Company Closing Customer Resource Management Division
ANDOVER, Mass.–(BUSINESS WIRE)–May 21, 2001–TeleHubLink Corporation (OTC BB: THLC, THLCW; http//www.telehublink), a pioneering company in wireless encryption and broadband secure communications, announced today that the company is modifying its strategy. The Company will focus the resources on its core wireless encryption business and close the WorldWide Assist division. WorldWide Assist was involved with internet customer resource management and located in Montreal Canada. The Company will continue with the Telecom business, which provided over $10 million in net revenue during fiscal 2001.
Bruce Young, CEO and President of TeleHubLink stated, “This strategic shift will concentrate the majority of our efforts, time and resources on the rapidly growing wireless encryption market. The wireless encryption business is our priority and we are totally committed to the commercialization of the Hornet(TM) technology. We will lower our expenses, reduce non-core distractions and conserve our resources and complete the development of our technology.”
TeleHubLink’s Wireless Encryption Technology Division is developing a family of secure wireless and broadband communications ASICs under the trademarked name of Hornet(TM) that use a series of powerful and high-speed stream ciphers in cost-sensitive markets like telephony. TeleHubLink’s technology is also expected to provide higher quality signal reception that is expected to result in fewer dropped calls, a market that the Company feels is almost as important as the encryption market.
The Company also believes its secure wireless communications technology is the ideal way to handle not just telephony security end-to-end, but audio and video distribution through streaming networks, as well as the possible integration of THLC’s technology on MPEG chips for secure video transmission.
TeleHubLink Corporation separates its functions into the following business areas: Wireless Encryption Technology and Telecom Services. TeleHubLink Corporation has offices in Andover, MA, Marlboro, MA, Fremont, CA, and Montreal, Canada. TeleHubLink is headquartered in Andover, MA (01810) at One Technology Drive, Suite 135 and can be reached at (978) 682-1600 or at www.telehublink.com.
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