MINNEAPOLIS, Feb. 14, 2007 (PRIME NEWSWIRE) -- Minneapolis based digital signage company, Wireless Ronin(r) Technologies, Inc. (Nasdaq:RNIN), has repurchased a software license from the Marshall Special Assets Group to regain previously sold rights to sell product to the gaming industry.
Wireless Ronin Technologies (WRT) has completed a Mutual Termination, Release and Agreement through which WRT regained the rights to directly control its sales and marketing process within the gaming industry and will obtain increased margins on all future digital signage sales.
"When the opportunity arose for us to complete this agreement we made the decision so that we can reclaim control and flexibility for our approach to the gaming industry," said Jeffrey Mack, president and CEO of WRT. "The gaming market is a major growth area for our digital signage platform and by regaining these rights we expect to see a wide range of benefits."
In an agreement implemented in 2004, the Marshall Special Assets Group (Marshall Group) provided support and financing for WRT to reach casinos, lottery and gaming groups worldwide with the RoninCast digital signage software. The Marshall Group managed the sales and marketing efforts on behalf of Wireless Ronin and, in turn, received a percentage of the sales margin.
WRT repurchased these rights for the original sale price plus accrued interest. WRT plans to actively pursue this industry with a more aggressive direct sales and marketing approach moving forward. With 130 display installations within the industry to date, Wireless Ronin expects this area will continue to be a major focus for the business.
About Wireless Ronin Technologies
Wireless Ronin Technologies (www.wirelessronin.com) is the developer of RoninCast, a complete software solution designed to address the evolving digital signage marketplace. RoninCast provides clients with the ability to manage a digital signage network from one-central location. The software suite allows for customized distribution with network management, playlist creation and scheduling, and database integration. An array of services are offered by Wireless Ronin to support RoninCast including consulting, creative development, project management, installation, and training. The company's common stock is traded on the NASDAQ Capital Market under the symbol "RNIN".
The Wireless Ronin Technologies, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3208
This release contains certain forward-looking statements of expected future developments, as defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this release refer to potential benefits associated with the repurchase of rights to sell product to the gaming industry. These forward-looking statements reflect management's expectations and are based on currently available data; however, actual results are subject to future risks and uncertainties, which could materially affect actual performance. Risks and uncertainties that could affect such performance include, but are not limited to, the following: our estimates of future expenses, revenue and profitability; trends affecting our financial condition and results of operations; our ability to obtain customer orders; the availability and terms of additional capital; our ability to develop new products; our dependence on key suppliers, manufacturers and strategic partners; industry trends and the competitive environment; and the impact of losing one or more senior executives or failing to attract additional key personnel. These and other risk factors are discussed in detail in the Company's current report on Form 8-K filed with the Securities and Exchange Commission on January 26, 2007.