WESTMINSTER, Colo., Aug 2, 2000 /PRNewswire via COMTEX/ -- 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.
CONTACT: Lisa Conn of Internet Marketing Solutions, Inc., 813-662-1600
for World Am Communications, Inc.
(WLDC)
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