Eagle Wireless Announces Signing of Letter of Intent to Acquire etoolz, Inc.
Business/Technology Editors
HOUSTON--(BUSINESS WIRE)--March 10, 2000--
"etoolz Acquisition To Provide Java Technology and Patents"
Eagle Wireless International, Inc. (AMEX:EAG), and etoolz, Inc.,
www.etoolz.com, today announced the signing of a letter-of-intent
enabling them to begin final preparations for the acquisition of
etoolz by Eagle Wireless International, Inc. The acquisition is
subject to shareholder approval and is expected to close within the
next two weeks. Terms of the acquisition are not being disclosed at
this time.
Dr. H. Dean Cubley, president and chief executive officer of
Eagle Wireless, and Bryan Scott, president and chief executive officer
of etoolz, jointly announced the signing of this letter-of-intent.
Both companies indicated a desire to expedite the acquisition process
so that the new proprietary etoolz technology may be incorporated into
the Eagle family of set-top boxes at the earliest opportunity.
etoolz, Inc., is a San Antonio, Texas Research and Development
organization specializing in the development of innovative hardware
and software technologies for the communications industry. Current
projects include the development of Java, Linux, and QNX software and
hardware applications for the PC and set-top box industries. etoolz
has filed one patent for a Java-related technology and is in the
process of filing others.
Bryan Scott commented, "This association with Eagle Wireless
International is ideal for etoolz in that it will provide the
resources and support needed to introduce etoolz's proprietary Java
and Linux technologies into the communications industry. In addition,
this technology is directly applicable to the Eagle family of set-top
boxes as well as for computer applications in general. Eagle will be
able to quickly integrate this technology into the marketplace in
their own products as well as later introducing it to the mainstream
computer applications."
"I am very excited about the possibilities that the patent
pending etoolz technology presents to Eagle Wireless," stated Dr.
Cubley. The concept of significantly improving the operating
performance of any set-top box , desk top computer, or server running
Java or Java/Linux applications could have a major impact on the
communications industry of the future. Eagle is eager to complete this
acquisition and to begin utilizing this technology.
Eagle Wireless International, Inc., and its subsidiaries, are
leading suppliers of broadband wired and wireless equipment and
services for the Internet, Multimedia Set-Top-Box, one- and two-way
wireless messaging, specialized mobile radio (SMR), remote data
acquisition and meter reading, and Integrated Wired and Wireless
Convergence product markets. The company is headquartered in League
City, Texas, near the NASA Johnson Space Center south of Houston.
Further news updates on Eagle and its products are available at
www.eglw.com, www.atlanticpacific.net, www.otcfn.com/eglw and
www.charterbridge.net.
Forward-looking statements in this release are made pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward-looking
statements involve risks and uncertainties, including, without
limitation, continued acceptance of the Company's products, increased
levels of competition, new products and technological changes, the
Company's dependence upon third-party suppliers, intellectual property
rights, and other risks detailed from time to time in the Company's
periodic reports filed with the Securities and Exchange Commission.
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CONTACT: Clareen O'Quinn
Investor Relations
Eagle Wireless International, Inc.
800-628-3910
281-538-6000
coquinn@eglw.com
or
Mario "Ike" Iacoviello
Investor Relations
OTC Financial Network
800-649-0983
760-931-9211
ike@otcfn.com
or
Eric Horton
Investor Relations
Charterbridge Financial Group
619-696-8000
ehorton@charterbridge.net |
