MINNEAPOLIS, Aug. 21, 2008 (GLOBE NEWSWIRE) -- Wireless Ronin Technologies, Inc. (Nasdaq:RNIN), a Minneapolis-based digital signage provider, today announced that it has reached agreement with NewSight Corporation to terminate its digital signage agreement and to take ownership of the hardware and software constituting the in-store network at 102 Meijer stores and inventory of hardware necessary to build out approximately 40 more such stores.
"Our belief was that NewSight would have completed its financing transaction in the first half of 2008, laying the groundwork for NewSight's future operations," said Jeffrey C. Mack, Wireless Ronin Technologies President and CEO. "When NewSight failed to obtain such financing, we engaged in discussions resulting in Wireless Ronin taking control of the hardware and software constituting the Meijer in-store network. We are pleased to also have entered into an agreement that provides for the continued operation of the Meijer network, thereby eliminating any disruption to Meijer or its customers. We have also entered into discussions with several national network providers focused on the build-out of the remaining Meijer stores with continued management of the Meijer network by Wireless Ronin. "
About Wireless Ronin Technologies, Inc.
Wireless Ronin Technologies (www.wirelessronin.com) is the developer of RoninCast(r), a complete software solution designed to address the evolving digital signage marketplace. RoninCast(r) provides clients with the ability to manage a digital signage network from one central location. The software suite allows for customized distribution with network management, playlist creation and scheduling, and database integration. An array of services is offered by Wireless Ronin to support RoninCast(r) including consulting, creative development, project management, installation, and training. The company's common stock is traded on the NASDAQ Global Market under the symbol "RNIN."
The Wireless Ronin Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3208
This release contains certain forward-looking statements of expected future developments, as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's expectations and are based on currently available data; however, actual results are subject to future risks and uncertainties, which could materially affect actual performance. Risks and uncertainties that could affect such performance include, but are not limited to, the following: estimates of future expenses, revenue and profitability; the pace at which the Company completes installations and recognizes revenue; trends affecting financial condition and results of operations; ability to convert proposals into customer orders; the ability of customers to pay for products and services; the revenue recognition impact of changing customer requirements; customer cancellations; the availability and terms of additional capital; ability to develop new products; dependence on key suppliers, manufacturers and strategic partners; industry trends and the competitive environment; and the impact of losing one or more senior executives or failing to attract additional key personnel. These and other risk factors are discussed in detail in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, on May 9, 2008.
Wireless Ronin(r) and RoninCast(r) are registered trademarks of Wireless Ronin Technologies, Inc. All other trademarks referred to above are the property of their respective owners.