WESTMINSTER, Colo., Aug. 2 /PRNewswire/ -- World Am Communications, Inc.
(OTC Bulletin Board: WLDC) announced today that it has reached an agreement in
principle with Adaptive Systems, Inc., regarding the terms of the acquisition
and merger of the company into World Am Communications, subject to completion
of the due diligence process, independent valuation and approval of the
respective Board of Directors.
Founded in 1993, Adaptive Systems, Inc. is a developer and manufacturer of
extremely small, high-performance modular hardware products for use by the
embedded computer industry. Adaptive Systems' patented module interconnect
scheme addresses the needs of three of the highest-growth markets in today's
computer industry: personal organizer/cell phone convergence devices;
home-based Internet appliances; and Internet infrastructure gear.
The Company has designed the interface, "Adaptive Bus," intellectual
property into chips, combined these chips with others to form modules, and
combined those modules with others into complete systems. Products are sold
at each step of this process: licenses of IP, chips, modules and complete
units. This Adaptive Bus is able to meet the space constraints of hand-held
units, the cost targets of consumer items, and the performance demands of
telecom switching gear.
According to president Jim Alexander, this technology, while generating an
estimated $15 to $25 million in annual sales in the markets identified above
in two to four years, is one of the key components which will contribute to
the current development of state-of-the-art miniature video security devices
(IsoCam) capable of Internet, wireless, cellular and/or satellite
transmission. In addition, the company plans to develop, utilize and license
products, including PC-based controllers and ruggedized miniature
hand-held/body-worn full function computers, for industrial and military
applications.
Contact Investor Relations at (800) 760-1166.
Safe Harbor For Forward-Looking Statements: Except for historical
information contained herein, the statements in this release are
forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause a company's actual results in the future
periods to differ materially from forecasted results. These risks and
uncertainties include, among other things, product price volatility, product
demand, market competition and risk inherent in the companies operations.
You can identify these statements by the fact that they do not relate
strictly to historical or current facts. They use words such as
"anticipate," "estimate," "expect," "project," "intend," "plan," "feel,"
"think," "hear," "guess," "believe," and other words and terms of similar
meaning in connection with any discussion of future operating or financial
performance.
SOURCE World Am Communications, Inc.
-0- 08/02/2000
/CONTACT: Lisa Conn of Internet Marketing Solutions, Inc., 813-662-1600,
for World Am Communications, Inc./
(WLDC) |
