(COMTEX) B: Paradigm Advanced Technologies, Inc. Announces Agreement
B: Paradigm Advanced Technologies, Inc. Announces Agreement To Acquire Rights
To Broad Based GPS Wireless Process Patent
TORONTO, May 23, 2000 (BUSINESS WIRE) -- Paradigm Advanced Technologies, Inc.
("Paradigm") (OTCBB:PRAV) announced today that it has entered into an agreement
to acquire Eastern Investments, LLC's rights to US Patent #B1 5,043,736. The
acquisition price will be paid in Paradigm shares and options.
Paradigm is currently the exclusive worldwide licensing agent for the rights
owned by Eastern Investments, LLC to US Patent # 5,043,736. The patent is a
broad based wireless location patent that covers the apparatus and method of
transmitting position information from satellite navigational signals (such as
GPS) over cellular systems to a base unit, and displaying the location of a
person or object so equipped. Eastern Investments, LLC owns all rights to the
patented system, outside of criminal justice applications, which mainly involves
the monitoring of parolees. The patent was granted in 1991 and was challenged
and reexamined in 1994. As a result of this reexamination (US # B1 5,043,736)
the patent was upheld and the number of claims was expanded to include four
apparatus claims and two method claims.
"The acquisition of these patent rights considerably strengthens our position as
a leader in the rapidly expanding L-Commerce market which includes the reception
and transmission of critical location data which can be used to save lives and
(COMTEX) B: Paradigm Advanced Technologies, Inc. Announces Agreement
B: Paradigm Advanced Technologies, Inc. Announces Agreement To Acquire Rights
To Broad Based GPS Wireless Process Patent
TORONTO, May 23, 2000 (BUSINESS WIRE) -- Paradigm Advanced Technologies, Inc.
("Paradigm") (OTCBB:PRAV) announced today that it has entered into an agreement
to acquire Eastern Investments, LLC's rights to US Patent #B1 5,043,736. The
acquisition price will be paid in Paradigm shares and options.
Paradigm is currently the exclusive worldwide licensing agent for the rights
owned by Eastern Investments, LLC to US Patent # 5,043,736. The patent is a
broad based wireless location patent that covers the apparatus and method of
transmitting position information from satellite navigational signals (such as
GPS) over cellular systems to a base unit, and displaying the location of a
person or object so equipped. Eastern Investments, LLC owns all rights to the
patented system, outside of criminal justice applications, which mainly involves
the monitoring of parolees. The patent was granted in 1991 and was challenged
and reexamined in 1994. As a result of this reexamination (US # B1 5,043,736)
the patent was upheld and the number of claims was expanded to include four
apparatus claims and two method claims.
"The acquisition of these patent rights considerably strengthens our position as
a leader in the rapidly expanding L-Commerce market which includes the reception
and transmission of critical location data which can be used to save lives and
provide essential navigational services to motorists, fleet owners, and
commercial vehicles", said David Kerzner President and CEO of Paradigm. "When
this transaction closes, we will be able to have direct control over our
licensing activities and supply a full range of location enabling technologies
which can be incorporated in personal location devices and vehicle location
devices".
Paradigm Advanced Technologies, Inc.
Paradigm Advanced Technologies, Inc. of Toronto, Ontario (OTCBB: PRAV) is the
exclusive worldwide licensing agent for a broad based wireless location patent
that covers the apparatus and method of transmitting position information from
satellite navigational signals (such as GPS) over cellular systems to a base
unit, and displaying the location of a person or object so equipped. Paradigm
owns 100% of PowerLOC Technologies Inc. ("PowerLOC") and Power Point Micro
Systems Corporation ("Power Point").
PowerLOC is a Research and Development company that has developed a low-cost,
miniature mobile-location GPS unit that transmits its position to a base station
through existing PCS, pager or cellular phone wireless networks and is currently
in the process of developing complete system solutions to several vertical
markets. PowerLOC systems architecture includes three main components: 1)
PL.mobile - the portable unit , 2) PL.tracker - a carrier grade server that acts
as network controller, GPS location server, Internet gateway and billing system,
and 3) PL.client - a client's software only solution that includes a fully
featured geographical information software (GIS) engine.
Power Point is an international telecommunications consulting firm specializing
in wireless and wireline, voice and data systems integration. Since its
incorporation in 1992, and in partnership with leading carriers and network
equipment manufacturers, Power Point has designed and in most cases deployed
more than 100 large-scale telecom and datacom networks in more than 11
countries. (www.powerpoint-inc.com)
PowerLOC recently announced a strategic alliance agreement with Compugen Systems
Ltd. ("Compugen") (www.compugen.com), whereby Compugen will license PowerLOC's
technology and will receive distribution rights to products developed by
PowerLOC. A number of applications will be jointly developed by PowerLOC and
Compugen. Compugen has received "Canada's 50 Best Managed Private Companies
award for 1999, 1998 and 1997 and received the Microsoft award for Operational
Excellence in Canada in 1999. For over 19 years, Compugen has been providing
industry-leading information technology solutions and services to medium and
large size corporations. Compugen has significant relationships with key vendors
including Compaq, Hewlett Packard, IBM and Microsoft and has a national sales
and service organization which numbers 500. International customers are
supported through GlobalServe Computer Services Limited, an international
network of large systems integrators formed to support large corporations who
have operations around the world.
Special Note: Management believes certain statements in this press release may
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are made based on
management's views and assumptions regarding future events and business
performance at the time the statements are made. Actual results may differ
materially from these statements as a result of various factors including but
not limited to competition, product development, market acceptance of our
products, as well as other risks detailed in our reports filed with the
Securities and Exchange Commission.
CONTACT: Paradigm Advanced Technologies, Inc.
Selwyn Wener, 905/707-2158
swener@better.net |
