InPlay Technologies Provides Update on Potential Impact of Delphi Bankruptcy
October 19 2005 - 7:37PM
PR Newswire (US)
PHOENIX, Oct. 19 /PRNewswire-FirstCall/ -- InPlay Technologies
(NASDAQ:NPLA) announced today that the debtors and
debtors-in-possession for Delphi Corp have filed a motion to reject
the exclusive license agreement signed with InPlay, formerly
Duraswitch. A hearing to consider the motion will be held on
October 27, 2005. Duraswitch and Delphi signed the agreement in
2000, at which point Delphi paid a non-refundable $4 million and
committed $12 minimum royalties to Duraswitch through 2007 for
exclusive rights to use Duraswitch technologies in the automotive
industry. To date, Delphi has paid $3 million of that commitment to
InPlay, with an additional $3 million to be paid in July 2006 and
$6 million in July 2007. The motion requests that this agreement be
rejected, thereby allowing Delphi to avoid paying the remaining
committed minimum royalty fees. InPlay intends to exercise all of
its available rights and remedies with respect to the agreement in
the Delphi bankruptcy case. 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 the outcome of the motion to reject the
exclusive license agreement. Risks and uncertainties that could
cause results of operations to differ materially from those
projected include the potential impact on InPlay's business and
stock as a result of the loss of the anticipated $9 million in
royalties from Delphi 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
CONTACT: Heather Beshears, Vice President, Corporate Communications
of InPlay Technologies, Inc., +1-480-586-3357, Web site:
http://www.inplaytechnologies.com/
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