Press Release from NTAH on Business Wire!!!
kramc
BW1353 JUN 24,1999 12:36 PACIFIC 15:36 EASTERN
( BW)(FL-NEVTAH)(NTAH) Nevtah Announces Agreement for Beta Test Units With Major Oil and Gas Company
Business Editors
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--June 24, 1999--Nevtah Capital Management Corp. ("Nevtah") (NASD OTC: NTAH) announced that Cybersensor.com Inc. ("Cybersensor"), a subsidiary of Petroleum Asset Management Co. ("Pamco") has finalized arrangements with a major oil and gas company to install 15 beta test units on their oil and gas wells.
This company has over 4500 wells that can utilize Cybersensor's Telemetry. The company has also expressed interest in using Cybersensor's Technology to monitor and control other business activities including gas distribution, off shore facilities, gathering systems and international locations. Cybersensor has agreed to allocate this company 75% of its production over the next 6 months. Discussions are also continuing with several other large oil and gas companies which have also expressed an interest in acquiring the Cybersensor system.
Cybersensor has been approached by vending company representatives to provide remote monitoring of vending operations. This would provide service by necessity and inventory rather than routing of man and vehicles. They have been exploring with current technology, which has proved to be costly. Cybersensor communications link can now provide a low cost and feasible solution.
Cybersensor markets a proprietary web based software Internet system, CyberVip, offering a direct satellite link providing communications with equipment in remote locations. This system will provide economical two-way monitoring and control for a large variety of industries for applications that cannot afford the more expensive systems currently available.
Effective June 24, 1999, Nevtah announced a roll back approved by the board of directors and a majority of the shareholders, of its common shares on a one (1) new share for five (5) old shares basis, as one of the steps towards qualification for a more senior exchange listing and to improve the company's ability to attract and raise capital. Management feels that the Pamco and Cybersensor technology has excellent global potential.
This release contains forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the company's control which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements.
On behalf of the Board of Directors Daniel P. Kesonen, President
--30--lhs/mi*
CONTACT: Nevtah Capital Management Corp., Palm Beach Gardens
Daniel P. Kesonen, 561/626-9901
KEYWORD: FLORIDA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERNET ENERGY |
