Sloan Electronics Changes Name To SALIENT CYBER.COM
SARASOTA, Fla.--(BUSINESS WIRE)--April 21, 1999--Sloan Electronics (OTC BB:SLEL) will change its name to Salient Cyber.com. (www.salientcyber.com; website under construction).
Their symbol will remain SLEL on the OTC Bulletin Board. Management feels the new name, expected to be approved at the May shareholders' meeting, better reflects the Company's Internet and Technology growth strategy.
In March, Sloan Electronics agreed to acquire IEG Holdings, Inc. IEG controls Barrington University (http://www.barrington.edu/). Founded in 1991, Barrington is one of the world's largest Internet distance learning universities with over 1000 students in 21 countries and courses in six languages. IEG also controls Spanish University of America (http://www.spanishuniversity.edu/), the world's only Spanish language distance learning university with courses in over 20 subjects offered in 26 countries. By third quarter 1999, Spanish University expects to offer courses worldwide via online Internet classrooms using their innovative ''Gateway'' technology. Last year IEG earned approximately $600,000 on $3 million in revenues through its Internet business. According to industry analysts, distance learning is expected to grow to $5 billion by 2004.
The Company also announced an undertaking to acquire RTI Global, Inc. (http://www.rti-rips.com/). RTI provides electronic publishing solutions that improve the productivity of commercial printers and publishers. RTI generates over $1.75 million annual revenues with substantial profits. ''RTI will assist the vertical integration of Sloan's electronics business and adds management familiar with operating a successful electronics concern,'' said Larry Provost, Sloan's Chairman.
Commenting on the name change he said, ''We are positioned to grow through key acquisitions of Internet distance learning and technology companies. Salient Cyber.com reflects our intention to capitalize these exciting growth opportunities. Closing any of these transactions will substantially increase our revenues and profits.''
Forward-Looking Statements: This news release contains certain ''forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act 1995, which provides a new ''safe-harbor'' for these types of statements. To the extent statements in this news release involve, without limitation, product development and introduction plans, the Company's expectations for growth, estimates of future revenues, expenses, profits, cash flow, balance sheet items, sell-through or backlog, forecasts of demand or market trends for the Company's product categories and for the industries in which the Company operates, or any other guidance on future periods, these statements are forward-looking statements. The Company assumes no obligation to update forward-looking statements.
Contact:
Sloan Investor Relations
Alon Kutai, 401/846-5212
itham@aol.com
biz.yahoo.com
I'm adding SLEL to the InvestRight Index. I think some of the daytraders got a little too quick on the trigger and sold prematurely.
Regards, Jeff |
