I started writing about USWC some time ago (I think it was around a buck back in Dec or Jan) and they certainly have come a long way...price wise and development wise...this today...Fri close at 3 5/8:
U.S. Wireless Corporation Joint Venture Receives $5
Million Investment From Scudder Kemper-Managed Fund
SAN RAMON, Calif., July 19 /PRNewswire/ -- U.S. Wireless Corporation (Nasdaq: USWC; Frankfurt: USP) today
announced that its joint venture, Wireless Technology, Inc. (WTI), has received a $5 million investment from HanKang
Restructuring Fund, a Korean government-sponsored fund managed by Scudder Kemper Investments. The WTI investment
will be used to complete the development and speed the U.S. deployment of the RadioCamera(TM), the Company's wireless
caller location system. WTI is a joint venture between U.S. Wireless and Anam Instruments, Inc.
Kevin Jee, Fund Manager, HanKang Restructuring Fund, said, ''We see enormous potential for wireless location content. U.S.
Wireless and WTI offer a seamless solution to wireless geolocation, allowing telecom and Internet companies to provide their
subscribers with a variety of new and enhanced services.''
U.S. Wireless plans to provide telecom and Internet companies with enhanced wireless content through a national network of
RadioCamera(TM) geographic location systems. The RadioCamera(TM) system pinpoints the positions of mobile phone users,
enabling wireless carriers, Internet portals and others to provide value-added services such as location identification for
emergency response (''E-911''), location-sensitive information services (''E-411), traffic and navigational information, asset
tracking and network management.
''We are excited about the significant advancements U.S. Wireless has experienced through our operation in South Korea,''
said Oliver Hilsenrath, president and CEO of U.S. Wireless. ''The access to high quality engineering and business expertise as
well the ability to attract capital is proof of the global attention our business opportunity enjoys. We expect that location content
for cellular users, of which the first priority is cellular 911 in the United States, is the seed of a national and global expansion of
mobile wireless services. Together with our Korean colleagues, we feel fortunate to be pioneers in this new service industry.''
''With today's rapidly evolving technology, the advantage belongs to those who are first to market,'' said Harry Kim, president
of WTI. ''HanKang's investment will allow WTI to expand quickly and establish a leadership position in the emerging
marketplace for location technologies in Asia.''
Today, over 75 million people use wireless telephones in the U.S., and that number is expected to grow to 121 million by
2001, according to the Kagan Telecom Wireless Investor Report. The Strategis Group forecasts revenues for wireless
location-based services could reach $8 billion annually over the next five to ten years.
U.S. Wireless Corporation ( uswcorp.com ) is a leading developer and provider of high-performance
network-based location solutions and wireless content. The Company's solutions are based on its RadioCamera(TM) system, a
highly accurate geolocation system that pinpoints the locations of mobile telephone subscribers, using ''Location
Fingerprinting,'' a proprietary technology developed by U.S. Wireless. The RadioCamera(TM) does not require direct line of
sight to multiple base stations to identify locations, making it highly effective in dense urban and metropolitan environments. It
integrates easily into the existing network infrastructure and requires no modifications to the base station or subscriber handsets.
NOTE: RadioCamera(TM) and the U.S. Wireless logo are trademarks of U.S. Wireless Corporation.
Special Note Regarding Forward-Looking Statements: A number of statements contained in this press release which are not
historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the
applicable statements, including, among others, the size and scope of the geolocation services market, the timing of
governmental requirements and the success of the respective companies in this market. A description of these and other risks
and uncertainties can be found in the companies' filings with the Securities and Exchange Commission. |
