***NeoPoint Files for IPO
(January 11)
According to Bloomberg, NeoPoint filed with the Securities and
Exchange Commission for a $75 million initial public offering. La
Jolla, Calif.-based NeoPoint is among several companies producing
communications products that can offer appointment scheduling and
other tasks of a handheld computer, with Internet browsing and
email, in addition to making phone calls.
The company operates myAladdin.com Smart Service, which is a
scaled-down Internet portal and content provider available for
wireless carriers. The service also uses a global positioning
system that can provide specific information and services based
on the user's location.
NeoPoint said it would be competing against companies such as
Audiovox, Ericsson, Nokia, Qualcomm and Motorola, along with
makers of personal digital assistants like 3Com, Casio, Hewlett-
Packard and Motorola.
For the nine months ending Sept. 30, 1999, the company had a net
loss of $15.5 million on revenue of $23.6 million. During the
same period of 1998, the company had a net loss of $4.8 million
on revenue of $232,000. NeoPoint said it would use the net
proceeds for general corporate purposes, which could include
working capital, expansion of sales and marketing efforts,
repayment of debts and possible acquisitions, although no
specific targets were mentioned in the latest filing.
NeoPoint didn't list a price for its shares or set a total number
of shares to be sold to the public. That's usually revealed in a
subsequent filing. It didn't say how much a stake the parent
company would own after the shares are offered to the public.
Wave Issue 2002 1/14/00 Article 12-01