oh my,
Sensar Announces Agreements Between Net2Wireless and Nextel Finance Company
SALT LAKE CITY, July 27 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII) announced today the signing of a memorandum of understanding between Net2Wireless Corporation and Nextel Finance Company, a wholly owned subsidiary of Nextel Communications, Inc. (Nasdaq: NXTL), for the field testing and potential future purchases of Net2Wireless' 3Gate Platform.
In a separate agreement, Nextel Finance Company and Net2Wireless also agreed to the terms and conditions that would apply to an investment in 1 million shares of Net2Wireless capital stock at a per share price of $32. Consummation of such investment transaction is contingent on a number of matters, including the completion of due diligence exercises by Nextel Finance Company and Nextel Finance Company's satisfaction with the outcome of such exercises.
Net2Wireless' 3Gate platform is designed to function with both circuit and packet switching technologies used in digital cellular infrastructures. The platform is expected to enable digital cellular operators to provide varied services such as Internet access, e-mail, unified dynamic storage and messaging, streaming video/audio, instant messaging, data streaming entertainment and corporate solutions.
Net2Wireless' unique 3Gate platform and related technology have been developed to enable digital cellular operators to provide a wide range of applications to a variety of mobile wireless devices, such as PDAs, smart mobile phones and hand held computers, all over a single backbone network using the operators' existing system infrastructure. Net2Wireless' technology is based on using state of the art digital content compression, advanced pattern recognition technology and innovative streaming communication technology to support scalable communications from 9600 bps and higher using ultra-low bandwidth. The 3Gate platform is designed to be scalable, modular and fully redundant. |
