STOVACT Defines Relationship with SATX
ENCINO, Calif., April 10 /PRNewswire/ -- STOVACT, Inc. announced today their decision regarding their current and future business relationship with SATX, Inc., a publicly traded Nevada corporation based in the state of Florida. Under the terms set forth in the Memorandum of Understanding ("MOU") entered into by STOVACT, Inc., and SATX, Inc., on October 28th, 1999, the 60 day time period for completing a formal business agreement between the two companies has expired without further action.
As of this date STOVACT, Inc., has decided not to and has no further obligation to enter into any business relationship with SATX, Inc., or any of its subsidiaries.
STOVACT, Inc. currently has no present relationship with SATX, Inc., in any form, and specifically not in any of the following ways which had been discussed including:
1) STOVACT, Inc. is not presently engaged, nor has it ever been engaged in the manufacture of any hardware, software, or any other form of product(s) for SATX, Inc., or any SATX, Inc. subsidiary. Specifically, STOVACT, Inc., is not now, and has never manufactured the SATX, Inc., "Alpha Track" system.
2) STOVACT, Inc. is not now, nor has it ever, paid a license fee to SATX, Inc. for the use of any intellectual property, specifically for either of the two SATX, Inc. paging technology patents.
It is the sincere hope of STOVACT, Inc., that this announcement clarifies their relationship with SATX, Inc.
STOVACT, Inc., introduced a complete line of elite security systems in January of this year. The announcement represents the culmination of more than 40 combined years of law enforcement experience of its founders President Joe Escareno and Executive Vice President Manny Argomaniz. In seeking to address vehicle theft and driver safety issues, they developed the company's system concept and created STOP Pursuit Termination Technology to be integrated with a traditional security system's alarm and convenience functions. To find out more about STOP Technology and STOVACT please call 888-778-6832 or go to www.stovact.com .
All trademarks and registered trademarks are of their respective holders.
SOURCE STOVACT, Inc.
CO: STOVACT, Inc.; SATX, Inc.
ST: California
IN: CPR
SU:
04/10/2000 09:30 EDT prnewswire.com |
