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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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Investor contact: RoseMary Luebke
Controller
952.974.7041
[email protected]
Media contact: Gary Hornseth
Hornseth Communications for FieldWorks, Inc.
651.699.0759
[email protected]
FIELDWORKS CLOSES STRATEGIC EQUITY PARTNERSHIP
WITH KONTRON EMBEDDED COMPUTERS AG
EDEN PRAIRIE, Minn. - (December 7, 2000) - FieldWorks Inc. (OTC BB: FWRX), a
leading provider of field solutions, today announced it has completed the $5.4
million equity investment by FWRKS Acquisition Corp., a wholly owned subsidiary
of Kontron Embedded Computers AG. The transaction was approved at a special
shareholders' meeting on October 27, 2000.
Kontron purchased 6,000,000 shares of FieldWorks common stock for $.90 per
share. The purchase price was paid through the cancellation of the $2.5 million
loan made by FWRKS Acquisition Corp. to FieldWorks in June and the cancellation
of $2.9 million in additional loans made by Kontron to FieldWorks thereafter.
The company also announced that in connection with the completion of equity
investment, Thomas Sparrvik has assumed the duties of President and CEO of
FieldWorks. As previously announced, Mr. Sparrvik is an experienced senior
executive with a successful record of directing sales, administration and other
operations at technology companies. This will also mark the official departure
of Dave Mell as acting president and CEO.
The closing of the equity investment also marks a change to the Company's board
of directors. Resigning from the board are Jim Bernards, Richard Boyle, Robert
Forbes, and Marvin Goldstein. New additions include Thomas Sparrvik, Pierre
McMaster, President and CEO of Teknor Applicom, and Rudi Wieczorek, Chief
Technical Officer, Kontron Embedded Computers AG.
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About FieldWorks
FieldWorks Inc., founded in 1992, designs, manufactures and sells solutions
incorporating rugged computers for transportation, public service,
military/government and heavy equipment industries worldwide. FieldWorks
provides a complete solution to customers that includes product customization,
integration and support services. FieldWorks products are designed and produced
in compliance with its formal quality system, which is certified to the
international ISO9001 quality standard.
Forward-looking statements in this news release, if any, are made under the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Certain important factors could cause results to differ materially from those
anticipated by the statements, including the impact of changing economic or
business conditions, the impact of competition, the availability of financing,
the success of products in the marketplace, other risk factors inherent in the
computer industry and other factors discussed from time to time in reports filed
by the Company with the Securities and Exchange Commission.
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