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A component based modeling language with the component interfaces derived from the elements of the Petri net theory called CNet is presented in this paper. In contrast to IEC 61499 function blocks that define the flow of events and data separately, CNet models them combined as colored tokens. The event-discrete behavior of CNet components is described by a special class of colored Petri nets with timed arcs and sharpened semantics in order to allow automatic generation of possibly concurrent Java code. In this paper, the state space of CNet components is analyzed and a novel event-discrete "handler-based" execution model that implicitly models an automaton is introduced.