MagiQ Technologies Named Technology Pioneer of 2004 by World Economic Forum

Thu Dec 11 14:59:56 EST 2003

As the hype-meter pegs...

Cheers,
RAH
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<http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20031211005292&newsLang=en>

December 11, 2003 09:49 AM US Eastern Timezone
MagiQ Technologies Named Technology Pioneer of 2004 by World Economic Forum

 NEW YORK and GENEVA, Switzerland--(BUSINESS WIRE)--Dec. 11, 2003--

Company's Cutting Edge Quantum Cryptography Work Recognized by World's
Premier Organization for Social and Economic Progress

MagiQ Technologies, Inc., the quantum information processing (QIP) company,
today announced that The World Economic Forum has designated it one of the
30 Technology Pioneers for 2004.

World Economic Forum Technology Pioneers are companies that are developing
and applying the most innovative and transformational technologies. Their
cutting-edge work in fields such as nanotechnology, renewable energy and
biotechnology represents an enormous resource of entrepreneurial talent.
This dynamic group is at the forefront of change in a variety of technology
sectors and ranges from large, publicly-traded companies to exceptional
startups.

MagiQ Technologies, one of the 2004 Technology Pioneers, is the first
company to offer a working quantum cryptography solution. The product,
recently renamed MagiQ QPN 350, is the world's first commercially available
quantum key distribution (QKD) system. Relying on the laws of physics
rather than the computational difficulty of breaking keys, and easily
integrated into existing digital computing infrastructures, QKD solves key
distribution problems that have been the bane of cryptographers for
centuries. Bob Gelfond, MagiQ's founder and CEO, will speak at the WEF
event in New York today.

"I really can't exaggerate how honored we all are to have been selected by
the Forum," said Gelfond. "We knew we were turning things upside down by
delivering unbreakable encryption, but to receive this level of global
recognition and validation is truly humbling."

MagiQ's QKD system incorporates real-time key generation with quantum
distribution and offers cost-effective protection from both internal
threats, such as disgruntled employees, and external threats including
corporate, government, and other sources of exposure. The system supports
secure key exchange at distances up to 120 km, a major technical
accomplishment that makes very long secure spans possible via cascading
devices.

The field in which MagiQ is working, quantum information processing (QIP,)
is the intersection of quantum physics and computer science, moving beyond
classical computers and previously unsolvable problems by making use of
quantum mechanical phenomena. MagiQ Technologies has built a portfolio of
intellectual property around QIP and plans to continue bringing to market
commercial implementations of field-tested quantum information devices.

In line with the Forum's commitment to improving the state of the world,
the Technology Pioneers program was established in 2000 to provide a new
perspective on technological change. The Technology Pioneers program
identifies and integrates those companies around the world that are
involved in the design and development of new technologies. Each
innovation, whether it has large or small consequences, is another step in
society's attempt to harness, adapt and utilize technology to change and
improve the way business and society operates. The World Economic Forum is
invested in monitoring and highlighting these innovations and exploring
possible societal repercussions.

Each year members, constituents and collaborators of the World Economic
Forum nominate Technology Pioneers. The criteria for selection include:

1. Innovation. The company's technology must be truly innovative and must
be recent - not more than two years old. The company should invest
significantly in R&D.

2. Potential Impact. This company's technology must have the potential to
have a substantial long-term impact on business and society in the future.

3. Growth and Sustainability. The company should have all the signs of a
long-term market leader and should have well-formulated plans for future
development and growth.

4. Proof of Concept. The company must have a product on the market or have
proven practical applications of the technology. Companies in "stealth"
mode and companies with untested ideas or models do not qualify.

5. Leadership. The company must have visionary leadership that plays a
critical role in driving the company towards reaching its goals.

6. Status. The company must not currently be a Member of the World Economic
Forum. This criterion applies to the parent company - thus wholly-owned
subsidiaries of large firms are not eligible.

Nominees are evaluated by an external review committee comprised of
technology experts with respect to the criteria above.

The uniqueness of the Technology Pioneer network ensures that companies
involved in the development of new technologies are engaged in an
integrated and interdisciplinary way. The Technology Pioneers community
will provide the Foundation and its members with in-depth knowledge of some
of the key technology issues facing society.

About MagiQ Technologies, Inc.

MagiQ Technologies (www.magiqtech.com) is the quantum information
processing (QIP) company. Through its unique blend of science, business and
engineering expertise, the Company is the first to commercialize the
advancements in quantum information to benefit forward-looking
organizations seeking competitive advantage through technology. Founded in
1999, MagiQ is a privately-held company headquartered in New York City with
research & development laboratories in Somerville, Mass.

About The World Economic Forum

The World Economic Forum (www.weforum.org), based in Geneva, Switzerland,
is an independent organization committed to improving the state of the
world. Funded by the contributions of 1,000 of the world's foremost
corporations, the Forum acts in the spirit of entrepreneurship in the
global public interest to further economic growth and social progress. The
Forum serves its members and society by creating partnerships between and
among business, political, intellectual and other leaders of society to
define, discuss and advance key issues on the global agenda. Incorporated
in 1971 as a foundation, the World Economic Forum is impartial and
not-for-profit, and is tied to no political, partisan or national
interests. In 1995 the Forum was awarded NGO consultative status with the
Economic and Social Council of the United Nations.

MagiQ and MagiQ QPN 350 are trademarks of MagiQ Technologies, Inc.
Contacts MagiQ Technologies, Inc.
Andrew Hammond, 617-661-3338
andy(at)magiqtech.com
or
fama PR
Anthony Citrano, 617-758-4140
anthony(at)famapr.com
At A Glance
MagiQ Technologies, Inc.
Headquarters:
New York, NY

Website:
http://www.magiqtech.com

CEO:
Bob Gelfond

Employees:
Not Disclosed

Organization :
Private

Revenues :
Not Disclosed (2002)

Net Income :
Not Disclosed (2002)

-- 
-----------------
R. A. Hettinga <mailto: rah at ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'

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