SAN MARCOS, Calif., May 2, 2001 (PRIMEZONE) -- On-Point Technology Systems, Inc. (the Company) (Nasdaq:ONPT) today announced that it has filed its definitive proxy statement for a special meeting of shareholders for the purpose of considering and acting upon the approval of the previously announced asset purchase agreement between the Company and Interlott Technologies, Inc. and the transactions contemplated by the asset purchase agreement, and the approval of an amendment to change the name of the Company to Global ePoint, Inc. The shareholder meeting has been set for May 18, 2001.
About the Company
The Company provides effective technologies for transaction automation. On-Point pioneered the development of the instant ticket vending machine for lotteries worldwide and is one of the world's largest providers of these and other high-security vending products. The Company has entered into an agreement to sell its assets relating to its existing lottery business and is transitioning into new market opportunities. The Company has begun to explore the development of automated electronic solutions for high-volume, cash-oriented transactions and is also in the process of negotiating for the rights to operate on-line and Internet lotteries.
Any forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, successful completion of proposed funding raises, which may be necessary for us to implement plans to develop new market opportunities, continued acceptance of the Company's products and services in the marketplace, new products and technological changes, the Company's successful entry into new markets, the Company's successful transition to its next generation product line, the Company's ability to increase its customer base, as well as general political and other uncertainties related to customer purchases, the Company's ability to obtain the rights to on-line lotteries and its ability to generate income for such operations, the Company's ability to generate cash flow sufficient to sustain operating activities and other risks detailed in the company's periodic filings with the Securities and Exchange Commission.