Worldwide Wireless: Bridge Deal Not Dead:
Worldwide Wireless Networks Inc. on Tuesday disputed Bridge Technology Inc.’s recent statements that the companies have severed their relationship and canceled exchanges of stock.
Worldwide Wireless said it is reviewing its relationship with Bridge, a Garden Grove digital data-storage and communication-components company, but hasn’t agreed with Bridge to discontinue any aspects of the relationship, specifically its investment in Bridge stock.
Bridge said Feb. 12 it informed Worldwide Wireless that all agreements between the two companies, including stock exchanges, were canceled. The cancellation included the 60% sale of its Pacific Bridge Net unit to Worldwide Wireless, an Orange-based wireless infrastructure company.
Worldwide Wireless said its market focus is entirely domestic, and the agreements between the companies were based on a global approach, Bridge said.
Worldwide Wireless said Tuesday it remains interested in Asian markets but believes domestic opportunities offer a “more immediate profit model.â€
Bridge officials weren’t immediately available for comment.
Worldwide’s stock, which trades over-the-counter, edged up 3 cents a share to 28 cents. Bridge Technology’s shares closed at $2.50, up 6 cents, in Nasdaq trading.
