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Technology Stocks : The New Qualcomm - a S&P500 company -- Ignore unavailable to you. Want to Upgrade?

To: Michael who wrote (5068)	1/11/2000 11:20:00 PM
From: Ruffian	Respond to of 13582

NeoPoint, 'Smart' Wireless Phone Maker, Files for $75 Mln IPO NeoPoint, 'Smart' Wireless Phone Maker, Files for $75 Mln IPO Washington, Jan. 11 (Bloomberg) -- Neopoint Inc., one of the pioneers in making next-generation wireless phones that can offer Internet access and other functions, filed with the Securities and Exchange Commission for a $75 million initial stock sale. La Jolla, California-based NeoPoint is among several companies ushering in a new wave of communications products that can offer appointment scheduling and other tasks of a handheld computer, with Internet browsing and e-mail, in addition to making phone calls. In its IPO filing, the company said its ''SmartPhones'' are ''among the first products to capitalize on the convergence of wireless voice and data applications.'' The company operates myAladdin.com Smart Service, which is a scaled-down Internet portal and content provider available for wireless carriers. The service also uses a global positioning system that can provide specific information and services based on the user's location. NeoPoint said it will be competing against companies such as Audiovox Corp., Ericsson AB, Nokia AB, Qualcomm Inc., and Motorola Inc., along with makers of personal digital assistants like 3Com Corp., Casio Inc., Hewlett-Packard Co., and Motorola Inc. For the nine months ending Sept. 30, 1999, the company had a net loss of $15.5 million on revenue of $23.6 million. During the same period of 1998, the company had a net loss of $4.8 million on revenue of $232,000. NeoPoint said it would use the net proceeds for general corporate purposes, which could include working capital, expansion of sales and marketing efforts, repayment of debts and possible acquisitions, although no specific targets were mentioned in the latest filing. NeoPoint didn't list a price for its shares or set a total number of shares to be sold to the public. That's usually revealed in a subsequent filing. It didn't say how much a stake the parent company would own after the shares are offered to the public. William Y. Son, 36, a former executive of Qualcomm in Korea, is chairman and chief executive. Son owns a 10.7 percent stake before the offering. LG Information & Communications, Ltd., owns a 26.1 percent stake, the filing said, and Transpac Capital Pte Ltd. has a 31.3 percent stake. The company hired Merrill Lynch & Co., Chase H&Q, Donaldson, Lufkin & Jenrette, and U.S. Bancorp Piper Jaffray to underwrite the stock sale. The company wants to trade on the Nasdaq Stock Market under the stock ticker NEOI.