SATX/STCL merger and r/s off:
Thursday March 15, 3:56 pm Eastern Time
Press Release
SATX, Inc. to Focus on Core Business
TAMPA, Fla.--(BUSINESS WIRE)--March 15, 2001--Today, SATX, Inc. (OTC BB: SATX) announced the Board of
Directors has voted to cancel the proposed Merger with Shared Technologies Cellular Inc. (OTC BB: STCL).
After careful consideration, the Board of Directors has determined that completing the merger with STCL would not be in the best interests of the company, at this
time. The Board expressed their desire to focus current and future funding on the core business of SATX, Inc. - GPS tracking and control devices and prepaid
cellular technology. The associated reverse stock split is therefore also cancelled.
Additionally, the Company announced toady that the license and distribution agreement with the Chinese Multi-National Company, announced on September 28th,
2000, has also been cancelled.
Terry Colbert, President and CEO of SATX, commented, ``At this time and for the foreseeable future, we want to concentrate and direct all of our available human
and capital resources on the U.S. market.'' Mr. Colbert continued, ``Although the Chinese deal appears to be a fit for our GPS tracking and control product line, we
feel the time and significant costs to participate in an overseas venture, plus, the delayed returns on such an investment would not be in the best interests of the
shareholders.''
``In regards to the Shared Technologies Merger, we respect what Shared Technologies has to offer and anticipate we will continue to do business with them in the
future,'' concluded Colbert.
About SATX, Inc.
SATX, Inc. specializes in wireless communications devices including, patented proprietary GPS tracking and control devices and proprietary prepaid cellular
technology. The Company's products position the company to take advantage of a wide range of GPS tracking and control applications, prepaid cellular and other
telecommunications markets.
Any statements released by SATX that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Editors and investors are cautioned that forward-looking statements involve risk and uncertainties that may affect SATX's business prospects and performance.
Actual results may differ materially from the results predicted, and reported results should not be considered an indication of future performance. It is further noted
that data referenced in this release may represent partial data, such as sales results, which are subject to supplementation by other disclosures by the Company.
Potential risks and uncertainties may include economic, competitive, governmental, technological, or other factors discussed in SATX's filings with the SEC on forms
10-K, 10-Q, and 8-K.
SATX, Inc. is featured on The Stock Advisor and is regularly covered in their newsletter. Additional information may be obtained through
satx@thestockadvisor.com or at thestockadvisor.com.
Contact:
SATX Inc.
Arnie Rothlisberger, 813/290-0911 |
