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January 2001
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Paradigm to acqure NaftEL's all navigation technology and intellectual property
Toronto, Ontario, Jan.16, 2001 - Paradigm Advanced Technologies, Inc. of Toronto announced that it has executed a term sheet with NaftEL Technologies, Ltd. of Israel to acquire all of NaftEL's navigation technology and intellectual property. NaftEL develops and markets navigation system software, enabling detailed street maps to be viewed on devices with limited on-board memory. This advanced technology also provides graphic or voice commands on portable computers, hand held devices and cellular phones to enable dynamic navigation for persons and vehicles.
NaftEL currently has five patents pending for software and hardware related to Geographic Information System (GIS) navigation and communications, and plans to apply for several more. NaftEL's core technology consists of proprietary rendering algorithms as well as a powerful map data compression which requires about 1/16th of the memory required by conventional map engines, making possible the use of flash memory instead of optical DVD or CD-ROM for map storage. Using NaftEL's breakthrough technology Paradigm plans to enhance its L-BIZ (TM) technology with additional navigational capabilities and offer map display, best route navigation, and optionally with voice navigation in hand held devices, cellular phones, personal digital assistants ("PDA"), pocket PCs and watches. NaftEL's other products are low-cost vehicle navigation systems that integrates navigation, communication and entertainment features for in-car applications.
"The acquisition of NaftEL's ground breaking portable navigation technology will enable us to provide a complete wireless portable location solution which will be particularly valuable for personal and asset tracking and navigation," said Paradigm's President/CEO Eduardo Guendelman. "The implications of NaftEL's technology are far reaching, making possible the loading of large databases to a new generation of cellular phones, Pocket PCs, watches and various PDAs. The market for this technology is huge and this will complement our intellectual property and L-Commerce wireless location solutions."
NaftEL was established in Israel by Mr. Elie Hantsis and Mr. Naftali Nissani, who combine a wealth of scientific, engineering and business experience. NaftEL currently employs a number of telecommunication and navigation experts including five scientists with PhD degrees.
NaftEL is the only company using the high quality navigation maps supplied by Navtech (Navigation Technologies Corporation) of Rosemont, Illinois for the PDA market. Navtech makes the most complete, accurate and up-to-date navigable map databases for both Europe and North America. The Navtech database is a detailed, digital representation of the road network
For details visit:
www.nafteltech.com, www.powerloc.com
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