TechLabs Moving to Complete Purchase of Stake in Wireless Internet
Software Application Company
Company Sees HandRes as Capable of Developing the Ultimate Mobile Internet Portal
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 21, 2000--TechLabs, Inc. (OTCBB:TKLB - news) today
announced that it is nearing completion of its due diligence process for its pending acquisition of a 25% equity stake in HandRes, Inc. (www.handres.com), a developer
and provider of Web-based software applications, including reservation and business-related Internet content, targeted to wireless handheld device users.
In a meeting last week with the senior management team of HandRes, TechLabs' management completed an in-depth review of HandRes' leading edge technology,
including its wireless Internet travel and reservation system, which it accessed utilizing a variety of the leading personal digital assistants (PDAs) available on the market
today, as well as with an Internet-ready digital cellular telephone.
``Clearly, HandRes has developed software technology that is powerful and adaptable to a wide variety of applications and devices,' said Thomas J. Taule, Chairman of
TechLabs. ``And they are currently working to secure agreements with a broad number of information service and content providers that should position them to operate
what we believe will be a leading mobile wireless device Internet portal.
``Additionally, we have already begun to explore the development of wireless access to Interplanner.com, our wholly owned calendar and personal information
management service. Based on our preliminary discussions, we believe their technology can be readily adapted to provide a platform through which users will be able to
access and manipulate many of Interplanner's most essential time and information management tools, including appointment and task scheduling and contact data.'
``We've intentionally sought to develop our technology in a manner that offers utility for a broad set of applications,' added Eric Stroud, President and CEO of HandRes.
``Integral to this strategy is our capability to operate in HTML, WAP, and other emerging protocols, which gives us tremendous flexibility and a competitive advantage.
Moreover, the development of a turnkey wireless solution for Interplanner.com would represent an important first step towards our goal of ultimately expanding in a
horizontal fashion.'
About TechLabs
TechLabs, Inc. is a developer and incubator of start-up and emerging Internet companies and businesses, seeking to make strategic venture investments in such companies
and further their growth and development through a variety of consulting and financing services. TechLabs' underlying goal is to realize significant increases in shareholder
value, as well as develop additional capital to support the further growth of its subsidiary companies through the realization of gains achieved by the selective sale of certain
of its investment interests, and/or the sale by its separate subsidiaries of interests in those companies to outside investors through public or private transactions. As such,
TechLabs has patterned a portion of its business strategy upon the successful model utilized by other Internet ``venture capital' companies such as CMGI. |
