PalmSource Spins Out From Palm Inc
PalmSource, Inc., provider of Palm OS today announced its spin out from Palm, Inc. In a major milestone for the company, PalmSource, is one of the first publicly traded companies focusing on operating system software for mobile devices.
Effective October 29, 2003 11:59pm EST, PalmSource stock will begin trading on the NASDAQ stock market under the ticker symbol: PSRC. In addition to the spin-off, the stockholders approved the acquisition of Handspring by Palm, Inc. That new combined company has been renamed palmOne, Inc. The PALM and HAND ticker symbols will cease to trade. palmOne's stock will trade on the NASDAQ stock market under the ticker symbol: PLMO.
"Today's stockholder vote demonstrates strong support for the spin out of PalmSource as a separate and independent company, as well as the merger of Palm and Handspring," said David Nagel, president and chief executive officer of PalmSource. "As a stand alone public company, PalmSource can focus on maximizing stockholder value by advancing the Palm OS platform into exciting new and existing markets. Our licensees, our stockholders and all of the employees of PalmSource are delighted to become a publicly traded company, and we are committed to acting quickly to realize the tremendous opportunity this represents."
The spin out of PalmSource is expected to drive the following benefits:
- Potential to increase the number of licensees of Palm OS;
- Increase the competitiveness of Palm OS
- Increase the responsiveness of Palm OS to technology change and customer needs;
- Sharpen focus on PalmSource's businesses and strategic opportunities, and
- Allow direct access to capital markets.
"PalmSource's competitive position extends well beyond the strength of its brand. The company benefits from a loyal base of customers, an established Palm OS platform across multiple devices and a large, diverse community of third-party developers," said Eric Benhamou, chairman of PalmSource, Inc. "Today's stockholder vote approving the spin out brings enormous promise for the mobile device and smartphone markets, which will continue growing in quality and excellence as PalmSource and palmOne sharpen focus in their respective businesses."
PalmSource's business includes Palm OS, software development tools and applications such as personal information management applications, e-mail and web browsers engineered to enable mobile information device manufacturers to create innovate products to meet diverse customer needs. In addition, PalmSource markets and sells Palm OS software titles for Palm Powered devices through its new online store at PalmSource.com.
Palm Powered Leadership
The Palm OS platform has attracted a large following, with over 30 million Palm Powered devices sold to date and software developers who have created over 19,000 Palm OS software titles, the largest collection of software for any mobile operating system.
To view the NASDAQ presentation, or PalmSource b-roll, by David Nagel, president and CEO of PalmSource, please go to PalmSource.com anytime after 9:30 a.m. EST, October 29, 2003.
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