Exhibit 99.1
For Immediate
Release
U.S.
Wireless Data Acquires CellGate Technologies
- Purchase
Provides Access To Large, Fixed-Wireless Market -
New York,
NY—November 17, 2000 – U.S. Wireless Data (USWD) (OTCBB: USWE),
the leader in wireless transaction services, has completed its previously
announced acquisition of CellGate Technologies. The acquisition was made for
approximately $10 million in a combination of cash and shares.
CellGate
is the leading manufacturer of integrated wireless IP (Internet Protocol) modem
adapters and a provider of wireless IP services for transaction processing. This
purchase will accelerate U.S. Wireless Data’s expansion into the fixed
wireless market by offering a cost-efficient means for merchants to convert
their credit card terminals from landline to wireless data transmission.
CellGate estimates that there are over 4 million terminals that could
conceivably be converted.
“We
are pleased to have concluded our acquisition of CellGate,” said Dean M.
Leavitt, Chairman and CEO of U.S. Wireless Data. “It enables U.S. Wireless
Data to immediately serve a large universe of traditional retailers that can
benefit from the greater speed, lower communications cost, and other benefits of
wireless transaction processing and our Synapse(sm) platform.”
About U.S. Wireless Data, Inc.
U.S. Wireless Data, Inc.
(www.uswirelessdata.com), founded in 1991, markets proprietary technology that
brings together three large, rapidly growing industries–transaction
processing, wireless data transport and the Internet–to enable wireless
payment processing. The Company’s Synapse(sm) platform provides a gateway
among all of the parties within a wireless point-of-sale (POS) transaction. This
enables businesses that require mobility (i.e., not tethered to a telephone
line) and/or faster transaction speed to accept wireless point-of-sale payments.
By providing a seamless interface among merchants’ POS terminals, wireless
carriers and card processors, credit, debit and other card transactions can be
processed as fast as cash, without the cost and inconvenience of a telephone
line. In addition, Synapse Internet-based tools offer on-line, real-time
transaction monitoring, remote diagnostics and automated terminal activation.
The Company is headquartered in New York City.
Forward-Looking
Statements: Except for historical information contained herein, this news
release contains forward-looking statements that involve risk and uncertainties.
While the management of the Company believes that current expectations reflect
reasonable assumptions, actual results could vary materially depending on risks
and uncertainties including, but not limited to: success of the Company’s
new business plan; market acceptance of the Company’s products; the
Company’s requirement for additional capital; the failure to execute
definitive agreements with potential strategic alliance partners; technological
change; system capacity constraints or system failures; the ability of the
Company to develop new distribution channels; or competition. The reports filed
by the Company pursuant to United States securities laws contain a detailed
discussion of these factors and certain other risks to which the Company is
subject. The Company assumes no obligation to update this information.
Management of the Company advises the reader to review these reports (which are
available from the United States Securities and Exchange Commission’s EDGAR
database at http://www.sec.gov and at various other reference facilities
in the United States).
# # #
For Additional
Information, Contact:
U.S. Wireless Data, Inc.
Investor Relations
Contact:
William A. Walkowiak, CFA
Lippert/Heilshorn & Associates
(212) 838-3777
[email protected]
Press Contact:
Phillippa Perkins
Edelman PR Worldwide
(212) 642-7747
[email protected]
