Telepanel Wireless Electronic Shelf Labels To Be Marketed By SUPERVALU.
Telepanel Systems In(TSE:TLS.) (OTC Bulletin Board:TLSXF)
SUPERVALU Signs Agreement With Telepanel To Resell Telepanel Electronic Shelf Labels
Telepanel Systems Inc. (TSE:TLS and OTC:TLSXF) today announced that it had signed a reseller agreement with SUPERVALU.
SUPERVALU Inc., New England Region, with its headquarters based in Minneapolis, Minnesota is making Telepanel Electronic Shelf Labels available to all retailers in New England, including New York State.
"A number of our New England retailers are now ready to make use of electronic shelf label technology," commented the Retail Systems Manager of SUPERVALU, New England Region covering Massachusetts, New Hampshire, Connecticut, Vermont, Rhode Island, Maine and New York State. "We are very pleased with Telepanel's new Millennium PLUS system and price point. We look forward to combining the strengths of SUPERVALU and Telepanel to make this a success for our retailers and their shoppers."
"This reseller agreement with SUPERVALU further demonstrates the growing market acceptance of electronic shelf labels, and of Telepanel in particular," stated Chris Skillen, President and CEO of Telepanel. "Telepanel continues to be the leader in the electronic shelf label sector and this latest endorsement by SUPERVALU strengthens our position and confidence that our technology and price point advantage are what the market is looking for. Our joint intent is to market to at least 75 affiliated retail stores over the next two years, and we anticipate initial orders for 4 stores. SUPERVALU is the leading food distribution company, serving approximately 3,900 stores, and the eleventh largest retailer in the United States, operating over 300 retail stores."
Mr. Skillen continued, "this relationship with SUPERVALU also positions Telepanel to respond to the anticipated opportunity in Massachusetts, should it adopt legislation similar to Connecticut to allow electronic shelf labels. Upon installation of electronic shelf labels, Connecticut retailers may discontinue marking the price on each item sold. This agreement, along with the strength of our alliance with IBM, positions Telepanel to continue to lead the industry into the next millennium."
In additional news, Telepanel is pleased to announce that it has reached agreement with its debenture holders to adjust the exercise price of the warrants attached to the debenture issued June 15, 1995 to $1.50 per share and the conversion price of the debenture issued October 6, 1997 to $1.50 per share. In exchange, the debenture holders extended the maturity date of the debentures to mid 2001 and deferred interest payments until the new maturity.
Telepanel is the leader in developing wireless electronic shelf labeling systems for retail stores. Telepanel display modules are placed on the edge of store shelves to show a product's price and other information. Prices are changed by a radio communications link to the store's cash registers, to provide accurate and up-to-date pricing.
Approximately 2,000,000 Telepanel wireless display modules are presently installed and operating throughout the United States, Canada, and in Europe. Telepanel installations are at such premier supermarkets and warehouse chains as A & P, Stop & Shop, Loblaws, Big Y, Adam's Super Food Stores, Reasor's, Wakefern, Grand Union, Sam's Clubs, Shaw's, Brown's, Doll's, Stew Leonard's, Champion, Leclerc, Intermarche, SPAR, Pingo Doce, and Super U and at Universal Studios, Hollywood.
This press release includes forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not constitute historical facts and involve risks and uncertainties, including, but not limited to, the possibility that adverse economic or other factors may cause actual results to be materially different than current estimates and projections. Additional detailed information concerning a number of factors that could cause actual results to differ materially from the information contained in this press release is contained in the reports and other documents of Telepanel filed with the Securities and Exchange Commission from time to time.
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|Date:||Jun 1, 1999|
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