CyberKey Cancels Letters of Intent with VIP*ComLink and Specialized Leasing.Business Editors ST. GEORGE, Utah--(BUSINESS WIRE)--March 7, 2003 CyberKey Corp. today announced that it has agreed to cancel letters of intent with VIP*ComLink (Pink Sheets: VIPM VIPM View-Independent Progressive Mesh VIPM Virtual Instrument Package Manager ) and Specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. Leasing (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: SZLG). Initially announced in October 2002, the letter of intent with VIP*ComLink would have allowed VIP*ComLink the right to acquire an ownership interest in CyberKey, along with CyberKey products and rights associated therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. ; this letter of intent has been mutually cancelled by both companies. Separately, the December 2002 letter of intent with Specialized Leasing would have allowed Specialized Leasing the right to acquire a number of issued shares of CyberKey in exchange for restricted shares of Specialized Leasing's common stock; this letter of intent has been mutually cancelled by both companies. "At the end of the day, we decided that the best thing for CyberKey and our shareholders was to go a totally different direction as far as becoming a public company," said Jim Plant, president and chief executive officer of CyberKey. CyberKey markets extremely small "plug and play" removable flash memory storage devices known in the industry as USB drives A flash memory card that plugs into the computer's USB port. Small enough to hook onto a keychain, it emulates a small disk drive and allows data to be easily transferred from one machine to another. . These USB drives allow users to easily transport large amounts of electronic data and software applications from one personal computer to another as long as the PCs come equipped with a Universal Serial Bus See USB. (hardware, standard) Universal Serial Bus - (USB) An external peripheral interface standard for communication between a computer and external peripherals over an inexpensive cable using biserial transmission. port, which is a standard feature in virtually all PCs shipped today. CyberKey products have specific application in a number of vertical markets such as finance, automobile, education, medical and media. As an example, the company's MedicalKey(TM) offers patients and care providers the ability to transport large amounts of medical history, files, x-rays and prescription information on a keychain. |
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