FOR IMMEDIATE RELEASE
On-Point Technology Systems Announces the Approval of the Sale of its Lottery Assets and Change of Corporate Name
May 18, 2001
SAN MARCOS, Calif., May 18, 2001 (PRIMEZONE) -- On-Point Technology Systems, Inc. (the Company) (Nasdaq:ONPT - news) 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.
Frederick Sandvick, the Company's Chairman and Chief Executive Officer, commented, ``We are pleased the shareholders have now approved the sale of our lottery assets to Interlott and our name change, which will become effective upon the closing of the sale. The sale is part of a series of transactions planned to transform the Company and to strategically place its business interests into larger, more diversified markets.
``The transactions with Interlott include a strategic arrangement which continues to give us the right to market our patented design for the world's first central-host computer activated instant winner lottery ticket. We believe, with the combined efforts of Interlott and our Company, we can accelerate the time to market of deploying this technology, which has worldwide application.
``As a result of the approval by our shareholders of the sale of our lottery assets, our financial statements will show the reclassification of the operations related to our lottery assets as discontinued. Our continuing operations will now evolve as we transform the Company during 2001 with our strategic initiatives. During that transition we will continue to evaluate the best strategies to enhance shareholder value.''
About the Company
The Company provides effective technologies for transaction automation. On-Point pioneered the development of the instant ticket vending machine for lotteries worldwide and is one of the world's largest providers of these and other high-security vending products. The Company has entered into an agreement to sell its assets relating to its existing lottery business and is transitioning into new market opportunities. The Company has begun to explore the development of automated electronic solutions for high-volume, cash-oriented transactions and is also in the process of negotiating for the rights to operate on-line and Internet lotteries.
Any forward-looking statements in this release are made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, completion of closing conditions related to the sale of the lottery assets to Interlott, successful completion of proposed funding raises, which may be necessary for us to implement plans to develop new market opportunities, continued acceptance of the Company's products and services in the marketplace, new products and technological changes, the Company's successful entry into new markets, the Company's successful transition to its next generation product line, the Company's ability to increase its customer base, as well as general political and other uncertainties related to customer purchases, the Company's ability to obtain the rights to on-line lotteries and its ability to generate income for such operations, the Company's ability to generate cash flow sufficient to sustain operating activities and other risks detailed in the company's periodic filings with the Securities and Exchange Commission.
For More Information Contact:
Charles Broz, Director of Finance
San Marcos, CA 92069
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