HMAT ... Buying here
(COMTEX) B: Harmat Acquires BarPoint.com, Inc. New Company to Introdu
B: Harmat Acquires BarPoint.com, Inc. New Company to Introduce Internet Search
and Shopping Technology & Software
NEW YORK, Jun 4, 1999 (BUSINESS WIRE via COMTEX) -- The Harmat
Organization (OTC Bulletin Board: HMAT) has acquired privately held
BarPoint.com, Inc., it was announced today by Matthew Schilowitz,
President of Harmat. Miami-based BarPoint.com will soon launch a new
Internet shopping portal Web site.
The site, www.barpoint.com, will feature a patent-pending search engine
and software technology that allows consumers to use the standard UPC
barcode that appears on approximately 100 million retail items to
search for product specific information from the Internet. The Harmat
Organization has, in recent years, focused on investments in technology
and Internet businesses. Harmat will arrange to change the name of the
company to BarPoint.com, Inc., and the principal business of the
company will be the activities of BarPoint.com. The owners of
BarPoint.com, Inc. received 6,634,042 shares of Harmat stock as
consideration for the acquisition based upon a negotiated value of
$1.90 pershare.
According to Schilowitz, "We are very pleased to be joining forces with
BarPoint.com. We believe that BarPoint's patent-pending Web technology
and software will change the way people shop. In utilizing the BarPoint
technology, we look forward to becoming a leader in the e-commerce
revolution." BarPoint's founder and CEO, Leigh Rothschild added,
"BarPoint is a unique new concept that empowers consumers with
product-specific information from the Internet. We are delighted to
have the opportunity to launch BarPoint.com as a publicly traded
company through our acquisition by Harmat."
Founded in 1998, BarPoint.com, Inc. is dedicated to Connecting the Real
World to the Cyber World(tm), using innovative, patent-pending
technology and an extensive database of more than 100 million consumer
products linked to their UPC barcodes. Scheduled for launch in the fall
of 1999, www.barpoint.com will offer consumers the opportunity to
search for product specific information and shop for products by
entering any UPC barcode number. The Internet search results that
BarPoint.com delivers are tailored for the needs of the consumer and
include manufacturer contact information, comparative pricing from a
variety of on-line sources, links to purchase the item from a variety
of e-commerce vendors and more. Rothschild added, "Unlike current
search engines such as Yahoo (Nasdaq: YHOO), Lycos (Nasdaq: LCOS) or
Excite (Nasdaq: XCIT) which present broad results that may include
information the consumer is not looking for, BarPoint delivers product
specific information and affords the consumer immediate access to such
information on both wired and wireless internet devices."
On May 24, 1999, BarPoint announced the availability of BarPoint
software for the just-introduced Palm VII wireless organizer
manufactured by 3COM (Nasdaq: COMS). BarPoint.com's free application
software for the Palm VII organizer allows users to simply tap in a
12-digit UPC number on an onscreen numeric keypad and instantly access
the BarPoint.com server to receive product specific comparative
shopping information on a wireless basis from any location. After
reviewing the comparative shopping information the BarPoint search
delivers, consumers can purchase products through more than seventy of
BarPoint's e-commerce partners, right from their Palm VII with a tap of
the stylus. BarPoint co-developed the Palm VII application with Symbol
Technologies (NYSE: SBL), a leading manufacturer of barcode scanning
hardware and portable computing devices.
Harmat's current investments include interests in Socket Communications
(OTC Bulletin Board: SCKT) and FinancialWeb.com, Inc. (OTC Bulletin
Board: FWEB). Socket develops and sells connection solutions for
Windows CE-based handheld computers and other mobile computers,
including a family of low power Battery Friendly(tm) PC Card plug-in
adapters certified by Microsoft (MSFT). Socket has also developed a
family of handheld bar code scanner systems that can be attached to
mobile Windows CE based computer devices integrating laser scanners
from Symbol Technologies. Spencer Trask Securities, Inc. was the
investment banker for Harmat for the Socket transaction.
FinancialWeb.com is a portal for on-line financial information and
services including such branded Web sites as Rapid Research, Stock
Detective, Wall Street Guru, The SmallCap Investor, Mr. EDGAR and more.
FinancialWeb.com has made an application to the Nasdaq National Market
for a listing. With approximately 7 million page views per month, it is
one of the fastest growing sites in the financial arena that includes
TheStreet.com, CBSMarketwatch.com and others. Allen & Company is the
investment banker for FinancialWeb.com. In connection with the BarPoint
transaction and for the benefit of the present Harmat shareholders, a
group led by Matthew Schilowitz, President of Harmat, made a capital
contribution to Harmat of 250,000 shares of FinancialWeb.com, Inc. and
certain other assets. Depending on certain values over a period of
time, Harmat shareholders (excluding the BarPoint shareholders) will
receive a stock dividend of additional Harmat shares. For more
information about Harmat, visit www.harmat.com.
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
regarding the Company's business strategy and future plans of
operations. Forward-looking statements involve known and unknown risks
and uncertainties, both general and specific to the matters discussed
in this press release. These and other important factors, including
those mentioned in various Securities and Exchange Commission filings
made periodically by the Company, may cause the Company's actual
results and performance to differ materially from the future results
and performance expressed in or implied by such forward-looking
statements. The forward-looking statements contained in this press
release speak only as of the date hereof and the Company expressly
disclaims any obligation to provide public updates, revisions or
amendments to any forward-looking statements made herein to reflect
changes in the Company's expectations or future events.
3Com, the 3Com logo and Palm Computing are registered trademarks and
Palm VII is a trademark of 3Com or its subsidiaries. BarPoint and
BarPoint.com are trademarks of BarPoint.com, Inc.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Harmat
Matthew Schilowitz, 516/ 653-3303 X4
harmat@aol.com
or
BarPoint.com Inc.
Jeffrey Sass, 800/934-3887
sass@barpoint.com
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