SSTY Announces Financing and Uplisting Plans for PSRE/Globe Staff Subsidiary; Proceeds to Help Launch TPID in Europe Company Also Comments on Extension of Ex-Dividend Date
BEIJING and PHILADELPHIA, April 27, 2006 /PRNewswire-FirstCall via COMTEX/ -- Sure Trace Security Corporation (OTC: SSTY) today announced that as a result of pre- acquisition mechanisms, new management believes that they will be able to raise up to $7,025,000 in financing for the operations of PowerSource Corporation (Pink Sheets: PSRE), the controlling interest of which it acquired previously. SSTY subsequently incorporated its wholly owned subsidiary, Globe Staff Consulting, into PSRE, which will be renamed Globe Staff Consulting Corporation (GSCC).
Through the conversion of Series B Preferred Stock, PSRE/GSCC management believes that it will be able to receive up to $7,025,000 from the option holders in the next quarter. The Series B and the options were all put in place by prior ownership/management prior to and as part of the acquisition by SSTY.
The Company also announced that once PSRE/GSCC brings its financials current and files a Form S-8 Registration Statement, it intends to apply for an OTCBB listing.
The proceeds will be used, in part, to help launch TPID in Europe, where Globe Staff already has significant relationships, including those related to providing sophisticated global tracking and other security-related solutions for the French Ministry of Interior.
SSTY plans to enter into a Services Agreement between ONTV, Inc. (which will be renamed True Product ID (TPID)(OTC Bulletin Board: ONTV)) and GSCC, whereby TPID will be engaged to perform administrative and operational duties and functions, including R&D and sales and marketing for GSCC in Europe and worldwide. The value to GSCC of this arrangement is that it will have the benefit of the new TPID management team and the contacts of both SSTY and TPID to expand its worldwide sales and marketing efforts.
SSTY, in particular, intends to bring GSCC's technology to China, where SSTY has already developed significant relations with government and industry.
Richard Bendis, President and CEO of TPID, has developed extensive relationships in France and is recognized by the French as an experienced leader and who is valued for his business acumen.
Company President Michael Cimino also commented on the change in the anticipated Ex-Dividend date: "While the Company expected an earlier ex- dividend date in coordination with the NASD, the overall effect of this later date is that this extends the time period to acquire shares that will qualify for the TPID/ONTV dividend since all shares bought on the open market prior to the Ex-Date will carry the dividend with them."
About Sure Trace Security Corporation
Sure Trace produces integrators for anti-counterfeiting and security surveillance applications and is a provider of integrated tracking devices. ONTV, Inc./True Product ID (TPID)(OTC Bulletin Board: ONTV), is a majority owned subsidiary of Sure Trace Security Corporation (OTC: SSTY) which, via a license from Sure Trace, delivers turnkey solutions for governments, armed forces, and industry, through proprietary technology and through aggregating the technology, products, and services of third parties via licensing agreements and/or joint ventures. In addition to a license from SSTY, TPID will also be providing the day-to-day operational duties and R&D for SSTY's wholly owned subsidiary, Globe Staff Consulting Corp. (GSCC) (Pink Sheets: PSRE). For more information, go to: suretrace.com.
SOURCE Sure Trace Security Corporation
CONTACT: Michael Cimino, President, Sure Trace Security Corporation, +1-215-972-6999,
michaelc@suretrace.com
suretrace.com
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