CellPoint in Negotiations on Outstanding Convertible Notes
CellPoint in Negotiations on Outstanding Convertible Notes LONDON, September 21st 2001 - CellPoint Inc. (Nasdaq: CLPT), a global provider of mobile location technology and services, announces ongoing negotiations with Castle Creek Technology Partners to amend the terms of the agreement struck July 25, 2001. CellPoint has notified Castle Creek that it will not be able to repay the full $7.4 million on Monday September 24 as planned. CellPoint and Castle Creek are currently in negotiations to amend the terms to make them acceptable to both companies as well as present and future investors. CellPoint Inc. (Nasdaq and Stockholmsbörsen: CLPT, www.cellpoint.com) is a US company with subsidiary operations in Sweden, Great Britain and South Africa delivering location 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 1344 624565, lynn.duplessis@cellpoint.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/2001/09/21/20010921BIT00520/bit0001.doc http://www.waymaker.net/bitonline/2001/09/21/20010921BIT00520/bit0001.pdf