Hello Cathy and Ed-

Just wanted to let you know my progress on cost estimates and documents.

The paperwork will be broken down into two documents for the initial phase.  
The first is a "Commitment" letter (an LOI of sorts) for just the free 
posting system we have been talking about.  It will be followed by a full 
blown "Electronic Transacations Agreement" that I am sure will take much 
longer for all our lawyers to get through.  I need to get the LOI's done to 
show our management here the level of commitment we have from our initial 
launch pipelines, and it should be to you within the week.  I am hoping this 
short document will not have a tough time getting through your legal 
processes.  The next document (ETA) will closely follow the LOI's, but I know 
will be more of a negotiation since that is where the real details are 
spelled out.

We are still in the process of finalizing the costs (Gap Analysis) and the 
deliverables for the GIR settlement system requirements.  I should have more 
information on this by the end of the week.

We unfortunately have had some slippage on the start date of phase one due to 
some scope changes, and personnel issues.  We are definately looking into 
first quarter of next year, so that buys us some time with getting the 
documents through our respective legal departments.  I apologize for this 
delay, but once we have the signed LOI's back in our shop, we will be able to 
lock down a launch date.

Please give me a call if you have any questions.

I will update you as news breaks......

Thanks,

Julie  :-)