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Devices like the Audrey and Netpliance I-opener lived a short life, but paved the way for modern-day Net gadgets like the Kindle, iPad, and Xbox 360.
The closure of New Internet Computer Co. marks Larry Ellison's second failed attempt to offer a low-cost PC alternative.
TippingPoint Technologies, the Internet appliance maker formerly known as Netpliance until recently, said it now meets the requirements for continued listing on the Nasdaq after completing a 1-for-15 reverse stock split. In June, Nasdaq granted the Austin, Texas-based company an exception to the $1 minimum bid price requirement while it completed the stock split. TippingPoint said it has closed above the minimum price each day since the reverse split, which went into effect Aug. 20.
An engineer manages to get Apple's portable MP3 player to run basic parts of the uClinux version of the Linux operating system. But it's only a rough start, he says.
The one-time maker of Internet appliances plans to undergo a 1-for-15 reverse stock split and to change its name to TippingPoint Technologies.
Netpliance, the one-time maker of the i-Opener Internet appliance, said in a statement released Friday that during the first three months of the year it lost $3.3 million, or 5 cents a share, excluding results from the now-exited appliance business. Its loss from that business, which Netpliance classifies as discontinued operations, was $3.7 million, or 10 cents per share, for three months ended March 31. The Austin, Texas-based company reiterated that it believes it has enough cash to fund its activities for at least the next 12 months, assuming no revenue and no additional funding. The company said it does not expect its new business, that of helping Internet service providers manage a network of Internet devices, to begin generating revenue until 2002. The company also said it now expects a $5.9 million net loss this year related to exiting the Net appliance business, compared with the $1 million net gain the company had previously expected, in part from a deal to sell its subscriber base to EarthLink.
Netpliance, the one-time maker of the I-opener Web-surfing appliance, has received notice from the Nasdaq that the company has failed to meet the stock market's requirements to remain listed. The Austin, Texas-based company has asked for a hearing on the matter. Netpliance shares have been trading below $1 since late last year. Its shares closed Thursday at 42 cents. The company said in a statement it believes "that the recent change in its business focus and its relatively strong financial condition, among other things, will lead to a recovery in the price of the company's common stock." However, Netpliance said it can give no assurances of such a rebound. Chief Financial Officer Kit Webster said Thursday in an interview that the company has not ruled out other options such as a reverse split.
Larry Ellison's New Internet Computer Co. lands $2 million in new funding as the company looks overseas to find a market for its low-cost Linux-based Net appliances.