Technor Announces Name Change to CellPoint Inc.
Technor Announces Name Change to CellPoint Inc. Stockholm, September 20 -- Technor International, Inc. (NASD: TNOR) is announcing a name change to CellPoint Inc. Effective October 4 1999, the legal name of Technor International, Inc. will be CellPoint Inc. The timing of the name change has been co-ordinated in preparation for the Company's move to the NASDAQ market. The Company's new trading symbol will be CLPT. In early October, Internet stock quote servers will start to show a message that TNOR is now CLPT, though the timing will vary for different quote servers as to when the change will take place. "Many of our shareholders have commented on the value of CellPoint's international brand name and encouraged the Company to present one unified name," said Peter Henricsson, Technor's Chairman. "The Company has responded with the name CellPoint Inc. for the public company, more reflecting our business and streamlining the Company's commercial and investment image internationally." An Information Statement regarding the name change was filed with the Securities and Exchange Commission in the United States. A majority stockholder decision confirmed the name change, as required under the laws of incorporation. The Company's two websites will remain as they are today at www.cellpt.com and www.technorinc.com. In the future, Technor's site will be linked directly into one CellPoint website for the Company and its subsidiaries, CellPoint Systems AB of Sweden and CellPoint Systems S.A. (Pty) Ltd. of South Africa. Annual Meeting and Annual Report In October, stockholders will be receiving the Company's Annual Report for the fiscal year ended June 30 1999. The Annual Stockholder's meeting will be in th Stockholm, Sweden this year on November 30 . Further details will accompany the Annual Report. "We would like to take this opportunity to thank our stockholders for their support since Technor's formation and we look forward to an exciting future together as CellPoint Inc.," said Henricsson. Technor International is a US company whose CellPoint System technology uses the Internet and cellular networks to determine physical locations of cellular phones and terminals. There are more than 200 million GSM subscribers worldwide. Technor's CellPoint system is currently the world's only operational position-location technology; it is fully scalable, works with standard GSM phones and WAP phones in unmodified digital networks requiring no costly overlays, and can be coordinated worldwide from a remote central location. For more information, please contact: Technor International Inc. Tel: +46 8 5449 0000 Fax: +46 8 5449 0005 firstname.lastname@example.org www.technorinc.com CellPoint Systems Hadar Cars, President Tel: +46 8 5947 4900 Fax: +46 8 35 87 90 email@example.com North American Inquiries The Rowe Group 877-880-1195 firstname.lastname@example.org Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Actual results may differ materially from those projected in any forward-looking statement. Investors are cautioned that such forward-looking statements involve risk and uncertainties which may cause actual results to differ from those described. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/09/20/19990920BIT00270/bit0001.doc http://www.bit.se/bitonline/1999/09/20/19990920BIT00270/bit0002.pdf