Corsaire, Inc. Announces Acquisition Of Satellite Access Systems, Inc.
PR Newswire - April 27, 1999 15:34
Acquisition Brings Leading Edge High Speed Internet Data, Video and Audio Transmission Technology
FORT LAUDERDALE, Fla., April 27 /PRNewswire/ -- Corsaire, Inc. (OTC Bulletin Board: NCDR), a provider of advanced Internet broadcast video and security software, announced the acquisition of Satellite Access Systems, Inc., a privately held Florida-based satellite communications company. This transaction involves the issuance of approximately 2,350,000 shares of Corsaire, Inc. common stock, which represents 21% of the company's outstanding shares. In addition, stockholders of Satellite Access Systems will be entitled to receive options for an additional 1,568,000 shares subject to attaining certain revenue goals. The transaction is subject to a 30-day due diligence review of Satellite Access Systems' technology by Corsaire. Founded in 1996, Satellite Access Systems has generated total revenues in excess of $1.5 million.
Satellite Access Systems develops ultra high-speed satellite and Internet communications software and protocols for the worldwide digital transmission of voice, data and video signals. Its proprietary software enables users to transmit at 155 million bits per second over a single T1 line at 1.544 million bits per second, i.e., up to 103.3 times faster than a single T1 line.
"The Satellite Access Systems acquisition will enable us to improve our advanced Internet security and video broadcast products (video e-mail, streaming video and video conferencing)," said Corsaire's president William R. Dunavant. "We intend to revolutionize the way business and consumers communicate with one-another by solving the ever-so-difficult bandwidth conundrum."
Satellite Access Systems will become a wholly owned subsidiary of Corsaire, Inc. All officers of Satellite Access Systems will remain in their current positions. The company currently has 12 employees and operates out of a 12,000 square foot leased facility.
Effective May 3, 1999, Corsaire's corporate name will be changed to Net Command Tech, Inc. to more accurately reflect the company's business. The ticker symbol will remain the same.
Corsaire, Inc. provides broadcast video, video conferencing and video E-mail to the desktop and set-top box markets using wavelet and MPEG 4 technologies, over standard phone lines. The company's video products achieve a viewable image size of 320 x 240 at 8-12 frames per second over a standard dial-up connection. Corsaire also offers a line of remote surveillance products, which permit the remote viewing and control of up to 16 cameras from anywhere in the world using a standard telephone line.
Corsaire Inc.'s investor relations information center can be reached at (800) 820-5085 or (954) 385-5085. Those interested in visiting the company's Web site can do so at www.netcommandtech.com.
SOURCE Corsaire, Inc.
/CONTACT: Don Silver of Boardroom Communications, 954-321-6334, or
e-mail, donsil@boardroompr.com, for Corsaire, Inc./
/Web site: netcommandtech.com./
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