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About the Company
Global ePoint, Inc. (the “Company” or “we”) is in the process of a major
transition. We are undergoing a series of transactions intended to transform the
Company and to strategically move forward with new market opportunities that can
better enhance shareholder value. The Company had been primarily engaged in the
lottery industry for approximately 10 years and was one of the largest providers
in the world of vending machines for the sale of instant-winner lottery tickets.
In 2000, the Company began the process of selling its lottery business in order
to acquire the cash necessary to transition the Company into other business
activities that could provide more diversified and larger market opportunities.
On June 1, 2001, the Company completed the sale of its lottery business to
Interlott Technologies, Inc. Under the agreement with Interlott, the Company
sold all of the assets used in its existing lottery business, relating to the
manufacture, sale, lease and service of instant lottery ticket vending machines.
Since June 1, 2001, we have been in the process of establishing new strategic
initiatives and preparing the Company to transition into new business
activities. In that connection, during 2002 the Company has been actively
reviewing (i) opportunities that involve the acquisition of or merger with
companies that have new business activities with high growth potential and (ii)
marketing plans to maximize the value of the Company’s existing non-lottery
related products, which consist primarily of card dispensing equipment.
On March 31, 2003, the Company signed a Definitive Agreement to acquire 100% of
McDigit, Inc. McDigit, through its subsidiary Best Logic and its acquisition of
the long-range video, audio, and data transmission system technology and related
brands from Sequent Technologies, Inc., is positioning itself to become a
leading provider of Homeland Security technology. We are very excited about this
opportunity and believe it can be a very synergistic and growth-oriented merger
for Global ePoint. McDigit can provide the Company with immediate revenue from
proven on-going business as well as exciting new products that can accelerate
the Company’s launch into a large and expanding market. For more information,
please see
our press release dated April 2, 2003. The agreement is subject to
shareholder approval and other customary closing conditions.
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