BarPoint.com, Inc. Responds To Offer From Atlas International Group; Announced Dividend of $0.12 Per Share to be Paid as Scheduled On January 14, 2002.
DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Jan. 7, 2001
BarPoint.com, Inc. (Nasdaq:BPNT), a leading mobile commerce service provider and applications developer, has announced that it will not accept the contingent offer that was released earlier today by Atlas International Group Limited, a privately held company. The offer, for $0.60 per share, is conditioned upon cancellation of the issuance of a dividend of $0.12 per share, which is scheduled to be distributed on January 14, 2002, and also conditioned upon satisfaction of due diligence requirements as set forth in their letter to BarPoint.com. The Company notes that the offer, as presented, is below book value.
On November 14, 2001, BarPoint.com announced, as part of its restructuring plan, that it would issue a cash dividend of $0.12 per share to the shareholders of record dated December 24, 2001, to be paid on January 14, 2002. The unsolicited letter detailing the offer from Atlas International, which was made public by them today, is dated January 3, 2002. There has been no prior contact or discussion between Atlas International and officials of BarPoint related to the offer and the Company has not received any information about Atlas, its source of funds, nor its intentions other than the aforementioned letter.
According to BarPoint Chairman Leigh Rothschild, "The BarPoint Board of Directors has determined that it is not in the best interest of the shareholders to delay or cancel our previously announced dividend, in order to enter into preliminary discussions with Atlas International Group. BarPoint will be going forward with the scheduled dividend and remains willing to consider future discussions with Atlas International or others."
BarPoint.com is a leading online and wireless product information and commerce platform as well as an applications developer and a pioneer in the use of unique product identifiers, such as the UPC barcode number, and patent-pending "reverse-search" technology to simplify the process of finding meaningful product information. As a technology service provider, retail sales facilitator, and applications developer, BarPoint is dedicated to helping businesses and consumers make better buying decisions. Through its proprietary data aggregation and integration processes and a device-independent platform for secure mobile commerce, BarPoint provides cost-effective turnkey solutions for retail partners who want to enable their customers to shop anytime, anywhere, from any mobile device. The BarPoint service is on the shopping menus of more than 95% of Internet-enabled phones sold in the U.S. The Company has previously announced strategic alliances with companies such as Verizon Wireless (VZ), Cingular Wireless, AT&T Wireless (AWE), Sprint PCS (PCS), Office Depot (ODP), The Sharper Image, Air2Web, GoAmerica (GOAM), i3 Mobile (IIIM), Palm (PALM) and Symbol Technologies (SBL) and in 1999 acquired Synergy Solutions, now acting as BarPoint's application development division.
BarPoint.com is located at: 2200 SW 10th Street, Deerfield Beach, FL 33442. For information, contact BarPoint.com at: (954) 949-7000 or via the web: http://www.barpoint.com. BarPoint.com's common stock is traded on Nasdaq under the symbol BPNT.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company's business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including the Company's ability to attract new customers, the Company's relationships with strategic partners, the Company's ability to raise additional capital and other factors mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company's actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company's expectations or future events.
BarPoint, BarPoint.com and My BarPoint are trademarks or registered trademarks of BarPoint.com, Inc. BarPoint technology is patent-pending.
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|Date:||Jan 7, 2002|
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