PalmGear Enters Into Agreement With PBH Holdings
PalmGear has announced in a letter to its partners that it has entered into an agreement with PBH Holdings. PBH Holdings is providing to PalmGear secured bridge financing which enables PBH to direct their operations, finances, development, planning and strategic marketing.
Previously, PalmGear has been behind in payments to its partners, the people and companies for whom PalmGear acts as an online reseller. In June of this year they initiated a policy that has resulted in all current sales being paid current. It had made plans to catch up with the payments owed to developers and this is another step in that process.
The text of the email sent to developers is as follows:
First, let me start by saying how much we at PalmGear appreciate you and value the relationship we have. PalmGear would not have become the number one exclusive Palm OS site for application and content distribution without the PGHQ Partners. You have supported us throughout an unusually difficult time over the past few years. Your commitment and belief in us has not gone unnoticed and will be rewarded. We have successfully endeavored to create the number one site for application and content distribution in the Palm OS industry, while at the same time maintaining a personal, successful relationship with our customers. We are coming through a difficult time and are excited for what the future holds for PalmGear.
As many of you are aware last year we successfully won an extremely costly and protracted legal battle brought against PalmGear by Q Ventures, one of the initial investors in Handango. We defended ourselves to maintain the community we created for the Palm OS developer and user in kind. Even though we successfully defended ourselves in this litigation we unfortunately did not receive any reimbursement of the 7 figure plus in legal fees incurred nor were any damages paid to us. With the legal challenge behind us we were finally able to pursue a strategic financial and management relationship to address the financial condition of PalmGear and develop an aggressive marketing and development strategy.
Effective October 1 of this year, we are pleased to announce that we have entered into an agreement with PBH Holdings. PBH Holdings is providing to PalmGear, among many other things, secured bridge financing which enables PBH to direct our operations, finances, development, planning and strategic marketing. We believe that this relationship will enable us to enhance and expand our leadership position. Additionally, this will allow me personally to concentrate on the developer relationships and ideas to continue the growth of PalmGear. We are confident that you will see many positive changes in PalmGear that will not only enable us to continue to be number one in the industry, but will also enhance our service to our PGHQ Partners, our customers and the PalmOS community in general.
We appreciate your patience in this transition. More news and information will be forthcoming. Again, we look forward to continuing a successful working relationship with you.
PalmGear, which once virtually owned the Palm software market, has recently faced intense competition from Handango and others. Late last year it was dealt a blow when Handango took over hosting the Palm Software Connection, the section on Palm's own website that lists third-party software. PalmGear had previously been responsible for this. There is also a growing number of royalty free Palm OS software listing sites.
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