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On-Point Technology Systems Inc., has
headquarters in San Marcos, Calif. and was incorporated in Nevada in March of
1990.
On-Point designs, manufactures, sells, leases, and services
high-security automated point of sale transaction vending terminals for the
sale of instant-winner lottery tickets (the "Instant Ticket Retailer" or
"ITR(R)"), pull-tab lottery tickets (the "Pull-Tab Retailer" or "PTR(TM)"),
prepaid phone cards and "smart cards" (the "Debit Card Retailer" or "DCR(TM)")
and vending terminals that dispense high value products such as cell phones and
pagers.
The company's ITR and DCR terminals accept bills of various
denominations, provide a secure means of product distribution and include
software which automatically accounts for product sales and inventories. The
ITR terminals are sold or leased to state and provincial governments in the
United States and Canada and to other foreign governments and their licensees.
The DCR terminals are sold or leased to commercial customers and to
governmental entities and their licensees. The company has also developed a
patented design for a high-security automated bill-payer terminal (the
"BillPayer(TM)"), which allows customers to pay utility and other similar bills
form remote locations.
The company is in the process of evaluating its
strategic plans for the further development and introduction of the
BillPayer(TM). In addition, the company has introduced certain specially
designed dispensing technology to South America, Asia, and Europe.
On-Point
Technology Systems Completes Sale of Lottery Assets; The Company is Changing
its Name to Global Epoint, Inc. and is Proceeding with New Market
Opportunities
SAN MARCOS, Calif. (June 4, 2001) -- On-Point
Technology (the Company) today announced that it has completed the sale of
those assets used in its existing lottery business, relating to the
manufacture, sale, lease and service of instant lottery ticket vending machines
to Interlott Technologies, Inc.
(Interlott). The agreement for the sale was previously approved by the
Company's shareholders on May 18, 2001.
The Company also announced that it
has filed to change its name to Global ePoint, Inc. The name change is expected
to become effective with the Nasdaq Stock Market on the open of business on
June 5, 2001 with the change in symbol from ONPT to GEPT.
Frederick
Sandvick, the Company's Chairman and Chief Executive Officer, commented, ``As
previously reported, we have set forth on a series of planned actions intended
to transform the Company and to strategically move forward with new market
opportunities that can better enhance shareholder value. We are pleased to have
completed our first major step in this transformation process.''
``The
arrangement for the sale of our lottery assets to Interlott not only provides
us the liquidity and upfront cash we require to proceed with our strategic
initiatives, it provides us opportunities for continuing revenue streams from
those assets. In addition to the approximate $13 million received upon closing,
the arrangement with Interlott provides up to $15 million in deferred and
earn-out payments over the next five years if our contractual agreements and
technologies transferred to Interlott generate additional profits. In addition,
our arrangement with Interlott provides for a separate on-line technology
agreement to market a proprietary design for the world's first on-line
activated instant lottery ticket. We continue to retain certain gross profit
and royalty rights to this intellectual property. We believe the sale of our
lottery assets and the strategic on-line technology agreement between the two
companies will not only be beneficial to the shareholders of both companies,
but to the entire lottery industry.''
``As a result of the sale, we are now
well positioned to proceed with our strategic initiatives. In that connection,
we are changing the name of the Company to Global ePoint, Inc., as approved by
shareholders. The name change is designed to better identify our corporate name
with our strategic initiatives. We are currently reviewing opportunities that
involve the operation of on-line lottery operations, and the development of
electronic solutions to high-volume, cash-oriented transactions, such as
prepaid telephony, bill payments, prepaid debt processes, consumer
entertainment and public access mediums. However, we plan to review a variety
of other new market opportunities over the coming months. Our goal with respect
to all these market opportunities is to identify which opportunities best
leverage our management expertise, technological property, and international
relationships, while maximizing our abilities to enhance shareholder value. We
look forward to reporting our progress as we move forward with our plans.''
SOURCE: On-Point Technology Systems, Inc.
CONTACT: San Marcos Charles Broz,
Director of Finance (760) 510-4900. On-Point Technology Systems Announce the Approval of the Sale
of its Lottery Assets and Change of Corporate
Name
May 18, 2001 -- On-Point Technology
Systems, Inc. (the Company) today announced that its shareholders, at a special
meeting held today, approved the previously announced asset purchase agreement
between the Company and Interlott
Technologies, Inc. (Interlott) and the transactions contemplated by the
asset purchase agreement, and an amendment to change the name of the Company to
Global ePoint, Inc. Interlott
Technologies, Inc. Announces Agreement to Acquire Lottery Assets of On-Point
Technology Systems Inc.
February 26, 2001
-- Interlott Technologies, Inc. announced that it has signed a definitive
agreement to acquire the lottery assets of On-Point Technology Systems Inc. The
agreement, which is subject to necessary consents and approvals, calls for
Interlott to purchase the lottery assets of On-Point, including patents,
technology, inventory, service, and contracts. The purchase price includes
$13.5 million at closing, deferred payments of $9 million payable, subject to
adjustment, over five years, and an earn out amount of up to $6 million tied to
certain future revenues. Interlott and On-Point have entered into a separate
agreement to market a patented design for the first on-line activated instant
lottery ticket. On-Point Technology
Systems Inc. Signs Definitive Pact For Buy
January
10, 2001 -- On-Point Technology Systems Inc. announced that it has
implemented a letter of intent signed last month and executed a definitive
agreement to acquire most of the assets of a privately-held Web-enabled systems
company (the Business). The Business has developed public-access Web-enabled
systems, which the Company believes will be beneficial to realizing On-Point's
strategic plans to develop electronic solutions to high-volume, cash-oriented
transactions. The assets of the Business include proprietary delivery systems,
strategic arrangements for content delivery, contractual revenue-generating
arrangements, equipment, and experienced management. The agreement provides for
the acquisition of most of the assets of the Business, including the assignment
of certain existing contracts, in exchange for shares of preferred stock of
On-Point that are convertible into shares of common stock if revenue from the
Business's products between closing and December 31, 2003 exceed $10 Million.
The conversion ratio varies depending on the amount of revenue in excess of $10
Million. Additional shares of common stock of On-Point will be issued if
revenue in 2001, 2002 and 2003 each exceed $10 Million. 
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