BARI Holdings Irrevocable Trust said it will attempt to purchase i3 Mobile Inc. as part of its effort to develop and manufacture a new wireless device.
The offer challenges ACE*COMM’s move earlier this month to purchase i3 Mobile. The companies signed a non-binding letter of intent that prohibits i3 Mobile from engaging in merger talks with any other firms. That deal was expected to close in the fourth quarter, following shareholder and regulatory approval.
“Although my original intent was to license the concept and technology to several electronic manufacturers and cellular phone service providers, after careful evaluation, I determined this technology would be best serviced by joining forces with a company already in the information technology industry,” explained Anthony Baratta, the trustee of BARI Holdings Irrevocable Trust. “Because i3 Mobile has been engaged in the distribution of customized text-based information to mobile devices . i3 Mobile is the perfect match.”
Baratta’s concept product, called Info On The Go, will allow a user to press a button on a wireless device to transmit a user code to a base unit that will then deliver location-based information via text, voice or multimedia message service back to the user’s handheld.
The financial details of the two offers have not been released.
BARI Holdings Irrevocable Trust was ranked the No. 41-largest private company in South Florida by South Florida CEO Magazine with an estimated 2001 revenue of $311 million.
