CellPoint to Open British Subsidiary.Business Editors LONDON--(BUSINESS WIRE)--April 13, 2000 Due to advanced market activity in several European countries, CellPoint Inc. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). : CLPT; www.cellpt.com) has launched a new subsidiary in Britain, CellPoint Europe Ltd. The company will be based in Bracknell, which is in the center of `Telecoms Corridor' in the metropolitan London area. As GSM use grows exponentially in all corners of the globe, an operation in London provides a central point for CellPoint and offers the advantage of being a leading financial, transportation and communications center An agency charged with the responsibility for handling and controlling communications traffic. The center normally includes message center, transmitting, and receiving facilities. Also called COMCEN. See also telecommunications center. . CellPoint has been experiencing growing interest and demand from British-based institutional funds, brokerage houses, investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. and shareholders. "We see that the fast developing area of Bracknell meets our needs, with premises situated close to the offices of the operators, close to airports and close to the financial district of London," said Peter Henricsson, 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. of CellPoint Inc. "Even though our Swedish and South African subsidiaries have the best possible technical conditions for further development of our GSM positioning services, when it comes to marketing it is important to be closer to our partners - both the cellular operators and the emerging numbers of service providers." The Swedish subsidiary CellPoint Systems AB will move part of its growing staff to the UK, while the majority of the WAP (1) (Wireless Access Point) See access point. (2) (Wireless Application Protocol) A standard for providing cellular phones, pagers and other handheld devices with secure access to e-mail and text-based Web pages. Innovation and Development Center, Operations and application development will remain in Sweden. The Unwire operations will also remain in Sweden, and both Swedish operating subsidiaries will move into new, combined premises in Kista this year. Kista is well known as the `Mobile Valley' - the heart of mobile Internet Refers to gaining access to the Internet using a lightweight, handheld device. See Mobile IP, PDA, smartphone and mobile TV. development in the world. Nasdaq Update Concerning the application for Nasdaq National Market, the Company wishes to inform that the application process continues with the Nasdaq. "We are still not able to convey any information as to the exact date when it will be approved, though the Nasdaq assures us the timelines are progressing in the normal fashion," said Peter Henricsson. CellPoint has been conferring with the Nasdaq on recent developments in the Company including the very recent acquisition of Unwire and subsequent accounting information requirements The information needed to support a business or other activity. Systems analysts turn information requirements (the what and when) into functional specifications (the how) of an information system. the Nasdaq has in that regard. "CellPoint's application is progressing in due course and in the normal manner 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. the Nasdaq," says Henricsson. "We did a business presentation to the Nasdaq last week and the Company continues to supply the Nasdaq with information needed for them to complete their reviews." CellPoint Inc. (NASD: CLPT; www.cellpt.com) is a US company with subsidiary operations in Sweden, Britain and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. delivering positioning and telematics services in co-operation with cellular operators worldwide. Several commercially available services are based on the CellPoint System(TM) technology that uses GSM cellular networks to determine physical locations of cellular phones and Internet applications to present results and manage location and telematics services. CellPoint currently has the world's only end-to-end commercial service offerings for digital cellular location technology; it is fully scalable, works with standard GSM phones and WAP phones in unmodified digital networks, and can be co-ordinated worldwide from a remote central location. Unwire AB (www.unwire.com) is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CellPoint Inc., develops and manufactures telematics terminals and is considered to be a leading company in the world for innovative telematics services. GSM accounts for more than 66% of the world digital cellular market with more than 285 million subscribers worldwide. Estimates for cellular phone usage are now at 1.5 billion users by 2005, with GSM accounting for two-thirds of the total market, and one billion mobile Internet users by 2005. For more information, please contact: CellPoint Inc.: investinfo@cellpt.com CellPoint and CellPoint Systems are trademarks of CellPoint Inc. Forward-looking statements 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. 2000 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion