InPlay Technologies Announces Delphi's Approval of $7.5 Million Claim.PHOENIX -- InPlay Technologies[R] (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NPLA), a developer and marketer of innovative, emerging technologies, today announced that it has negotiated and is awaiting final bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approval of a proposed settlement agreement with Delphi Corp. in which Delphi will allow a pre-petition general unsecured claim against Delphi Automotive Systems See ITS, embedded system, drive-by-wire, adaptive cruise control, collision avoidance system, autonomous vehicle, heads-up display, DSRC, lane departure system, CAN bus, FlexRay and SYNC. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control in the amount of $7.5 million. Notification of the proposed settlement has been given to interested parties pursuant to Delphi's bankruptcy settlement procedures order, who have ten business days to object or request additional information. If there are no objections, the stipulation An agreement between attorneys that concerns business before a court and is designed to simplify or shorten litigation and save costs. During the course of a civil lawsuit, criminal proceeding, or any other type of litigation, the opposing attorneys may come to an agreement would then be presented to the court for approval. InPlay's claim stems from an agreement signed between Duraswitch and Delphi in 2000. Delphi paid a non-refundable payment of $4 million and committed $12 million minimum royalties to Duraswitch through 2007 for exclusive rights to use Duraswitch technologies in the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Delphi had paid $3 million of that $12 million commitment to InPlay, with an additional $3 million due in July 2006 and $6 million in July 2007. As part of its bankruptcy filing in October 2005, Delphi filed a motion requesting that this agreement be cancelled under bankruptcy law. InPlay agreed to the cancellation, but retained the right to claim damages. InPlay subsequently filed a claim for the remaining $9 million in minimum royalties. About InPlay Technologies InPlay Technologies develops, markets and licenses proprietary emerging technologies. Working with its licensees and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers, InPlay offers technology solutions that enable innovative designs and improved functionality for electronic products. The company's MagicPoint[R] technology is the only digital-based pen-input solution for the rapidly growing tablet PC (1) A tablet computer environment from Microsoft that is based on an enhanced version of Windows XP. Designed to function more like a portable writing tablet than previous tablet-based computers, it includes handwriting recognition as well as the ability to retain handwritten words and mobile computing Using a computing device while in transit. Mobile computing implies wireless transmission, but wireless transmission does not necessarily imply mobile computing. Fixed wireless applications use satellites, radio systems and lasers to transmit between permanent objects such as buildings markets. Its Duraswitch[R] brand of electronic switch technologies couples the friendly tactile feedback of mechanical pushbuttons and rotary dials with the highly reliable, thin profile of membrane switches, making it ideal in a wide range of commercial and industrial applications. InPlay is focused on further commercializing these technologies and seeking additional innovative technologies to enhance its portfolio. Visit www.inplaytechnologies.com for more information. This news release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements regarding our ability to bring resolution to the claim. Risks and uncertainties that could cause results to differ materially from those projected include objections raised by notification parties that could change the outcome or timing of the settlement agreement and other uncertainties described from time to time in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-KSB for the year ended December 31, 2005 as filed with the Securities and Exchange Commission on March 17, 2006. These forward-looking statements represent our beliefs as of the date of this press release and we disclaim any intent or obligation to update these forward-looking statements. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion