NanoPierce Technologies, Inc. Announces Financial Restructuring.Business Editors DENVER--(BUSINESS WIRE)--April 2, 2003 NanoPierce Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NPCT NPCT Nonproliferation Controls and Treaty Compliance NPCT Nasal-Pharynx Cancerous Tissue ) today announced that it had implemented a major financial restructuring of the Company and its subsidiaries. Responding to the continuing challenge presented by today's business Today's Business is a show on CNBC that aired in the early morning, 5 to 7AM ET timeslot, hosted by Liz Claman and Bob Sellers, and it was replaced by Wake Up Call on Feb 4, 2002. and economic environment, the Company and its subsidiaries laid off 55% of its work force, implemented additional salary reductions and eliminated or reduced leasehold expenses in an effort to further reduce its overhead and cash burn rate. The Company estimates that because of these and other actions, consolidated overhead has been reduced by approximately 40% to 50%. The remaining employees are capable of carrying forward the business activities of the Company and the core competencies of the management and staff team have been retained. The conditions prevailing in the financial markets and the global semiconductor market presented the Company with little alternative but to implement cost-saving changes in order to enhance its ability to weather the current environment. As part of the changes implemented by the Company, NanoPierce Card Technologies, GmbH, due to the requirements of German law, was placed into receivership. The Company had contemplated the possible dissolution of NanoPierce Card Technologies, GmbH as part of a plan to simplify operations in Germany. The Company intends to focus all activities in Germany into NanoPierce's other German subsidiary, ExypnoTech GmbH, which remains unaffected by the receivership of NanoPierce Card Technologies, GmbH. However, expansion of these activities is heavily dependent upon the Company or ExypnoTech obtaining sufficient financing. NanoPierce's U.S. subsidiary, NanoPierce Connection Systems, Inc., will continue its pursuit of the WaferPierce(TM) opportunity along with other, on-going efforts to commercialize NCS (Network Call Signaling) CableLabs version of MGCP. See MGCP/MEGACO. NCS - Network Computing System: Apollo's RPC system used by DEC and Hewlett-Packard.The protocol has been adopted by OSF. (TM) with industry leaders. The subsidiary will also increase the emphasis given to projects producing shorter-range revenue. Certain former employees have agreed, on request, to assist the Company on a consulting basis on these business activities. The Company also continues to pursue financing for its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . Paul H. Metzinger, President and Chief Executive Officer of NanoPierce Technologies Inc., stated: "Regrettably we had to implement this financial restructuring but it was made necessary by existing economic conditions. Tough as it might be, we exercised the discipline required to better enhance the prosperity of the Company." ABOUT NANOPIERCE TECHNOLOGIES, INC. NanoPierce Technologies, Inc., of Denver, Colorado, USA, is traded on the NASDAQ stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (OTCBB:NPCT) as well as on the Frankfurt and Hamburg exchanges (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :NPI NPI National Provider Identifier, see there ). In addition to the 12 patents it owns, NanoPierce has numerous applications pending, others in preparation, and various other intellectual properties related to NanoPierce's proprietary NCS(TM) (NanoPierce Connection System). This advanced system is designed to provide significant improvement over conventional electrical and mechanical interconnection methods for high-density circuit boards, components, sockets, connectors, semiconductor packaging and electronic systems. ABOUT NANOPIERCE CONNECTION SYSTEMS INC. NanoPierce Connection Systems, Inc., is a 100% subsidiary of NanoPierce Technologies, Inc., located in Colorado Springs, Colorado The City of Colorado Springs is the second most populous city (after Denver) in the state of Colorado and the 48th most populous city in the United States.[4] The city is the county seat of El Paso County. . NanoPierce Connections Systems, Inc., has been chartered to undertake high-volume production WaferPierce(TM), a revolutionary and enabling semiconductor wafer treatment for ultra-low cost flip-chip without the necessity of wire bonding Wire bonding is a method of making interconnections between a microchip and other electronics as part of semiconductor device fabrication. The wire is generally made up of one of the following:
ABOUT EXYPNOTECH GmbH ExypnoTech GmbH is a 100% subsidiary of NanoPierce Technologies, Inc., located in Rudolstadt, Germany. ExypnoTech develops, produces and markets components for the RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. market worldwide. In its production of smart inlays, the Company employs flip chip processes based on NanoPierce Technologies patents. For further information on ExypnoTech, log on to www.exypnotech.com. This announcement contains forward-looking statements about NanoPierce Technologies, Inc., and its subsidiaries, that may involve risks and uncertainties. Important factors relating to the Company's operations could cause actual results to differ materially from those in forward-looking statements and are further detailed in filings with the Securities and Exchange Commission (SEC) available at the SEC's website (http://www.sec.gov). All forward-looking statements are based on information available to NanoPierce Technologies, Inc., on the date hereof, and NanoPierce Technologies, Inc., assumes no obligation to update such statements. |
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