InPlay Technologies Announces Delphi's Approval of $7.5 Million Claim
January 31 2007 - 4:42PM
Business Wire
InPlay Technologies� (NASDAQ: NPLA), a developer and marketer of
innovative, emerging technologies, today announced that it has
negotiated and is awaiting final bankruptcy court approval of a
proposed settlement agreement with Delphi Corp. in which Delphi
will allow a pre-petition general unsecured claim against Delphi
Automotive Systems LLC in the amount of $7.5 million. Notification
of the proposed settlement has been given to interested parties
pursuant to Delphi�s bankruptcy settlement procedures order, who
have ten business days to object or request additional information.
If there are no objections, the stipulation would then be presented
to the court for approval. InPlay�s claim stems from an agreement
signed between Duraswitch and Delphi in 2000. Delphi paid a
non-refundable payment of $4 million and committed $12 million
minimum royalties to Duraswitch through 2007 for exclusive rights
to use Duraswitch technologies in the automotive industry. Delphi
had paid $3 million of that $12 million commitment to InPlay, with
an additional $3 million due in July 2006 and $6 million in July
2007. As part of its bankruptcy filing in October 2005, Delphi
filed a motion requesting that this agreement be cancelled under
bankruptcy law. InPlay agreed to the cancellation, but retained the
right to claim damages. InPlay subsequently filed a claim for the
remaining $9 million in minimum royalties. About InPlay
Technologies InPlay Technologies develops, markets and licenses
proprietary emerging technologies. Working with its licensees and
OEM customers, InPlay offers technology solutions that enable
innovative designs and improved functionality for electronic
products. The company�s MagicPoint� technology is the only
digital-based pen-input solution for the rapidly growing tablet PC
and mobile computing markets. Its Duraswitch� brand of electronic
switch technologies couples the friendly tactile feedback of
mechanical pushbuttons and rotary dials with the highly reliable,
thin profile of membrane switches, making it ideal in a wide range
of commercial and industrial applications. InPlay is focused on
further commercializing these technologies and seeking additional
innovative technologies to enhance its portfolio. Visit
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 statements regarding our ability to bring
resolution to the claim. Risks and uncertainties that could cause
results to differ materially from those projected include
objections raised by notification parties that could change the
outcome or timing of the settlement agreement 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, 2005 as filed
with the Securities and Exchange Commission on March 17, 2006.
These forward-looking statements represent our beliefs as of the
date of this press release and we disclaim any intent or obligation
to update these forward-looking statements.
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