Newly formed wholly-owned subsidiary called Wireless Web Data, Inc. will
purchase assets, a patent license and know-how from ImaginOn, Inc. and
develop wireless Web data server software for the wireless devices marketplace;
ImaginOn, Inc. plans to retain up to 80% of Wireless Web Data's equity and sell up to 20% of the equity to private investors and industry partners.
ImaginOn, Inc. (NASDAQ: IMON) (www.imaginon.com) today announced that has formed a new wholly-owned subsidiary corporation called Wireless Web Data, Inc. (WWDI) to develop wireless Web data server software to meet the needs of the rapidly growing wireless device marketplace. The new corporation will purchase assets, a patent license and know-how from ImaginOn, Inc., according to Chief Executive Officer David Schwartz.
"With an instant marketplace of more than 300-million cell phone users worldwide, we believe that the potential for WWDI products is vast and growing larger every day," Schwartz emphasized. "I'm confident that our core patented technology will enable WWDI to bring to market the world's first wireless service that is fully automated, media-savvy, multi-device compatible and entirely hands-free. It will be a Web based system that will transform the way information is harvested and the way information is presented to users."
ImaginOn's technology will be utilized by WWDI to develop software for wireless Web data servers that will allow cellular phone and portable computing device users to request any type of data (including text, audio and video) and receive it properly formatted for their individual device. Data such as stock quotes, weather information, maps, MP3 audio files and video clips will be available to portable hand-held device users by using the WWDI systems.
"ImaginOn's core technology, which is penetrating the interactive Internet television marketplace, is equally well-suited to the wireless marketplace," Schwartz said today. "We anticipate that the spin-off off Wireless Web Data, Inc. will further increase shareholder value in ImaginOn, because ImaginOn will retain up to 80% of the equity in the new company. Another 20% of the company's equity will be sold to private investors and industry partners."
According to Schwartz, the decision to spin-off Wireless Web Data, Inc. comes at a time when the market for wireless devices is expanding at a dramatic rate, as is investor interest in the entire category.
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