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Cellport Votes to Divest Its Automotive Business

April 17, 2002

The board of directors of Cellport Systems, a provider of automotive wireless communications technologies and products, on April 16, 2002 voted to focus its efforts on developing solutions for in-vehicle wireless connectivity and to transition out of the business of directly providing product to the automotive industry. "We are proud of the jump start we've given the Cellport Hands-Free System through contract wins with the Ford Motor Co., Nissan Infiniti Q45 and additional contracts that are pending announcement,” said Andy Quartner, Vice Chairman and General Counsel of Cellport. “Our core competency, however, is in architectures and product development, and we believe our automotive customers will be better served by obtaining product directly from existing Tier 1 Automotive Suppliers who are better organized to service and support these customers." Cellport projects automotive revenues for 2002 to exceed $10 million. "We will work directly with our automotive customers to assure a seamless transition to a new supplier. Given the strong interest in our automotive line of business, we are confident that a sale will take place within weeks."
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