Geosoft Enters 5-year $3M Agreement with Japanese Co. MTI; Supplies Mobile GIS Content

SEOUL, South Korea--(BUSINESS WIRE)--Oct. 27, 2003--Geosoft entered into a mobile GIS content supply agreement and investment of 200 million won with MTI last month. In particular, Geosoft expects to make 3 million dollars or more of income for the next 5 years by supplying the mobile GIS content to MTI. Along with that, it has already received a request for detailed information related to the company for the purpose of obtaining the additional investment from MTI.

This investment and content supply agreement is the result of recognizing the technology of the company that entered into the GIS application service planning, development and contents sales of $300,000 with MTI in April of 2003. The company also supplied 70,000 dollars of GIS software to 'GeoPro,' a Taiwanese software distribution company in the first half of this year and is waiting for the additional order.

Geosoft (CEO: In-hyun Ha and Yun-ik LEE http://www.geosoft.co.kr) recently developed the solution called IMS Mobile that can provide the GIS related application service utilized in various devices including the PDA, PC and others - geography and location information service of LBS based through the mobile phone and -- PDA, namely, wireless internet mobile phone and vehicle navigation system. It already has entered into the alliance on service planning, development and sales with MTI, the biggest Japanese company specializing in mobile content, and supply the location-based services to Japan for the first time as a domestic GIS company. And it has been supplying the map contents with the SVG technique realizing the map in animation form on the mobile. It recently developed the interface that may supply various wireless internet platform such as brew, java, raster and others to supply to Japan's 3 largest mobile communication companies, KDDI, NTT DoCoMo and J-Phone with excellent response.

In addition, Geosoft says that it is seeking to advance into the overseas markets in North America and Europe, in addition to the Asian market, through negotiation for export and sales agreement with overseas IT related companies.