InPlay Technologies Completes Acquisition of FinePoint Innovations
September 07 2005 - 10:15AM
PR Newswire (US)
Developer of Patented Digital Computing Pen Technology Becomes
Wholly Owned Subsidiary PHOENIX, Sept. 7 /PRNewswire-FirstCall/ --
InPlay Technologies (NASDAQ:NPLA) announced today that it has
completed the acquisition of privately held FinePoint Innovations,
a developer of patented digital computing pen solutions for tablet
PCs. InPlay issued 567,111 shares of restricted common stock to
shareholders of FinePoint, and may be required to issue additional
shares of restricted common stock and cash upon FinePoint's
achievement of at least $3.2 million of accumulated EBIT (earnings
before interest and taxes) through December 2007. "We are pleased
to bring FinePoint on as an InPlay technology," said Bob Brilon,
CEO, InPlay Technologies. "We were looking for innovative
technologies in emerging growth markets. Our entry point is just
before commercialization or conversion to revenue. With its newly
developed, leading edge digital pen technology for the tablet PC
market and a significant initial purchase order moving forward this
year, FinePoint fits well with our model." "We have begun delivery
on an initial purchase order in excess of $1 million for a major
computer OEM," added Stephen Caldwell, FinePoint Innovations
president. "With that product hitting the market over the next
couple of months, we are focused on fulfilling the initial order
and anticipate follow-on orders from this OEM. We will also be
taking this success to other tablet PC OEMs to demonstrate how our
digital technology offers improvements over traditional analog
technology." FinePoint's digital computing pen technology consists
of a digitizer and digital writing pen. The pen is an active RF
digital pen versus the typical analog pen used with most tablet PC
systems. Digital signaling enables very low power consumption,
superior performance, and lower manufacturing costs. At closing,
InPlay had provided funding of $160,000 plus interest in the form
of convertible debt. The amount of debt was converted at closing,
reducing the initial shares issued from 600,000 to 567,111. As part
of the transaction, Stephen Caldwell has agreed to remain as
president of FinePoint Innovations for up to five years. Visit
http://www.finepointinnovations.com/ for more information on the
MagicPoint digital pen-input solution. About InPlay Technologies
InPlay Technologies markets and licenses proprietary emerging
technologies. The InPlay business model is to bring inventions to
market by creating win-win relationships for the inventors and
manufacturers through InPlay Technologies. The company was founded
to commercialize its internally developed Duraswitch electronic
switch technologies and has executed license agreements with switch
manufacturers and OEMs worldwide. Duraswitch patented technologies
are in the controls of a wide range of commercial and industrial
applications. InPlay Technologies is focused on building on the
Duraswitch foundation and leveraging its licensing model with
additional, innovative technologies. Visit
http://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, but are not limited to,
statements regarding our assessment of the potential for the
FinePoint computing pen technology, commercial acceptance of
FinePoint's technology in the tablet PC and other markets and the
potential for follow-on orders from a major computer OEM. Risks and
uncertainties that could cause results to differ materially from
those projected include the inability to gain commercial acceptance
in consumer and commercial applications, loss of the purchase order
from the major computer OEM, unforeseen difficulties in
manufacturing and delivery of FinePoint's product and other
uncertainties described from time to time in InPlay's documents
filed with the Securities and Exchange Commission, including its
Annual Report on Form 10-KSB for the year ended December 31, 2004.
These forward-looking statements represent InPlay's beliefs as of
the date of the press release and InPlay disclaims any intent or
obligation to update these forward-looking statements. DATASOURCE:
InPlay Technologies, Inc. CONTACT: Heather Beshears, Vice
President, Corporate Communications of InPlay Technologies, Inc.,
+1-480-586-3357, Web site: http://www.finepointinnovations.com/ Web
site: http://www.inplaytechnologies.com/
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