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Dauphin Signs a Stock Swap Agreement With EDC Hellas S.A.
ATHENS, Greece, April 14 /PRNewswire-FirstCall/ -- Dauphin Technology, Inc. (Pink Sheets: DNTK) announced today that it has signed a stock swap agreement with EDC Hellas S.A., a subsidiary of the Belgium-based European Datacomm Holding, a global leader in marketing and manufacturing of Tracking, Telematics and Satellite Communications products and services. Through its network of subsidiaries and affiliates in over 70 countries, European Datacomm Holding provides solutions for the maritime, automotive and military sectors. Its subsidiary, EDC Hellas, is a leader in the field of Automotive Telematics and related Value Added Services in Greece and the Balkans, marketing its corporate brand product EDC-TRACK, a Pan-European safety and security platform for mobile and fixed asset monitoring. In addition, EDC Hellas S.A. is the exclusive distributor for Greece and Cyprus of the VIASAT line of products, which is the number-one selling system in Europe for driver safety and security.
According to the agreement, Dauphin Technology, Inc. will acquire a 51% interest in EDC Hellas S.A. (EDC) in exchange of 7 Million Preferred Shares of Dauphin Technology Incorporated (Dauphin). Dauphin shall provide consolidated reporting for EDC and Dauphin Technology Hellas S.A., Dauphin's European wholly owned subsidiary. The two European affiliates will merge several operational functions but will remain two separate legal entities, headed by EDC's management staff. Closing of the transaction is scheduled to occur within a 60 day period, pending completion of legal requirements.
"EDC's leadership position in the field of Telematics and Value Added Services is definitely important in our decision to share our future with a dynamic organization in a rapidly developing market. Their strong position with their Pan-European Platform provides unlimited opportunities for our common venture," comments Mr. Andrew Kandalepas, CEO & Chairman of Dauphin Technology, Inc. "We believe that this new relationship with Dauphin will significantly enhance our market position in Europe as well as expand the sales potential for EDC's products and services in the USA," added Mr. Ted Veliotis, Chief Operating Officer of EDC Hellas S.A.
EDC Hellas S.A, based in Moschato, Athens, Greece, was established in 1998 as a distributor and representative of European Datacomm Holding for the region of Greece, Cyprus and the Balkans. The company is a value added provider of telematics and satellite data communication solutions to the maritime, military and automotive sectors. Since its new product launch at the 5th Athens International Automotive Exhibition in November of 2003, the company's orders during the early part of 2004 are in excess of 4 Million Euros, representing a ten-fold increase over its 2003 year-end sales.
Certain matters discussed in this news release are forward-looking statements involving certain risks and uncertainties including, without limitations, changes in product demand, the availability of products, change in competition, economic conditions, various risks due to changes in market conditions and other risks detailed in the Company's Securities and Exchange Commission filings and reports.
Dauphin Technology, Inc.
CONTACT: Kathy Dimitropoulos, +1-847-705-2135, or External InvestorRelations, John Mihalos, +1-708-945-4882, both of Dauphin Technology, Inc.
Web site: http://www.dauphintech.com/http://www.edc-telematics.com/
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