The latest bit of Palm-related news hits us via various news sources – enjoy the list below:
Palm plans recapitalization
Palm’s dealings with Elevation Partners have granted the latter the right to remarket shares – which they have just done according to CNET:
…
The handheld device maker, depending on market conditions, plans to offer 18.5 million shares in a secondary offering between now and March 31, a Palm spokeswoman said.
Proceeds from the sale will be used to repay $49 million to its investor Elevation Partners, with the remainder going toward working capital for the launch of the Pre and future product development.
…
10 clarifications re McNamee interview
Elevation Partners McNamee got a bit too talkative in a recent BloomBerg interview – this has made some lawyers at Palm worried (as investors could theoretically hold the company accountable for the statements) and led to them posting a clarification.
The full text can be had here, the most important pieces are below:
For purposes of clarification, it should be noted that:
5. With respect to the statements in the tenth paragraph of the transcript that the Palm Pre is “going to be a million times – well, not a million times – several times faster” than Apple, Inc.’s iPhone products and is “going to run rings around them on the web,” the Palm Pre is still under development and it is premature to state the speed at which the device accesses the web or the relative speed of the Palm Pre compared to the smartphone products of competitors.6. With respect to the statements in the twelfth paragraph of the transcript that “there are aspects of the Pre that are unlike any phone you’ve every seen before,” “the Pre is the first one that is the next generation” and “the result is it does a lot of things the others guys don’t do,” the Palm Pre is designed to be the first phone based on the Palm webOS™ platform and as a result will have different operating characteristics and features than other phones, however; the Palm Pre is still under development and it is premature to compare its full functionality with that of other phones.
8. The statement in the second paragraph of the article that “not one” person who bought an Apple, Inc. iPhone on the first shipment date “will still be using an iPhone a month” after the two-year anniversary of that day is an exaggerated prediction of consumer behavior pattern and is withdrawn.
9. With respect to the statements in the second to last paragraph of the article that “the underlying technology for Research In Motion Ltd.’s BlackBerry is about 13 years old, while the technology behind the iPhone goes back almost nine years,” estimating one specific age for the many technology components underlying any mobile phone is inherently imprecise and these statements are withdrawn.
10. With respect to the implications in the second to last and last paragraphs of the article that Palm’s new operating system will give it an edge over competitors that “are going to run out of gas way before” Palm, estimations of the relative useful lifespan of smartphone operating systems are conjecture, unverifiable at this time, and age is not necessarily predictive of their relative long-term success.
Neither of these two announcements is too significant for the Palm economy as whole – but you nevertheless heard about it here…
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