Information is ubiquitous, and we are flooded with more than we can process. Somehow, we must rely less on visual processing, point-and-click navigation, and manual decision making and more on computer sifting and organization of information and auto- mated negotiation and decision making. A resolution of these problems requires software with semantic understanding-a grand challenge of our time. More particularly, we must solve problems of automated interoperability, integration, and knowledge sharing, and we must build information agents and process agents that we can trust to give us the information we want and need and to negotiate on our behalf in harmony with our beliefs and goals. This paper proffers the use of information- extraction ontologies as an approach that may lead to semantic understanding.