer segments : Financial institutions (over
seamless fabric 2000 customers)
for instant
e-Business Main source of revenue : License sales
Project volume : USD 500,000 on average
Revenue CY 99/00 : USD 50.2 million (+160%)
Market cap. 6/2000 : approx. USD 3 billion +
Number of employees : approx. 740
Headquarters : Stuttgart, Germany
<PAGE>
[Brokat logo]
BROKAT CUSTOMERS
--------------------------------------------------------------------------------
WHO'S WHO IN INTERNET BANKING AND e-COMMERCE
e-Banking / e-Brokerage
[Graphic omitted]
e-Commerce
[Graphic omitted]
<PAGE>
[Brokat logo]
WORLDWIDE PARTNER NETWORK
--------------------------------------------------------------------------------
BROKAT AND HIS TORNADO PARTNERS
Tornado Partner
[Graphic omitted]
<PAGE>
[Brokat logo]
THE PLAYERS: EACH RESPECTED LEADERS IN
ITS FIELD OF e-BUSINESS
--------------------------------------------------------------------------------
OVERVIEW BLAZE
[Graphic omitted.]
Main product
Blaze Advisor: Rule-based software infrastructure
to build personalized e-Business solutions
Blaze Mission
[Blaze logo] Main customer segments : Insurance, banking,
Supplying the telecommunications (more
leading than 200 customers)
infrastructure for
rules-based Revenue FY 99/00 : USD 18.2* million (+100%)
application
development and Market cap. 6/2000 : USD 300+ million
rule runtime
execution Number of employees : 227
Headquarters : San Jose, CA USA
History : Founded in 1985 as
Neuron Data
Advisor 1.0 1998
Renamed in 1999
IPO in March 2000
* FY end March 2000
<PAGE>
[Brokat logo]
BLUECHIP CUSTOMERS AND PARTNERS IN THE FINANCIAL COMMUNITY
--------------------------------------------------------------------------------
[Blaze logo]
Selected Clients Selected Partners
[graphic omitted] [graphic omitted]
<PAGE>
[Brokat logo]
THE PLAYERS: EACH RESPECTED LEADERS IN
ITS FIELD OF e-BUSINESS
--------------------------------------------------------------------------------
OVERVIEW GemStone
[Graphic omitted.]
Main product
GemStone/J: Enterprise class Java application
server for adaptable e-Business solutions
GemStone Mission Main customer segments : Financial Institutions,
Telecommunications, B2B
[GemStone logo] e-Marketplaces and
Portals
Supplying the
most Revenue FY 99 : USD 23.6 million
technologically
advanced Java- Market cap. 6/2000 : Not publicly traded
based software
infrastructure for Number of employees : 170+
the new B2B
economy Headquarters : Beaverton (Portland),
OR USA
History : Founded in 1982
First Java product,
GemStone/J
1.0, shipped 1997
<PAGE>
[Brokat logo]
BLUECHIP CUSTOMERS AND PARTNERS
--------------------------------------------------------------------------------
[Graphics omitted.]
GEMSTONE
Selected Clients Selected Partners
[graphics omitted] [graphics omitted]
<PAGE>
[Brokat logo]
REASONS FOR THE ACQUISITIONS
--------------------------------------------------------------------------------
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]
FILING UNDER RULE 425
--------------------------------------------------------------------------------
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, Inc.
SEC File No. of Blaze: 000-29817
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 Blaze Software, Inc.
Silke Simon Gary Shroyer
Head of Investor Relations Investor Relations Department
Industriestr. 3 150 Almaden Blvd.
70565 Stuttgart, Germany San Jose, CA 951134
Phone: +49-711-78844 298 (408) 535-1757
Email: [email protected]
<PAGE>
[Brokat logo]
FILING UNDER RULE 425
--------------------------------------------------------------------------------
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 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.
