InPlay Technologies Sells $7.5 Million Delphi Bankruptcy Settlement Claim
March 12 2007 - 9:15AM
Business Wire
InPlay Technologies� (NASDAQ: NPLA), a developer and marketer of
innovative, emerging technologies, announced today that it sold its
allowed $7.5 million general unsecured non-priority claim against
Delphi Automotive Systems LLC. InPlay sold the claim for a value no
less than the face amount of the allowed claim. In February 2007,
the bankruptcy court approved a settlement agreement between InPlay
and Delphi under which InPlay was granted an allowed general
unsecured non-priority claim against Delphi Automotive Systems, LLC
in the amount of $7.5 million. 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 seeking rejection of this agreement under relevant
bankruptcy law. The Court allowed the rejection subject to InPlay's
right to claim damages for the breach of the agreement. InPlay
subsequently filed a damages 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.
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