CellPoint Announces Changes in Board of Directors.Business Editors STOCKHOLM--(BUSINESS WIRE)--March 18, 2002 CellPoint Inc. (Nasdaq: CLPT), a global provider of mobile location software technology and platforms, announces changes to its Board of Directors. Jan Rynning, a director since October 2001, will replace Peter Henricsson as Chairman of the Board. Mr. Rynning is a Swedish lawyer, specializing in company reconstructions and has extensive experience in working as a board member in turn-around situations. Mr. Henricsson, who has been the Chairman and 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. since inception in 1997, will continue as a working board member full time and concentrate his work over the next period on the Swiss financing and new strategic partners. Stephen Childs Stephen Child (1866-1936) was an American architect. He received his undergraduate degree from MIT in 1888 in civil engineering. He served as the deputy street commissioner and superintendent of the sewer department in Newton, Massachusetts between 1891 and 1901. , President of CellPoint, will take on the role as Chief Executive Officer. Mr. Childs has been a member of the board of CellPoint since May 2000 and the President since October 2001. The Company has had discussions with a few potential board members that are prepared to join the board after the restructuring and new financing are completed. Henrik Andersson, the founder and former head of Stockholm Bors Information (SBI SBI Special Background Investigation SBI Subsidiary Body for Implementation SBI State Bank of India SBI Secure Border Initiative SBI Small Business Institute SBI Stockholm Brain Institute SBI Serious Bacterial Infection SBI Society of Breast Imaging ), the second Swedish Stock Exchange, has accepted to join the board. "It is a privilege if I can be able to lend support to CellPoint," said Andersson. Jan Rynning said, "During my time on the CellPoint board, I have become convinced that the Company is fundamentally sound and that the technology and products are excellent. We also firmly believe that the customers will start placing orders this spring for these types of location platforms. The balance sheet and debt structure, however, have been an obstacle to getting the needed capital to make our customers feel comfortable to place orders with us. When the financial restructuring is complete, I am convinced that CellPoint will have a very bright future and will provide an excellent return to its stockholders." Peter Henricsson concluded, "Jan Rynning, with his experience, will be a strong Chairman to take the lead through this final transition stage. While the past year has been a tremendous struggle for everyone, the board determined it was best to initiate these changes now as CellPoint rebuilds for a promising future. Our balance sheet now has $5.5 million of the prior debt converted to equity with the remaining $5.5 million debt pushed out two years. We are working with a strong financial partner out of Europe and have good strategic opportunities in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market. CellPoint is reemerging as a tough company, lean and focused with outstanding technology and a highly competent team of passionate and dedicated staff." CellPoint Inc. (Nasdaq and Stockholmsborsen: CLPT) is a leading global provider of location determination technology, carrier-class middleware and applications enabling mobile network operators rapid deployment of revenue generating location-based services See mobile positioning. for consumer and business users and to address mobile E911/E112 security requirements. CellPoint's two core products, Mobile Location System (MLS See multilevel security. ) and Mobile Location Broker (MLB MLB Major League Baseball MLB Minor League Baseball MLB Middle Linebacker (football) MLB Motor Life Boat MLB Matt Leblanc (actor) MLB Mother Love Bone (band) ), provide an open standard platform adapted for multi-vendor networks with secure integration of third-party applications and content. CellPoint's entry-level location platform handles over 500,000 location requests per hour and has a seamless migration path to GPRS (General Packet Radio Service) The first high-speed digital data service provided by cellular carriers that used the GSM technology. GPRS added a packet-switched channel to GSM, which uses dedicated, circuit-switched channels for voice conversations. and 3G. CellPoint's early entry and experience with European mobile operators has allowed the development of products and features that address key requirements such as active and idle mode positioning, international roaming, multiple location determination technologies and consumer privacy. CellPoint is a global company headquartered in Kista, Sweden. For more information, please visit www.cellpoint.com. CellPoint(TM) and CellPoint Systems(TM) are trademarks of CellPoint Inc. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Actual results may differ materially from those projected in any forward-looking statement. Investors are cautioned that such forward-looking statements involve risk and uncertainties which may cause actual results to differ from those described. Copyright (c) CellPoint Inc. 2002 |
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