TECHNOR COMPLETES FORM 10 AMENDMENT IN PREPARATION FOR NASDAQ LISTING
STOCKHOLM, SWEDEN - September 16, 1999 -- Technor International (NASD:
TNOR; www.technorinc.com) has submitted its amended filing with the U.S.
Securities and Exchange Commission in the process to upgrade its stock
listing to the Nasdaq. The amendment to the Form 10SB was required because
of the numerous changes and advances made by the company since making its
original filing in December 1998.
"Our audited financial statements for June 30, 1999 were required for this
filing - that audit work was completed today and the Form 10 was filed
immediately," said Peter Henricsson, CEO of Technor International.
Among the accomplishments in 1999 are:
The agreement with Tele2 in Sweden to implement Technor's CellPoint? GSM
positioning technology throughout Scandinavia. Tele2 is the Swedish
subsidiary of the international telecommunications company, NetCom (Nasdaq:
NECS), the leading telecommunications company in Scandinavia. NetCom
provides telecommunications, Internet and data communication services
through its Tele2 subsidiaries in Sweden, Denmark and Norway.
The agreement with France Telecom Mobiles to begin commercial testing of
the CellPoint? technology as the final stage before having it available to
FTM's 7 million customers. FTM is a division of France Telecom (NYSE: FTE;
www.francetelecom.fr), the world's second largest telecommunications
company, with operations in over 50 countries, and 24.6 billion euros in
1998 revenues. France Telecom provides businesses and consumers with a
full range of innovative services, including data, wireless, Internet and
cable TV as well as local, long-distance and international telephony.
The agreement with Matrix Vehicle Tracking of South Africa to expand their
vehicle position-location technology services beyond South Africa where it
has established a better than 90% recovery rate in the last three years,
saving consumers and businesses millions of dollars.
The acquisition of Wasp International effective February 1999, including
the full intellectual property rights to the technology and the world class
development team. Finalized in May 1999, this was subsequent to Technor's
extensive technical and commercial verification since early 1998. Wasp
International of South Africa has been renamed to CellPoint Systems S.A.
(Pty) Ltd.
The agreement on letters of intent with Madison Securities, Inc. of
Chicago, Illinois for bridge financing of up to $2,000,000 and a subsequent
private placement of up to $8,000,000 to be completed by the end of 1999.
These funds will enable Technor to grow rapidly and expand its staff and
resources to meet the demands for its technology and services worldwide.
The hiring of senior management for the CellPoint subsidiaries. Hadar Cars
and Johan Falk are CellPoint's President and Vice President of Business
Development, respectively, and come to CellPoint after successful careers
with Ericsson.
Once approved, the Form 10SB filing will allow Technor International to
become a Reporting Company under the Securities Exchange Act of 1934 and to
apply to have its common stock listed for trading on the Nasdaq market. "We
anticipate that these final SEC reviews can be completed in the next few
weeks and that we'll become a Nasdaq stock during the fall," said
Henricsson.
Technor International is a US company whose CellPoint? System technology
uses the Internet and cellular networks to determine physical locations
similar to satellite-based Global Positioning Systems (GPS) but with the
additional capability of determining location inside buildings, parking
garages and other shielded areas such as inside a pocket or briefcase that
are inaccessible to GPS systems. There are more than 200 million GSM
subscribers worldwide. Technor's CellPoint? system is currently the
world's only operational position-location technology; it is fully
scalable, works with standard GSM phones and WAP phones in unmodified
digital networks requiring no costly overlays, and can be coordinated
worldwide from a remote central location.
For more information, please contact:
Technor International Inc. CellPoint Systems North American Inquiries
Tel: +46 8 5449 0000 Hadar Cars, President The Rowe Group
Fax: +46 8 5449 0005 Tel: +46 8 5947 4900 877-880-1195
info@technorinc.com Fax: +46 8 35 87 90 ajc@rowe-group.com
www.technorinc.com info@cellpt.com
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Act of 1995. Actual
results may differ materially from those projected in any forward-looking
statement. Investors are cautioned that such forward-looking statements
involve risk and uncertainties which may cause actual results to differ
from those described.
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