Benefon Enters into LOI with Satelinx for GPS/GSM/GPRS Watch Technology.SALO, Finland Salo (IPA: [ˈsɑlo]) is a town and municipality of Finland. It is located in the province of Western Finland and is part of the Finland Proper region. -- Benefon Oyj, a leader in navigation solutions and location based services and Satelinx, a developer of location technology products, announced today that they had entered into a Letter of Intent (LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items ). According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. this LOI, Benefon would acquire the product designs of a GPS/GSM/GPRS watch currently owned by Satelinx Inc. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Benefon will be testing the capability of the GPS/GSM/GPRS watch in relation to its own core technology and will be integrating its proprietary protocols into the Satelinx watch to test its compatibility and integration into Benefon's back-end solutions. E[acute accent]The LOI is subject to the successful testing of the GPS/GSM/GPRS watch and once proven to work will be subject to a royalty based payment arrangement with a maximum payment amount. E[acute accent]Benefon would then launch a bundled solution, which will enable the company to sell its new integrated GPS/GSM/GPRS handheld due out in the 4th quarter of 2005 with multiple watches as a set. This will then enable parents to track their kids as well as Benefon will then be able to provide solutions linked to the elderly. E[acute accent]"The watch concept opens a whole new market to us," states Brian Katzen, the company's Chairman of the Board. "And falls into our philosophy of being able to bring tailored solutions that are needed by consumers in everyday life." E[acute accent]Satelinx CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Sam (1) (Security Accounts Manager) The part of Windows NT that manages the database of usernames, passwords and permissions. A SAM resides in each server as well as in each domain controller. See PDC and trust relationship. Grinfeld states: "Once we had this technology ready for the market, we sought the most appropriate player in the GPS- space to maximize the potential for this product. Benefon is the perfect partner with its' strategic manufacturing and distribution partner already in China. Benefon also has the ability to link the watch to their GPS/GSM/GPRS- handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. and their possibility to utilize existing distribution channels made this the right move for us." E[acute accent]Subject to the successful testing of the product, the plan is to launch the sales of the watch in the first quarter of 2006. E[acute accent]About Benefon: E[acute accent]Benefon is a leading provider of navigation and location based solutions and applications. |
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