Mar., 13 /AKRON, Ohio - The "poor millionaire" may be in the market for a new nickname.

Sonny Sneed, an Akron inventor whose long struggle was chronicled in an Akron Beacon-Journal series in December, has signed a deal that one partner says will make Sneed his first million within three years.

Late last week, Sneed and a group of partners signed a memorandum of understanding that will establish a company with Sneed as the founder and inventor. The company, which has yet to be named, will market the "dual head" metal punch that Sneed invented and patented 15 years ago.

Sneed quit his job after coming up with the invention, certain he would be a rich man within a year. One year stretched into two, then five, then 10. Sneed became homeless and lost everything he had, even the faith of people he loved.

Through it all, he stubbornly pushed forward, approaching anyone he thought could help. That path led to the group that is poised to push him over the top.

"You gotta move forward on your dreams and never stop," Sneed said. "Anyone - rich folks got dreams just like poor folks do."

Under terms negotiated in the past three months, Sneed will own 46 percent of the company. Thirty-four percent will be split between three parties: Perceptive Investments Inc., a Cleveland firm headed by Ed Kwiecien; George Fraser, the chairman and CEO of FraserNet, a Cleveland communication company that focuses on networking among African-American professionals; and Dr. David Whitaker, a Cleveland family therapist and attorney. The remaining 20 percent will be sold to investors.

Sneed will not be involved in the day-to-day operation of the company; that will be left to a management team established by the partners.

Fraser said he expects the company will generate annual profits of $3 million to $5 million within three years.

"I think Sonny will become a millionaire over time," Fraser said. "The idea has that kind of potential. Properly managed, properly sold - within three years, certainly, he will realize a million dollars from this invention."

The dual-head punch represents an improvement in the technology used in machine shops, car factories and anywhere else metal is tooled. Fraser called it a "revolution."

A metal punch does just what its name implies - it punches holes in metal. The parts wear out quickly, costing companies a lot of money in scrap and lost production time. Sneed's innovation is a groove cut near the head of the punch that creates a second cutting head. This allows his tool to last significantly longer than standard punches.

While the final contract has yet to be signed, the memorandum of understanding allows the partners to begin planning strategy and making contacts in the industry. The first step will be to prepare a licensing agreement for the technology and begin marketing it.

Until now, Sneed and an informal group of advisers have focused on making pitches to automakers. The new company will continue those discussions, which have already shown great promise, and broaden the range of potential customers.

For now, the 58-year-old Sneed remains in his sparsely furnished apartment at Annunciation Terrace in East Akron, living on a $545-a-month SSI check. He will begin to draw a salary when the contract is finalized, but declined to discuss specifics.

The deal includes a provision for past agreements Sneed made. After his story appeared in the newspaper, at least two people came forward with claims that Sneed had promised them a percentage of his invention in return for loans.

"It is not such a large piece that it stifles the deal or stifles Sonny in a way that he is not in control," Fraser said.

Sneed always believed this day would come. But there were times when he was the only one. He knocked on door after door and, despite an often bold and stubborn demeanor, he was almost always able to charm his way inside.

Among the many people who became involved were former U.S. Rep. Tom Sawyer, football star-turned-car dealer Mike Pruitt and powerful Akron businessman David Brennan.

Fraser and Whitaker, who have been friends and colleagues for 20 years, came into the mix after negotiations with Kwiecien had begun. Fraser and Whitaker have been deeply committed to improving life in the black community. Whitaker built a house in Cleveland's traditionally troubled Hough neighborhood; Fraser is the author of a book titled "Success Runs in Our Race: The Complete Guide to Networking in the African American Community."

Fraser said they recognized a power in Sneed's story that was as important as the commercial potential of his invention.

"It's a very big deal because of the symbolism, because of what it could mean to other African-Americans who invent things and play their cards too close to their chests; they become overprotective of their idea," Fraser said. "Sonny's story is an incredible story, almost biblical in its proportions. It's powerful and it can move people."

Fraser's company will bring a networking conference, PowerNetworking 2003, to Cleveland in June. He expects 13,000 people to attend, and plans to use Sneed's story as an inspirational example. In addition, a friend of Sneed's has made contact with talk-show hosts Montel Williams and Oprah Winfrey in an effort to spread his story.

Sneed recognizes he is on the verge of everything he once hoped for.

"It is at the end. I can relax now," he said. "It was a job, years and years and years of working for something.

"There's been struggles, but I wouldn't give up. That's what this meant to me. To do what I've done over the years, the experience of that - I'm richer than hell right now."