CellPoint Funding Reaches US$6.55 Million
CellPoint Funding Reaches US$6.55 Million LONDON, October 8, 2001 -- CellPoint Inc. (Nasdaq: CLPT), a global provider of mobile location software technology and platforms, has announced it has raised a total of US$6.55 million to date through initial closings on private placements in Europe and North America. These initial closings were completed subsequent to restructuring of floating convertible notes announced September 26, 2001. "We are pleased with the support and trust investors have demonstrated in CellPoint," said Peter Henricsson, Chairman and Chief Executive Officer. "These closings represent an understanding of the extraordinary potential of the mobile location services industry, as well as CellPoint's market leadership position." Working with KCSA Public Relations Worldwide, CellPoint's investor relations firm in North America, the Company will next embark on a series of meetings with institutional investors in the United States. "We will be raising additional working capital in the coming months, primarily with institutional investors." Last Tuesday, Nasdaq granted the Company a voting exception regarding announcement of a closing due to the delay of delivery of proxy materials and the return of proxies resulting from the September 11 events in New York City. CellPoint will file a registration statement with the Securities and Exchange Commission on Form S-3 by the end of October to register the common stock and warrants associated with all of these private placements. The initial closings included 50% warrant coverage with strike prices over two years ranging from $2.25 per share to $5.00 per share. The company will issue less than six million shares of common stock in conjunction with the initial closings. CellPoint Inc. (Nasdaq and Stockholmsbörsen: CLPT, www.cellpoint.com) is a US company with subsidiary operations in Sweden and Great Britain delivering mobile location technology and services in cooperation with cellular operators worldwide. CellPoint's end-to-end cellular location technology is a high-capacity system that works in unmodified GSM networks and uses standard GSM or WAP phones and standard Internet services. Several commercial applications are available for business and personal location services including Resource Managertm for mobile resource management, iMatetm for location-sensitive information and Findertm, an application for locating friends and family. For information, please contact: CellPoint Inc.: Lynn Duplessis, Tel: +44 (0)1344 624 565 Info@cellpoint.com; www.cellpoint.com KCSA Public Relations Worldwide: Sarah Shepard / Michael Cimini (212) 896-1236 / (212) 896-1233 sshepard@kcsa.com / mcimini@kcsa.com CellPointtm and CellPoint Systemstm are trademarks of CellPoint Inc. 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. Copyright © CellPoint Inc. 2001 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/08/20011008BIT00910/bit0002.doc http://www.waymaker.net/bitonline/2001/10/08/20011008BIT00910/bit0002.pdf