bought HMAT 1 3/4 06/04 10:36 Harmat Acquires BarPoint.com, Inc. New Company to
Introduce
Internet <HMAT.OB>
Harmat Acquires BarPoint.com, Inc. New Company to Introduce
Internet Search and Shopping Technology & Software
NEW YORK--(BUSINESS WIRE)--June 4, 1999--The Harmat
Organization (OTC Bulletin Board: HMAT) has acquired privately
held BarPoint.com, Inc., it was announced today by Matthew
Schilowitz, President of Harmat. Miami-based BarPoint.com will
soon launch a new Internet shopping portal Web site.
The site, www.barpoint.com, will feature a patent-pending search
engine and software technology that allows consumers to use the
standard UPC barcode that appears on approximately 100
million retail items to search for product specific information from
the Internet. The Harmat Organization has, in recent years,
focused on investments in technology and Internet businesses.
Harmat will arrange to change the name of the company to
BarPoint.com, Inc., and the principal business of the company
will be the activities of BarPoint.com. The owners of
BarPoint.com, Inc. received 6,634,042 shares of Harmat stock
as consideration for the acquisition based upon a negotiated
value of $1.90 per share.
According to Schilowitz, "We are very pleased to be joining
forces with BarPoint.com. We believe that BarPoint's
patent-pending Web technology and software will change the
way people shop. In utilizing the BarPoint technology, we look
forward to becoming a leader in the e-commerce revolution."
BarPoint's founder and CEO, Leigh Rothschild added, "BarPoint
is a unique new concept that empowers consumers with
product-specific information from the Internet. We are delighted
to have the opportunity to launch BarPoint.com as a publicly
traded company through our acquisition by Harmat."
Founded in 1998, BarPoint.com, Inc. is dedicated to Connecting
the Real World to the Cyber World(tm), using innovative,
patent-pending technology and an extensive database of more
than 100 million consumer products linked to their UPC
barcodes. Scheduled for launch in the fall of 1999,
www.barpoint.com will offer consumers the opportunity to search
for product specific information and shop for products by
entering any UPC barcode number. The Internet search results
that BarPoint.com delivers are tailored for the needs of the
consumer and include manufacturer contact information,
comparative pricing from a variety of on-line sources, links to
purchase the item from a variety of e-commerce vendors and
more. Rothschild added, "Unlike current search engines such as
Yahoo (Nasdaq: YHOO), Lycos (Nasdaq: LCOS) or Excite
(Nasdaq: XCIT) which present broad results that may include
information the consumer is not looking for, BarPoint delivers
product specific information and affords the consumer
immediate access to such information on both wired and
wireless internet devices."
On May 24, 1999, BarPoint announced the availability of
BarPoint software for the just-introduced Palm VII wireless
organizer manufactured by 3COM (Nasdaq: COMS).
BarPoint.com's free application software for the Palm VII
organizer allows users to simply tap in a 12-digit UPC number
on an onscreen numeric keypad and instantly access the
BarPoint.com server to receive product specific comparative
shopping information on a wireless basis from any location. After
reviewing the comparative shopping information the BarPoint
search delivers, consumers can purchase products through more
than seventy of BarPoint's e-commerce partners, right from their
Palm VII with a tap of the stylus. BarPoint co-developed the Palm
VII application with Symbol Technologies (NYSE: SBL), a
leading manufacturer of barcode scanning hardware and
portable computing devices.
Harmat's current investments include interests in Socket
Communications (OTC Bulletin Board: SCKT) and
FinancialWeb.com, Inc. (OTC Bulletin Board: FWEB). Socket
develops and sells connection solutions for Windows CE-based
handheld computers and other mobile computers, including a
family of low power Battery Friendly(tm) PC Card plug-in
adapters certified by Microsoft (MSFT). Socket has also
developed a family of handheld bar code scanner systems that
can be attached to mobile Windows CE based computer
devices integrating laser scanners from Symbol Technologies.
Spencer Trask Securities, Inc. was the investment banker for
Harmat for the Socket transaction. FinancialWeb.com is a portal
for on-line financial information and services including such
branded Web sites as Rapid Research, Stock Detective, Wall
Street Guru, The SmallCap Investor, Mr. EDGAR and more.
FinancialWeb.com has made an application to the Nasdaq
National Market for a listing. With approximately 7 million page
views per month, it is one of the fastest growing sites in the
financial arena that includes TheStreet.com,
CBSMarketwatch.com and others. Allen & Company is the
investment banker for FinancialWeb.com. In connection with the
BarPoint transaction and for the benefit of the present Harmat
shareholders, a group led by Matthew Schilowitz, President of
Harmat, made a capital contribution to Harmat of 250,000
shares of FinancialWeb.com, Inc. and certain other assets.
Depending on certain values over a period of time, Harmat
shareholders (excluding the BarPoint shareholders) will receive
a stock dividend of additional Harmat shares. For more
information about Harmat, visit www.harmat.com.
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, regarding the Company's business strategy and future
plans of operations. Forward-looking statements involve known
and unknown risks and uncertainties, both general and specific
to the matters discussed in this press release. These and other
important factors, including those mentioned in various
Securities and Exchange Commission filings made periodically
by the Company, may cause the Company's actual results and
performance to differ materially from the future results and
performance expressed in or implied by such forward-looking
statements. The forward-looking statements contained in this
press release speak only as of the date hereof and the Company
expressly disclaims any obligation to provide public updates,
revisions or amendments to any forward-looking statements
made herein to reflect changes in the Company's expectations
or future events.
3Com, the 3Com logo and Palm Computing are registered
trademarks and Palm VII is a trademark of 3Com or its
subsidiaries. BarPoint and BarPoint.com are trademarks of
BarPoint.com, Inc.
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