SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 4, 1998
Spectrum Information Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-15596 75-1940923
(State or other (Commission I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation
or organization)
2700 Westchester Avenue, Purchase, New York 10577
(Address of principal executive offices)
Registrant's telephone number, including area code (914) 251-1800
(Former name or former address, if changed since last report)
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Item 5 - Other Events
SPECTRUM
INFORMATION TECHNOLOGIES, INC.
For Immediate Release
CONTACT: For Media Only: Others:
Bill McDonald Spectrum Information
McDonald Communications Technologies, Inc.
(516) 883-4598 [email protected]
[email protected] http://www.spectruminfo.com
SPECTRUM ANNOUNCES FREE TRIALS OF FASTLANE, THE FIRST WEB
ACCELERATION SERVICE TO EASILY REDUCE DIAL-UP USERS TIME SPENT
DOWNLOADING WEB PAGES BY UP TO 50%
FastLane(TM) Service will speed delivery of Web images directly
to dial-up users without the need for client software. Up to 3X
standard image downloading speeds provided. One-time, easy
sign-up puts users in the Spectrum FastLane. ISPs may resell
service to subscribers as a value-added benefit.
PURCHASE, NY, May 4, 1998 -- Spectrum Information
Technologies, Inc. (OTC Bulletin Board: SITI) today launched the
world's first Web Acceleration Service to directly provide Web
image downloading acceleration for dial-up users.
Called FastLane, the highly affordable service will be
available directly to dial-up users accessing the Web through
local, regional, national, and international Internet Service
Providers (ISPs), and does not require any complex set-up.
FastLane will also be available to ISPs looking to provide faster
image downloading speeds to all or part of their subscribers.
Free trials of the service began on April 30 for a limited time,
with full-scale operation beginning this summer. Internet users
may sign up to use FastLane free for a limited trial period by
simply going to www.spectruminfo.com and registering with
Spectrum
"FastLane changes the dynamics in dial-up Web browsing,"
comments Spectrum President and CEO Donald J. Amoruso. "For the
first time -- with an easy-to-use service -- users can implement
their own answer to the World Wide Wait. FastLane is simple and
easy to get and use. It delivers greatly accelerated Web image
download speeds to any modem user, and provides a powerful boost
to 56K and lesser modem speeds. FastLane also benefits ISPs, who
may resell it as a value-added service to subscribers. FastLane
requires no installation or maintenance whatsoever at the ISP
level, and gives ISPs a competitive edge in attracting new
customers and reducing subscriber churn."
FastLane is a versatile solution. Nearly all Web pages
contain graphic images that can greatly frustrate users when
these images slow the process of downloading a Web page. FastLane
directly addresses this frustration by dramatically speeding up
image downloads. Measurements have shown that for Web page
images, FastLane provides up to a 3x reduction in image download
times, with negligible impact on image quality. The time that is
normally spent browsing the Internet can be reduced 30-50% and
the overall browsing experience will be greatly improved.
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Studies clearly show that dial-up access will continue to
be the Web connection method of choice for most home users and
many small business users. Deployment of DSL and cable modem
technology will take years to reach most people, and ISDN
continues to remain costly and complex to install. FastLane meets
the needs of today's standard modem users for higher performance
immediately at a reasonable cost.
Amoruso said, "The decision to deploy FastLane was a result
of the frustration expressed by users frustrated by the long
delays encountered in downloading images from the Web. The
fastest way to deploy to all ISP users is to offer the service to
them directly and Spectrum is the first vendor to provide this
service."
Using FastLane is as easy as signing up for it. There is no
complicated installation of client software. Spectrum makes an
optional utility available, the FastLane Toggle, which allows an
end user to quickly turn FastLane on or off should they desire.
After the trial period, the monthly cost for individual users is
targeted at $4.95, and Spectrum is evaluating discounts for
longer-term commitments. ISPs interested in reselling the service
should contact Spectrum via the above web site location, or
e-mail the company at [email protected].
In addition to developing Internet software, Spectrum owns
a portfolio of patents relating to commercially practicable
methods to wirelessly transmit data over circuit-switched
cellular networks. Spectrum licenses this technology to many
leading modem manufacturers and markets proprietary direct
connect activation kits providing interface connection between a
variety of cellular phones and PC card modems. Spectrum is
headquartered in Purchase, New York, and has offices in the
Boston, Massachusetts and Redwood City, California areas.
This press release contains statements that are
"forward-looking," including those concerning the development,
introduction and commercialization of new Internet software and
services. There are many risks associated with Spectrum's
successful introduction of this service, including time to
market, intense competition in the Internet software and services
industries and the continuous introduction of innovative and
competing products. Additionally, implementation of this service
is complex and time consuming. These risks are particularly
compelling given the limited capital resources that Spectrum has
to invest in the development, marketing and selling of its
services and products. As previously reported in Spectrum's
reports as filed with the Securities and Exchange Commission,
Spectrum's management believes that it will need to raise capital
if it is to successfully accomplish its objectives. There can be
no assurances that Spectrum will successfully raise capital,
complete the commercialization of its Web acceleration service
and introduce it according to Spectrum's schedule or that
Spectrum will be successful marketing its service or products.
Spectrum's reports as filed with the SEC discuss these and other
risk factors and are available on Spectrum's Web site at
http://www.spectruminfo.com.
# # #
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereto duly authorized.
Dated: May 4, 1998
SPECTRUM INFORMATION TECHNOLOGIES, INC.
By /s/ Donald J. Amoruso
-----------------------------------
Donald J. Amoruso
President, Chief Executive Officer and
Chairman of the Board of Directors
By /s/ Barry J. Hintze
-----------------------------------
Barry J. Hintze
Controller and
Principal Accounting Officer
