Affirmative Results at ACT-USA Special Meeting of Shareholders
LOS ANGELES, Sept. 20 /PRNewswire/ -- Advanced Communications Technologies Inc. (ACT-USA) (OTC Bulletin Board: ADVC - news) today announced that all three
resolutions voted on at the Company's special meeting of shareholders held on September 11, 2001 were passed with large majorities.
The resolutions approved were as follows:
-- To increase the Company's authorized shares of Common Stock from
100,000,000 shares to 200,000,000 shares.
-- To provide for a class of 25,000,000 shares of Preferred Stock, which
will have such terms as the Board of Directors, shall determine from
time to time.
-- To amend the Company's Articles of Incorporation to provide for
indemnification of the Company's officers, directors, employees and
agents to the full extent permitted by law.
``The results of the vote clearly demonstrated that the majority of shareholders support management's plans for expansion and development of the company,'' said Roger May,
Chairman of ACT-USA. ``We welcome this support and look forward to now being able to bring increased value and strong returns to shareholders.''
In addition to its capital restructure, the company has recently finalized a binding Letter of Intent (LOI) to purchase the entire worldwide Intellectual Property (IP) rights to the
SpectruCell software defined radio (SDR) multiple protocol wireless base station technology from Australian-based Advanced Communications Technologies (Australia) Pty
Ltd (ACT-Australia).
The transfer of ownership will specifically include all proprietary rights to intellectual property associated with and arising from the final development of the commercial
model of the SpectruCell SDR base station currently being built by ACT-Australia in an alliance with the Lockheed Martin subsidiary RLM Systems in Melbourne, Australia.
The agreement is designed to make SpectruCell a USA based and wholly owned network technology. This action should also enhance funding opportunities in the US
marketplace.
``This initiative will provide a powerful catalyst for the company's growth. SpectruCell's software defined flexibility is already attracting substantial interest from mobile
wireless carriers in both the United States and Europe and I returned to the United States to document and finalize field trial agreements and new strategic alliances initially
agreed to with these carriers by our Australian operations. Securing field trials with major carriers will definitively prove the viability and flexibility of our SpectruCell
technology. It will also significantly improve our ability to execute a merger with a NASDAQ listed partner and achieve our long stated goal of moving from the OTC Bulletin
Board. Once we can finally achieve the move from the OTC BB, this will enable ACT to access an entirely new level of investor and allow us to appropriately leverage the
exceptional development progress we have made during the last six months,'' said May. |
