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February 2001
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@Track Communications signs stock purchase and exchange agreement with Minorplanet
Richardson, Texas----Feb. 15, 2001--@Track Communications, Inc., a provider of wireless-based vehicle fleet management and intelligent mobile-asset-tracking solutions, announced the execution of a stock purchase and exchange agreement with Minorplanet Systems PLC, a producer and distributor of telemetric-based vehicle management information systems and interests representing a majority in interest of the company's Senior Notes.
Under the terms of the Agreement, Minorplanet is to acquire 10 million shares of @Track common stock for $10 million and receive an additional 140 million shares of @Track common stock in exchange for an exclusive ninety-nine year license to market, distribute and operate Minorplanet's VMI technologies in the United States, Canada and Mexico. Additionally, a majority in interest of the company's 13 3/4% Senior Notes due 2005, which parties in the aggregate hold approximately 75 percent of the Senior Notes, have agreed to exchange their Senior Notes for approximately 56.2 million shares of @Track common stock.
As contemplated by the agreement entered into today, @Track also intends to begin an exchange offer to the remaining holders of the Senior Notes, offering to exchange Senior Notes for @Track common stock. Assuming conversion of all of the Senior Notes to common stock, the holders thereof would hold common stock representing approximately 30 percent of @Track, and Minorplanet would hold approximately 59 percent.
@Track provides intelligent wireless mobile communications, emergency dispatch, fleet management and mobile-asset-tracking solutions. @Track currently holds 42 U.S. and foreign patents, with additional U.S. and international patents pending. Its technology combines wireless data and voice technologies with the GPS satellite location capabilities for vehicle fleet management. The company's mobile-asset-tracking product, TrackWare, combines the technologies of GPS and wireless control channel messaging to track mobile assets.
For details visit: www.at-track.com
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