Imaginon Announces Letter of Intent for Investment in Its Wireless Web Subsidiary.Business and Technology Editors SAN CARLOS, Calif.--(BUSINESS WIRE) Feb. 28, 2001- Gulfstream Financial Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control intends to acquire a 20% position in Wireless Web Data, Inc. (WWDI) for $500,000. Moving to maximize the commercial market potential of its wireless Web communications technology, Imaginon, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : IMON IMON International Merkur Owner's Network IMON Internet Monitor ) today announced that Gulfstream Financial Partners, LLC, based in Palm Beach Gardens, Florida Palm Beach Gardens is a city in Palm Beach County in the U.S. state of Florida. The city is in the center of a rapidly-developing area north of West Palm Beach in the northern part of the county and the South Florida metropolitan area. , has executed 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 ) with Imaginon's wholly-owned subsidiary corporation, Wireless Web Data, Inc.(WWDI). Under the terms of the LOI announced today by Imaginon Chief Executive Officer David Schwartz, Gulfstream, in conjunction with other investors, will acquire a 20% equity position in WWDI for $500,000 in cash, representing the initial payment for the existing wireless software and development systems owned by Imaginon, Inc. Upon the completion of this equity investment, present plans call for WWDI to be merged with a publicly-held corporation so that it can gain better access to capital markets. Simultaneous with the merger, it is planned that a minority interest in the new publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. will be offered to investors in a private placement transaction. According to Schwartz, Imaginon, Inc. will continue to own a majority interest in the new company after all of the anticipated transactions are completed. World Capital Funding, LLC will act as consultants to WWDI in regards to the private placement. It is expected that the new company will market Vizario, the latest commercial offspring of Imaginon's patented Transformational Database Processing and Playback (TDPP) technology that finds, formats, and plays back data from either the Web or Intranet servers without a browser or Wide Area Protocol (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. ) network. According to Schwartz, Vizario promises to bring significant new benefits to telcos, wireless equipment manufacturers, and end-users. Vizario is a client-server system that features an extremely small memory footprint a critical requirement for widespread deployment in a variety of wireless devices. Vizario permits browserless Web searches, searches to be initiated from a desktop and retrieved by a cell phone or PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). device, as well as on-the-fly filtered and formatted search reports for small screen displays. "This multi-stage equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. program should allow Vizario to be brought to market while simultaneously maximizing value for Imaginon shareholders," Schwartz emphasized today. Imaginon, Inc. is an information technology company focused on developing and marketing broadband and wireless interactive Internet and intranet software systems. ImaginVideo, the company's lead product, is a client-server application for the delivery and management of interactive video over TCP/IP TCP/IP in full Transmission Control Protocol/Internet Protocol Standard Internet communications protocols that allow digital computers to communicate over long distances. networks. The company's objective is to develop and commercialize the next generation of data retrieval, processing and playback software. ImaginVideo and Vizario are trademarks of Imaginon and are 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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-3 registration statement declared effective by the Securities and Exchange Commission on February 16, 2001. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. |
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