Looks like Hughes and Hilby have found some fresh meat. Given sac.net is currently in collection on nearly $100k (plus or minus lawyers' and collectors' fees) to former suppliers, contractors, and employees, it seems the greater fool theory of internet commerce is alive and well. Hope the new boys are holding on to their wallets. And their nuts. ReputationMunger --------- Media contact: Melody Kean Haller, Antenna Group, 415-896-1800, melody@antennapr.com COMMERCE VISIONARY ERIC HUGHES TEAMS WITH FINANCE EXEC AND TECHNOLOGY ARCHITECT TO FORM TRANSACTION TECHNOLOGY COMPANY, SIMPLE ACCESS San Francisco, CA -- March 24, 1997. The limits to growth facing today's commercial transaction systems are fundamental and unavoidable. Current architectures are not able to handle the complexity and auditing requirements of tomorrow, according to cryptographer, commerce visionary, and cypherpunks founder Eric Hughes. The solution is to build airtight accountability into the system from the start, according to Hughes, who has developed an infrastructure design methodology that solves this and several other crucial electronic commerce problems. Hughes today announced that he has formed a company, Simple Access, to build the next generation of transaction systems. He also announced two key additions to the executive team. John McArtor, currently President and CEO of Delta International, Inc., a private merchant bank, will lead Simple Access as chief executive officer. Dwight Koop, formerly executive vice-president of technology for Swiss Bank, will direct project development. Eric Hughes will continue as chief technology officer. "Eric Hughes has a deep and compelling vision of the future of electronic commerce," said Jerry Michalski, managing editor of Esther Dyson's monthly report, Release 1.0. "He understands the science of the Internet and security technologies, has insight into the systemic flow of commerce, and is informed by an overview of the socio-political history of money. The methodology he is proposing aims to enable a future in which transactions are undeniably clear. Anything Eric puts his energy into is worth paying attention to." Hughes said, "Currently, 'electronic commerce' is a euphemism for 'commerce that doesn't work,' or soon won't work on a large scale. In order to prevent disasters on the horizon and build a foundation for safer and better systems, Simple Access is thinking ahead and solving problems at the infrastructure level." "We are working with leading companies that require their suppliers to have solid and experienced managers, so we brought on proven leaders," Hughes continued. "McArtor and Koop meet and exceed those criteria." "With my 25 years of commercial and investment banking experience, I've worked with a lot of bright technologists, and these are some of the best," said CEO John McArtor. "I jumped at the opportunity to join them. The development team at Simple Access has an intimate knowledge of real-world business problems. They are addressing issues at the core of domestic and international finance, issues that are very important to me." Simple Access' Director of Software Development, Dwight Koop, said, "The technologies we are developing will address serious and immediate problems of large-scale commerce. These are elegant designs which can be applied especially well in high-stakes transaction systems to assure an unprecedented level of accountability, auditability and efficiency." Simple Access is in late-stage negotiations with several strategically chosen Fortune 100 companies in different realms of commerce. The company is now developing custom solutions, building on the widely usable transaction methodology that Hughes has developed. The company's current efforts include telephony and Internet provisioning and billing, international trade documents, and digital money. Eric Hughes is a cryptographer and an expert on payment systems and commercial interaction. He has consulted to banks, software companies, and payment processing firms, and frequently speaks on the subjects of security, digital money, and payment systems. He is also renowned as the co-founder of the cypherpunks. Hughes authored "A Long Term Perspective on Electronic Commerce," which comprised the March 1995 issue of Release 1.0. John W. McArtor is president and CEO of Delta International, Inc., a private merchant bank engaged in the business of creative corporate finance and capital management. Since 1972, Delta International has been designing, structuring, syndicating, and managing financial vehicles for private sector investment. McArtor's areas of expertise include the management of capital in domestic and global futures markets, and the creation of venture capital for the telecommunications industry. Dwight Koop was formerly executive vice-president of technology for Swiss Bank, one of the world's premier trading institutions. He will serve as acting director of software development with Simple Access, which will co-develop and co-market projects with New Logic, Inc., where Koop is a principal and practice director of intra/Internet systems development. Koop has more than twenty years of solid management and consulting background in all aspects of technology, with special expertise in creating competitive advantage in the financial industry. Headquartered in San Francisco, California, Simple Access is a technology firm that designs and builds infrastructure for finance, commerce, security, telephony, and the Internet. Simple Access develops solutions to facilitate and simplify interaction at the infrastructure level. The company's areas of expertise include payment systems, data security, cryptography, and transaction processing. The privately held company was founded in 1995. Simple Access is located at One Sutter Street, Suite 500, San Francisco, California 94104. To reach the company, phone 415-392-0526, fax 415-986-8113 or send email to info@sac.net. For media information please contact Melody Kean Haller, Antenna Group, 415-896-1800, or melody@antennapr.com.