Summus, Inc. (Nasdaq: SUMU), a developer of information processing solutions for mobile devices, has signed a multi-year revenue sharing agreement with San Francisco-based Snapfish, a major provider of online photo services.
As part of the deal the companies will work together to create Snapfish Mobile, a wireless personal photo application developed by Summus’ “BlueFuel” software, according to a joint statement issued by the companies. Details of the agreement were not disclosed.
In the release Raj Kapoor, president and co-founder of Snapfish, says: “We selected Summus’ BlueFuel architecture due to its enhanced functionality that enables the delivery of high quality images over wireless networks faster and more efficiently than other multimedia architectures.”
Revenues for Summus, formerly known as High Speed Net Solutions, decreased 23 percent to $228,000 during first quarter 2002 while net losses increased 10 percent to $2.6 million. During the last 52 weeks shares of SUMU ranged in price from 55 cents to $3.05 and recently traded near 63 cents. Summus’ market capitalization totals $27.6 million.
Summus: www.summus.com
