Local Internet stocks in tight race

Local Internet stocks are in a tight race to gain headway in the rapidly expanding market as they scramble for partnerships with the world's leading technology firms.

Led by companies such as Philweb.Com, Music Corp., SPI Technologies Ionics Circuits, Imperial Resources, Ajo.net Holdings, as well as the reported entry of Polar Mines, Island Mining and Armstrong Holdings, a number of joint ventures, buy-ins, technical tie-ups and other deals have already been forged with top Internet companies in their eagerness to get a slice of the multi-billion dollar worldwide web market.

Ajo.net Holdings formerly oil exploration firm Acoje Holdings, for instance has bought into the California-based BitMicro, an upstart company slowly making a name in the industry with its expertise in so-called "leap-frog technology" products.

Ajo.net told the Philippine Stock Exchange that it has invested $500,000 in one-year convertibble promissory notes at eight percent interest in BitMicro, to be eventually converted into common shares.

The investment forms part of the $10-million private financing package being undertaken by BitMicro, whose core personnel are Filipino professionals, for strengthening its R&D, production facilities and marketing programs in line with its planned initial public offering (IPO).

Nasdaq-listed technology stocks have lately been the focus of investor attention due to the seemingly endless potentials in Internet ventures.

Founded in 1995 by Filipino engineer-inventor Dr. Romeo Bruce, BitMicro aims to position itself as a world class maker of products for the storage and network industries used extensively in e-commerce, online transaction processing, multimedia and data warehousing. --