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e-Net Financial Corporation through its wholly owned subsidiaries e-Net Mortgage Corp. and City Pacific International, Inc. is involved in the mortgage loan industry and in the telecommunications industry. The common thread in all e-Net programs is and will be a focus on the use of emerging technologies.
City Pacific International is involved in a broad range of telecommunications services. On the retail level, through joint ventures with other providers, the company offers calling card services, long distance services, and international termination.
Also, the Company provides, sometimes through joint ventures, a range of carrier services. These include wholesale international termination, switch co-location, and billing services. In addition to these traditional services, CPI has developed a unique formula for supporting small carriers in their acquisition of new switches and carrier compression equipment; the Company leases the needed equipment to carriers for a per minute charge for traffic run.
Apart from and in addition to its joint ventures, CPI develops virtual private networks. These networks offer converged services: video, voice, and data to companies and organizations that are spread across the United States and the world.
The concept of virtual private networking has been proven in the voice and data worlds for many years. The model is well understood but faces a new challenge as corporations begin to see their networking requirements extend beyond traditional branch connectivity.
The networking realm is becoming more dynamic, reaching a shifting audience of business partners, customers and end-users dispersed around the world. Large communications companies, local telephone companies, and Internet service providers are all moving toward comprehensive business networking solutions. The Company will compete in the provision of related products and services in the United States to its specific business clients.
Our networks permit the affiliated organization to control telephone costs, transmit data securely, and utilize video conferencing over its own virtual private network system. This program also permits the sale of these services to third party customers. Hotels, shopping centers, apartment complexes, and convention centers can offer these services to business travelers, convention goers, trade show attendees and others who need state of the art communication capabilities.
The Company has partnered with several Fortune 500 companies, to offer and provide services to customers and affiliates in this rapidly growing arena.
A recent study conducted by the University of Texas and sponsored by Cisco Systems broke the Internet Economy into four segments:
Businesses that make or operate the Internet's essential hardware and equipment: worldwide connection networks, or backbones; Internet Service Providers (ISPs); makers of networking hardware and software; personal computer manufacturers, etc.
? Internet Network Applications Infrastructure
Businesses that develop new uses for the Internet or connect new users to the Internet: makers of on-line search engine software; consultants and providers or Internet skills training; developers of multimedia applications and other applications, etc.
Third-party businesses that use the Internet to link customers with products or services produced by others: operators of Internet portals; content providers for Internet sites; on-line travel agents or stock brokers, etc.
Businesses that sell their own products directly through the internet: Internet retailers of many types; Internet sites that earn revenue from subscriptions or fees; on-line advertising firms, etc.
The Company participates in all of these. It provides the last mile connectivity, the hardware, software, and backbone access to the custom specifications of every client. The Company has the capability of offering broad band converged services on both a flat rate or metered basis depending on the needs and desires of the client.
The Cisco Systems study found that the Internet Economy grew 68 percent from the first quarter of 1998 to the first quarter of 1999, pumping an estimated $507 billion into the U.S. economy and employing 2.3 million Americans.
The sweeping study, the second measurement of the Internet Economy by University of Texas economists, found that:
The Internet Economy grew from $64 billion in the first three months of 1998 to $108 billion in the first three months of 1999, an increase of 68 percent.
The Internet Economy, up from $301 billion in calendar year 1998 to an estimated $507 billion for 1999, today generates more annual revenue than such entrenched American industries as telecommunications ($300 billion) and airlines ($355 billion).
E-commerce, the amount of business conducted directly on the Internet, increased 127 percent from the first quarter of 1998 to the first quarter of 1999.
Of 3,400 businesses surveyed to measure the size of the Internet Economy, more than one third did not exist before 1996. Those new businesses now employ 305,000 people.
This is the environment in which City Pacific International is offering virtual private networks. Businesses and organizations are becoming aware of the tremendous increases in productivity that are made possible by converged service solutions. Tying units together with video teleconferencing, voice communications, and secure data transfer all on one proprietary virtual network is fast, efficient, and cost effective. Offering individuals and small businesses the ability to take advantage of these capabilities is good business.
Additionally, there is a synergism between the Company’s Virtual Private Networks Program, its telecom joint ventures, its mortgage business and its other ventures. Each makes the others stronger by being either a customer or a supplier. Efficiencies are enhanced and resources are utilized more effectively.
e-Net Financial Corporation is on the cutting edge of technological innovation. As we enter the new millennium we are poised and ready to take advantage of its challenges and opportunities.