ImaginOn Forms New Subsidiary to Implement Wireless Applications of Its Technology.
SAN CARLOS, Calif.--(BUSINESS WIRE)--July 13, 2000
Newly formed wholly-owned subsidiary called Wireless Web
Data, Inc. will purchase assets, a patent license and know-how
from ImaginOn, Inc. and develop wireless Web data server
software for the wireless devices marketplace;
ImaginOn, Inc. plans to retain up to 80% of Wireless
Web Data's equity and sell up to 20% of the equity to
private investors and industry partners.
ImaginOn, Inc. (NASDAQ: IMON) (www.imaginon.com) today announced that has formed a new wholly-owned subsidiary corporation called Wireless Web Data, Inc. (WWDI) to develop wireless Web data server software to meet the needs of the rapidly growing wireless device marketplace. The new corporation will purchase assets, a patent license and know-how from ImaginOn, Inc., according to Chief Executive Officer David Schwartz.
"With an instant marketplace of more than 300-million cell phone users worldwide, we believe that the potential for WWDI products is vast and growing larger every day," Schwartz emphasized. "I'm confident that our core patented technology will enable WWDI to bring to market the world's first wireless service that is fully automated, media-savvy, multi-device compatible and entirely hands-free. It will be a Web based system that will transform the way information is harvested and the way information is presented to users."
ImaginOn's technology will be utilized by WWDI to develop software for wireless Web data servers that will allow cellular phone and portable computing device users to request any type of data (including text, audio and video) and receive it properly formatted for their individual device. Data such as stock quotes, weather information, maps, MP3 audio files and video clips will be available to portable hand-held device users by using the WWDI systems.
"ImaginOn's core technology, which is penetrating the interactive Internet television marketplace, is equally well-suited to the wireless marketplace," Schwartz said today. "We anticipate that the spin-off off Wireless Web Data, Inc. will further increase shareholder value in ImaginOn, because ImaginOn will retain up to 80% of the equity in the new company. Another 20% of the company's equity will be sold to private investors and industry partners."
According to Schwartz, the decision to spin-off Wireless Web Data, Inc. comes at a time when the market for wireless devices is expanding at a dramatic rate, as is investor interest in the entire category.
ImOn.comTV is a trademark of ImaginOn and is protected under U.S. Patents.
Except for the historical information presented herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995, or by the Securities and Exchange Commission in its rules, regulations, and releases. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks include acceptance of ImaginOn software by developers and users, the successful development of competitive software to ImaginOn's, competitive pricing pressures for ImaginOn software and services, and the availability of financing to complete management's plans and objectives. In addition, other risks are detailed in the Company's periodic reports and in its Form S-1 registration statement declared effective by the Securities and Exchange Commission on May 11, 2000. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 13, 2000|
|Previous Article:||MedicaLogic/Medscape Selects USi's AppHost Program to Give Mid-sized Medical Clinics Greater Access to Electronic Medical Records Systems.|
|Next Article:||Saleoutlet June Activity Hits New High.|