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Puma Technology Announces Closing ofProxiNet Merger; Forthcoming
Solutions Enable Handheld Devices to be Used for E-Commerce and Instant
Messaging Through Real-Time InternetAccess Business Editors/High-Tech
Writers
10/28 16:09
SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 28, 1999--Puma Technology, Inc.
(Nasdaq: PUMA), a leading provider of mobile device management and
synchronization software, announced that the acquisition of ProxiNet, Inc.,
Emeryville, Calif., has been closed. Under the terms of the merger
agreement, Puma will issue or reserve for issuance a total of 2,600,000
shares of Puma common stock in consideration for all issued and outstanding
shares of the capital stock of ProxiNet and assumed ProxiNet stock options.
As a result of the acquisition, Puma will incur a one-time charge for in-process
research and development for ProxiNet's products that have not yet reached
technological feasibility in its first fiscal quarter ending October 31, 1999.
ProxiNet's ability to transform handheld devices into standalone Internet
clients and Puma's widely adopted Intellisync© synchronization software
make the combination of technologies a key solution to broadening the
appeal of Internet-connected wireless devices such as Internet-enabled
phones.
By combining Puma's Intellisync synchronization platform with ProxiNet's highly
scalable proxy-based transformation and delivery architecture, major Internet
destinations such as portals, search-engines and e-commerce companies will
have the means to provide highly secure, real-time access to users of handheld
devices, cellular phones and other wireless devices and Internet appliances.
Users will be able to browse information online, while simultaneously retrieving
and synchronizing critical information, such as emails, calendar events, or
shopping information for use while offline. The combined companies' solution
eliminates the need to be constantly connected and online, enduring often
unreliable or unavailable wireless connections and incurring expensive wireless
charges. Puma plans to market this technology primarily to major Internet
companies such as portals and e-commerce sites as well as to cellular carriers
and other wireless providers.
"This acquisition represents a milestone in the evolution of Puma," said Brad
Rowe, Puma's President and CEO. "We believe that the combined
technology of Puma and ProxiNet will allow the new wave of wireless
devices to take advantage of the Internet in unique ways, ranging from data
synchronization to e-commerce and web-browsing. We expect the
dramatically increasing number of connected Internet appliances,
particularly cell phones, to create a far larger available market than the
Company has historically serviced."
ABOUT PUMA TECHNOLOGY - EMPOWERING THE MOBILE
ENTERPRISE?
Puma Technology is a leading provider of mobile device management and
synchronization software that enables consumers, mobile professionals and
information technology officers in the corporate enterprise to harness the full
capabilities of handheld organizers/computers, "smart phones" and other
wireless personal communication platforms. The Puma Technology© Intellisync
software platform is the global standard for synchronization and control of the
critical connection between handheld devices and vast stores of information
found in corporate databases, the Internet and individual desktops. Puma is the
only company that provides an end-to-end PDA management solution that
addresses virtually every scenario for synchronization, total customization of
device-based applications, centralized backup, security, information flow
control, notification, and browsing of critical information. The Company's
Intellisync platform enables the management and development of software to
make handheld devices true extensions of the corporate server, the Internet and
individual desktops. The Intellisync platform enables mobile access to
up-to-the-minute, accurate, "anytime, anywhere" information and has been
adopted worldwide by individuals, companies, mobile device manufacturers,
telecommunications carriers and on-line contact, calendar and event services.
The Company, headquartered in San Jose, Calif., maintains a web site at
www.pumatech.com.
The forward looking statements above in this news release related to the
Company's plans for the ProxiNet technology and the size of the wireless market
are based on current expectations and beliefs and are subject to numerous risks
and uncertainties that could cause the actual results to differ materially. Factors
that could cause actual results to differ materially include uncertainties related to
integration of the ProxiNet technology and operations, the timely introduction,
availability and acceptance of new products and upgrades, the impact of
competitive products and pricing, consummation of binding agreements with
prospective business partners, as well as additional risk factors, as discussed in
the "Risk Factors" section of Puma Technology's Annual Report on Form 10-K
dated July 31, 1999, and Puma Technology's quarterly reports filed with the U.S.
Securities and Exchange Commission. Puma Technology disclaims any obligation
to update any forward-looking statements as a result of developments occurring
after the date of this press release.
Puma Technology, Puma Technology logo, Intellisync, and Empowering the
Mobile Enterprise are trademarks of Puma Technology, Inc. which may be
registered in some jurisdictions. All other product or company names are
trademarks of their respective owners. |
