Technor Completes Form 10 Amendment In Preparation For Nasdaq Listing

TECHNOR COMPLETES FORM 10 AMENDMENT IN PREPARATION FOR NASDAQ LISTING STOCKHOLM, SWEDEN - September 16, 1999 -- Technor International (NASD: TNOR; www.technorinc.com) has submitted its amended filing with the U.S. Securities and Exchange Commission in the process to upgrade its stock listing to the Nasdaq. The amendment to the Form 10SB was required because of the numerous changes and advances made by the company since making its original filing in December 1998. "Our audited financial statements for June 30, 1999 were required for this filing - that audit work was completed today and the Form 10 was filed immediately," said Peter Henricsson, CEO of Technor International. Among the accomplishments in 1999 are: The agreement with Tele2 in Sweden to implement Technor's CellPoint GSM positioning technology throughout Scandinavia. Tele2 is the Swedish subsidiary of the international telecommunications company, NetCom (Nasdaq: NECS), the leading telecommunications company in Scandinavia. NetCom provides telecommunications, Internet and data communication services through its Tele2 subsidiaries in Sweden, Denmark and Norway. The agreement with France Telecom Mobiles to begin commercial testing of the CellPoint technology as the final stage before having it available to FTM's 7 million customers. FTM is a division of France Telecom (NYSE: FTE; www.francetelecom.fr), the world's second largest telecommunications company, with operations in over 50 countries, and 24.6 billion euros in 1998 revenues. France Telecom provides businesses and consumers with a full range of innovative services, including data, wireless, Internet and cable TV as well as local, long-distance and international telephony. The agreement with Matrix Vehicle Tracking of South Africa to expand their vehicle position-location technology services beyond South Africa where it has established a better than 90% recovery rate in the last three years, saving consumers and businesses millions of dollars. The acquisition of Wasp International effective February 1999, including the full intellectual property rights to the technology and the world class development team. Finalized in May 1999, this was subsequent to Technor's extensive technical and commercial verification since early 1998. Wasp International of South Africa has been renamed to CellPoint Systems S.A. (Pty) Ltd. The agreement on letters of intent with Madison Securities, Inc. of Chicago, Illinois for bridge financing of up to $2,000,000 and a subsequent private placement of up to $8,000,000 to be completed by the end of 1999. These funds will enable Technor to grow rapidly and expand its staff and resources to meet the demands for its technology and services worldwide. The hiring of senior management for the CellPoint subsidiaries. Hadar Cars and Johan Falk are CellPoint's President and Vice President of Business Development, respectively, and come to CellPoint after successful careers with Ericsson. Once approved, the Form 10SB filing will allow Technor International to become a Reporting Company under the Securities Exchange Act of 1934 and to apply to have its common stock listed for trading on the Nasdaq market. "We anticipate that these final SEC reviews can be completed in the next few weeks and that we'll become a Nasdaq stock during the fall," said Henricsson. Technor International is a US company whose CellPoint System technology uses the Internet and cellular networks to determine physical locations similar to satellite-based Global Positioning Systems (GPS) but with the additional capability of determining location inside buildings, parking garages and other shielded areas such as inside a pocket or briefcase that are inaccessible to GPS systems. 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 CellPoint North American International Systems Inquiries Inc. Tel: +46 8 5449 Hadar Cars, The Rowe Group 0000 President Fax: +46 8 5449 Tel: +46 8 877-880-1195 0005 5947 4900 info@technorinc. Fax: +46 8 ajc@rowe- com 35 87 90 group.com www.technorinc.c info@cellpt. om com 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/1999/09/16/19990916BIT00550/bit0001.doc http://www.bit.se/bitonline/1999/09/16/19990916BIT00550/bit0002.pdf

Subscribe