NEXTPATH TECHNOLOGIES ACQUIRES LASER WIRELESS INC.
Hillsborough, NC?NextPath Technologies, Inc. (OTCBB:NPTK) announced today that it has acquired 100 percent of Laser Wireless Inc., a Lancaster, Pa., firm that specializes in the design and marketing of wireless optical communication systems.
NextPath's acquisition of Laser Wireless, Inc. closed on October 18, 1999. The consideration paid by NextPath was as follows:
(a) $500,000 ($250,000 paid to the Seller at closing; $250,000 paid to an Escrow Agent under the terms of a one year Escrow Agreement); and
(b) 500,000 shares of NextPath restricted common stock issued to the employees of Laser Wireless pursuant to a Restricted Stock Plan and Restricted Stock Award Agreements, which stock does not vest with the respective employees until October 18, 2004 and then only if they remain employed by Laser Wireless until that date.
The Laser Wireless communication system can transmit video, voice, and data through the atmosphere on a beam of light. This capability offers a solution for private communications where a leased line cannot be used, for example, when land is not owned between two sites or where physical barriers, such as rivers, highways, parking lots, etc., prevent use of conventional cables. The systems
include full time electronic tracking for maximum availability.
Systems designed and installed by Laser Wireless principals have been used by Duke University Medical Center, the National Institutes of Health, Stanford
University, Texas Institute of Technology, the University of California at Berkeley, the American Stock Exchange, Hewlett Packard, GTE, AT&T, Bell Atlantic, the FBI,
and two Air Force Bases, among others.
In the very near future, Laser Wireless expects to introduce systems that can operate on stabilized platforms such as ships or motorized vehicles.
According to James R. Ladd, President of NextPath, Laser Wireless Inc. will join two other companies which, when acquired, will form the ?Precision Technology Group? within the NextPath family of companies.
?The Precision Technology Group will consist of three leading-edge technology companies combining several precision movement and communications technologies,? said Mr. Ladd. ?We expect them to rapidly become the product
leaders in their industries. NextPath Technologies will expose the Precision Technology Group to many opportunities and supply the resources necessary to
undertake all applications utilizing this synergy.?
?We are extremely pleased to be joining NextPath Technologies. We look forward to many exciting years to come and being part of such a fine organization,? stated
Richard K. Walter, President of Laser Wireless Inc.
NextPath Technologies, Inc. is a holding company that has acquisitions and strategic alliances pending that will allow the company to become a significant participant in a number of rapidly expanding technology market sectors. The
company is in the final stages of negotiating agreements to acquire Sagebrush Technology, Inc. and Willow Systems, Limited. NextPath is also currently in the final stages of negotiations with several Internet and e-commerce companies. It is anticipated that the corporate strategies currently being pursued by NextPath will result in substantial increases in the profitability of the respective companies joining NextPath.
Certain statements in this news release may constitute "forward looking" statements within the
meaning of section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ.
###
Contact: Investor Communications Company
800 511 4215 or 800 457-5579
iccinfo.com
17 b disclosure: iccinfo.com |
