Leap Acquires Location-Based Wireless Data Technology From NeoPoint; Leap Expects to Unveil First Information Services in First Half of 2001
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SAN DIEGO, Dec. 18 /PRNewswire/ -- Wireless communications carrier Leap Wireless International, Inc. (Nasdaq: LWIN - news) today announced it has acquired a personalized, location-based wireless information technology from NeoPoint, a developer of award-winning smartphones. Called myAladdin.com, the proprietary technology provides on-the-fly directions to and information about the nearest restaurants, movie theaters and cash machines straight to the customer's wireless handset. It also allows customers to access information wirelessly about local concerts and events, news and more. Based on this technology, Leap expects to offer its first wireless information services to customers, including Cricket customers, in the first half of 2001.
``Wireless and the Internet are two of the world's fastest-growing technologies, and we have an innovative vision about how to unify them to bring wireless information services to our customers,'' said Harvey P. White, Leap's chairman and CEO. ``As a company dedicated to bringing wireless services to the mass consumer market, we see data as more than just a way to sell more minutes to the same customers. Instead, we believe mobile information services need to be simple, easy to use, affordable, and comfortable for all customers. And this acquisition is just the first announced step toward achieving this goal.''
``Our objective in creating myAladdin.com was to develop a simplified way in which mobile users could obtain localized, personalized information. Given the breadth of alliances we forged with leading content providers and the user-friendly nature of the service, we believe this is an ideal fit for what Leap is doing in the domestic market,'' said William Son, chairman, CEO and president of NeoPoint. ``This transaction enables us to remain focused on our core competencies in designing and developing award-winning smartphones.''
As part of the transaction, Leap is adding approximately 20 employees, largely software developers, to its wireless data development business. Leap is also acquiring certain intellectual property rights, including those associated with patented and patent-pending technologies related to location-based services, personalization and navigation. Leap also expects to retain relationships with the majority of the existing content providers, such as MasterCard International and ticketmaster.com. The purchase price was not disclosed.
``We expect this acquisition to allow Leap to bring location-based services to the marketplace -- just the first of several data products we are currently considering,'' said Doug Hutcheson, Leap's senior vice president of wireless data development. ``This first step in wireless data not only will add value to our Cricket customers, but is designed to help us realize our strategy to bring new customers to the family of innovative wireless services provided by Leap.''
Leap owns or has the rights to acquire wireless operating licenses to offer service to 48.3 million potential customers (1998 POPs) in 32 states.
About Leap Wireless International, Inc.
Leap Wireless International, Inc., headquartered in San Diego, Calif., is dedicated to playing a leading role in transforming wireless communications for the mass consumer market. As a different kind of wireless company, Leap is designing solutions to make the wireless future a reality. Domestically, Leap has launched its innovative Cricket Comfortable Wireless service that lets customers make all their local calls and receive calls from anywhere for one low, flat rate. Leap intends to spark the wireless revolution by offering innovative voice and data services that deliver value to customers. For more information, please visit www.leapwireless.com.
This news release contains ``forward-looking statements'' reflecting management's current forecast of certain aspects of Leap's future. Some forward-looking statements can be identified by forward-looking words such as ``believe,'' ``may,'' ``could,'' ``will,'' ``estimate,'' ``continue,'' ``anticipate,'' ``intend,'' ``seek,'' ``plan,'' ``expect,'' ``should,'' ``would'' and similar expressions in this report. The forward-looking statements are based on current information, which Leap has assessed but which by its nature is dynamic and subject to rapid and even abrupt changes. Leap's actual results could differ materially from those stated or implied by such forward looking statements due to risks and uncertainties associated with Leap's business. Important factors which may cause actual results to differ materially from the forward-looking statements contained herein or in other public statements by the Company are described in the section entitled ``Risk Factors'' in the Company's Transition Report on Form 10-K for the transition period from September 1, 1999 to December 31, 1999 and other documents filed with the Securities and Exchange Commission. Factors that could cause actual results to differ include but are not limited to: changes in the economic conditions of the various markets the operating companies serve which could adversely affect the market for wireless services; the ability of Leap or its operating companies to access capital markets; Leap's ability to rollout networks in accordance with its plans; failure of the systems to perform according to expectations; the effect of competition; the acceptance of the product offering by the Company's target customers; its ability to retain customers; its ability to maintain its cost, market penetration and pricing structure in the face of competition, uncertainties relating to negotiating and executing definitive agreements, including the closing of transactions described in this release; rulings by courts or the FCC adversely affecting its rights to own and/or operate certain wireless licenses. We disclaim any obligation to update the forward-looking statements contained herein to reflect future events or developments. Cricket is a registered trademark and Comfortable Wireless and the Around-Town Phone are service marks of Cricket Communications, Inc.
SOURCE: Leap Wireless International, Inc. |
