Great news SATX today...
Even though this market sucks one of my favorite longs SATX had huge news today:
Thursday September 28, 10:35 am Eastern Time
Press Release
SOURCE: SATX, Inc.
SATX Inc. Announces Long-Term
Distribution Agreement for Over 1
Million AlphaTrak(TM) GPS Units
TAMPA, Fla., Sept. 28 /PRNewswire/ --
SATX Inc. (OTC Bulletin Board: SATX - news), a technology holding company that develops and
markets a wide range of high tech wireless communications products for business and consumers,
today announced the signing of a ten year definitive license and distribution agreement with a Chinese
Multi-National Company. The agreement requires the purchase of 1 million AlphaTrak(TM) GPS
vehicle-location and tracking units.
Merritt Jesson, CEO of SATX, said from overseas today, ``SATX is in the process of evaluating
contract manufacturers in Mainland China and Taiwan to produce their patented AlphaTrak(TM)
GPS units. Anticipated gross sales are expected to exceed $250,000,000 in the first five years
alone, with gross margins of over $50,000,000.
In a separate statement Merritt Jesson explained, ``Due to some sensitive issues, our distribution
partner has asked that their name be withheld at this time. The Chairman of the Multi-National
Company will be arriving in the US late next week, at which time a press conference announcing the
complete transaction will be scheduled.''
Bob Ellis, COO/CFO of SATX, said, ``Negotiations have been in progress since July of 1999 when
DebitFone was merged into SATX, Inc. and we recognized the magnitude of the Overseas Market.
Our distribution partner with retail outlets Countrywide, and a tremendous subscriber base, has the
ability to take the SATX product line to market immediately. Our partner further commented that
other products developed by SATX and its subsidiaries will also find their way into their distribution
network.''
Bob Ellis further stated, ``This contract is just the beginning. For those that want to know more
about the proposed SATX purchase of Shared Technologies Cellular, just pull up the latest
Chairman's Letter of September 20th on the SATX web site, www.satxtech.com, download the
power point presentation or call the company at (800) 989-7289 and one will be mailed to you.''
Safe Harbor Statement: Except for historical information contained herein, the statements in this
Press Release are Forward-Looking Statements that are made pursuant to the safe harbor
provisions of the Private Securities Act of 1995. Forward-Looking statements involve known risk
and uncertainties, which may cause the Company's actual results in the future to differ materially from
the forecasted results.
SATX, Inc. has been recently profiled in TheStockAdvisor Newsletter. For an additional report,
send email to satx@thestockadvisor.com or visit thestockadvisor.com .
Contact: Merritt Jesson of SATX, Inc., 800-989-7289.
SOURCE: SATX, Inc. |
