Duraswitch Stockholders Approve Name Change to InPlay Technologies
June 06 2005 - 10:10AM
PR Newswire (US)
Duraswitch Stockholders Approve Name Change to InPlay Technologies
New Name Reflects Strategy to Expand Portfolio of Patented
Technologies; InPlay Will Begin Trading on Nasdaq as 'NPLA'
Beginning June 15, 2005 PHOENIX, June 6 /PRNewswire-FirstCall/ --
Duraswitch (NASDAQ:DSWT) announced that stockholders approved the
proposal to change the Company name to InPlay Technologies, Inc.
The Company's Board of Directors had recommended the change to
better reflect the Company's strategy of leveraging its licensing
model with additional proprietary technologies. "InPlay
Technologies is the next phase of our growth," said Bob Brilon,
Duraswitch CEO. "We founded the Company to commercialize our
patented switch technologies, initially manufacturing internally to
prove the technology in the marketplace. We successfully
transitioned to our Duraswitch licensing model. We are now ready to
take on additional technologies for commercialization through
InPlay Technologies." "The Duraswitch intellectual property
portfolio holds a range of patented switch solutions that meet the
needs of today's electronic devices. The Duraswitch brand will
continue to represent our switch technologies. The licensee network
is in place for commercialization of these technologies and we
expect organic growth from this division beyond the Delphi
exclusive license for automotive which includes minimum payments of
$11 million. We will continue to support our licensees in their
marketing and engineering efforts, as well as market directly to
OEMs and potential licensees," Brilon continued. "InPlay
Technologies has the opportunity to leverage the licensing model
with additional proprietary technologies, bringing new sources of
revenue to the Company," concluded Brilon. The official name change
is anticipated to be effective June 15, 2005. At the commencement
of trading on June 15, the Company's common stock traded on Nasdaq
will begin trading under the symbol "NPLA." Stockholders are not
required to take any action with respect to the name change and no
exchange of stock certificates is required. About Duraswitch
Duraswitch is a licensor of patented, enabling technologies. The
company was founded to commercialize a novel new electronic switch
technology -- pushbuttons, rotary dials, mouse controls -- that can
be used in a wide range of applications. Licensing its intellectual
property to established switch manufacturers and OEMs, Duraswitch
brings together its expertise in switch design with their marketing
and manufacturing capabilities. The Duraswitch business model can
be used for the commercialization of additional innovative
technologies. Visit http://www.duraswitch.com/ or call 480.586.3300
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, but are not limited to, statements regarding our ability
to successfully implement our corporate strategy, our licensees'
ability to market and manufacture products using our technologies,
organic growth and potential revenue from Duraswitch licensees, and
our ability to leverage our licensing model with new technologies
resulting in additional revenue. Risks and uncertainties that could
cause results to differ materially from those projected include
lack of market acceptance of our technologies, inability to acquire
and commercialize additional technologies, underestimating the
length of time required to develop sufficient licensing revenue to
create a net profit, unanticipated expenses related to protecting
our intellectual property, increased sales and marketing expenses
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, 2004. These forward-looking statements represent our
beliefs as of the date of the press release and we disclaim any
intent or obligation to update these forward-looking statements.
DATASOURCE: Duraswitch CONTACT: Heather Beshears, Vice President,
Corporate Communications, Duraswitch Industries, Inc.,
+1-480-586-3357, Web site: http://www.duraswitch.com/
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