VAN NUYS, Calif., Jan. 8, 2008 (PRIME NEWSWIRE) -- Terocelo, Inc. previously announced it had entered into a Memorandum of Understanding for the creation of a strategic alliance based on its Lycon(tm) chip and proprietary True Software Radio(r) (TSR) with a multibillion dollar Asian Technology fund. This transaction has not yet closed, but critical hurdles have been cleared and the Company is to meet with the fund's executives next week in what is believed to be a final step toward consummation of the definitive agreement. The definitive agreement will then be submitted for Board of Director and shareholder approval.
Under the terms of the agreement, the fund will pay thirty million dollars ($30,000,000) and continuing royalties to Terocelo in exchange for certain exclusive license rights to the Company's TSR technology. In addition, the fund will provide twenty million dollars ($20,000,000) to establish and fund an independent corporate entity, in which Terocelo will have an equity interest, to initiate Asian operations to develop applications and promote the sales of products containing the TSR technology. These funds will cover on-going costs for foundry services, design center operations, application staging, as well as marketing and sales efforts.
The ability to access these additional financial and human resources should allow the Company to secure pending product development contracts with industry leading corporations that are interested in incorporating TSR technology into their product lines. Most importantly, it will provide a solid financial base for the extended future of Terocelo.
Prior to the completion of the Definitive Agreement, the Chinese business group is in the process of delivering a series of bridge financing instruments, which it is anticipated will provide sufficient working capital to stabilize the Company's operations and allow its engineering efforts to continue to develop the products for market.
About Terocelo Inc.
TechnoConcepts Inc. (OTCBB:TCPS) (Frankfurt:UYE) does business as Terocelo Inc. Terocelo is in the business of designing, developing, licensing and marketing technology focused in the communications marketplace. Terocelo is positioned in the high-growth, wireless communication market having developed breakthrough, disruptive technologies. These technologies can be integrated into many high-volume commercial markets, including cell phone, automotive, base station, Femto/Pico Cell, and First Responder markets.
The Company has developed and patented True Software Radio(r), a proprietary technology that creates convergence for the wireless industry. True Software Radio(r) has produced the Lycon(tm) family of wireless transmitter-receiver chipsets, designed to enable cell phones, PDAs, laptops, and infrastructure with different radio frequencies, standards, and protocols to adjust by software command so that they can communicate across otherwise incompatible networks, without the need for multiple radios. Lycon(tm) chipsets replace the front end, I/F processing, ADC, and digital filtering sections of radios. Because the technology simplifies design and reduces component costs, the company believes that Lycon(tm) and True Software Radio(r) are ideal platforms for Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) to develop new wireless broadband, mobile data, cellular, and other next-generation wireless applications.
More information is available at www.terocelo.com.
About Jinshilin Techno Ltd.
Jinshilin Techno Ltd. is TechnoConcepts' subsidiary based in Shanghai, China, providing marketing support for True Software Radio(r) technology in China. Jinshilin also designs and sells products for Internet Television (IPTV), Stream Media Protocol Processing, and Broadcasting Software for IPTV-Set-Top Boxes. Jinshilin expects future generation set-top boxes will support multi-protocol wireless connectivity with television, DVD players and other multi-media appliances, by integrating TechnoConcepts' True Software Radio(r) technology.
Safe Harbor Statement under the Private Litigation Reform Act of 1995
Forward-looking statements in this release do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. In particular, there is no assurance that the above transactions will be consummated or, if consummated, will be on these terms. In addition, such statements may relate, among other things, to expected financial and operating results, the expected acceptance of the company's products, the usefulness and benefits of the company's products generally and the acceptance of the company's technological solutions and its ability to achieve its goals, plans and objectives. The risks and uncertainties that may affect forward-looking statements include among others: difficulties providing solutions that meet the needs of customers, difficulty in developing new products, difficulty in relationships with vendors and partners, difficulty in introducing products in the marketplace and gaining acceptance of the same, difficulty gaining necessary governmental approvals, difficulty facing the intense competition present in the wireless communications industry, the company's limited operating history, its inexperience in operating internationally and difficulty managing rapid growth. For a more detailed discussion of the risks and uncertainties of TechnoConcepts' business, please refer to the company's Annual Report on Form 10-KSB for the fiscal year ended September 30, 2006, filed with the Securities and Exchange Commission, and as subsequently amended, and subsequent quarterly filings. The company assumes no obligation to update any forward-looking statement contained in this press release or with respect to the announcements described herein.