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Xacord, Inc.(Formerly Nanergy Corp.) Signs Binding Letter of Intent With Metaccord, Inc., Developer of Software for WiFi, Wide-Area WiFi and HotSpot Industries
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NEW YORK, NY, Jun 09, 2006 (MARKET WIRE via COMTEX) -- Xacord, Inc. (PINKSHEETS: NNGY) (formerly Nanergy Corp.) announced that Metaccord Acquisition Corp., a newly-formed subsidiary of the Company, has entered into a binding letter of intent to acquire all of the shares of Metaccord Inc., whose sole asset is Metaccord Ltd., an Israeli corporation specializing in platform software for the wireless and communications industries. Upon closing of the acquisition, Metaccord Inc. will be the surviving entity and will become a subsidiary of Xacord.
About Metaccord Ltd.
Established at the end of 2001, Metaccord Systems has developed an innovative software platform for the wireless, WiFi, Wide-Area WiFi and HotSpot industries to automate the delivery of third-party wireless services and content. The platform facilitates the rapid creation of a rich diversified service offering for customers by streamlining the creation and management of partnerships between mobile telecom carriers, Wi-Fi and Wide-Area Wi-Fi and HotSpot operators, and large numbers of partners, including wireless application and content providers. In addition the platform's unique service and system emulation and simulation facilities ensure that the new services and content will not adversely affect the operator's network or damage and conflict with other revenue generating applications and services. The streamlining of this process enables industry players to greatly reduce time to market, maximize return on investment (ROI) and reduce revenue leakage , by enhancing revenue streams and customer relationships while minimizing the IT and HR costs associated with partnership management.
Metaccord Ltd. was incubated at the Jerusalem College of Technology. It has been approved for matching funding by the Chief Scientist of Israel, and has entered into a strategic partnership with Telefonica, the Spanish telecommunications company. The project with Telefonica runs through 2007 and is focused on P2P mobile services and applications. It is part of the Celtic consortium headed by Telefonica Spain. Metacord has begun to look at future target markets and has been able to incorporate new platform elements such as billing module which it highlighted in February as part of 3GSM World Congress 2006 Technology transfer day ( ircnet.lu.
About Nanergy Inc.
Nanergy Inc. is a developmental stage company headquartered south of Princeton, NJ. Its focus is on developing exciting consumer products that harness nanotechnology, and especially photovoltaic nanofilms, while conducting ongoing research in storing hydrogen using carbon nanotubes. Its new corporate website is still being developed but is available for viewing at nanergyinc.com
About Xacord Inc.
Xacord is the parent company of Metacord and Nanenergy. Nanergy is being spun off to its shareholders.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties. This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," "promise," "seeking to," "negotiating to" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Contacts: Premier Media Service LLC. Heather Kerwin (480) 649-8224 hkerwin@premierfundingservice.com
SOURCE: Nanergy Inc.
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