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Microcap & Penny Stocks : PCTR-Perceptronics -- Ignore unavailable to you. Want to Upgrade?

To: Suep who wrote (573)	10/11/1999 11:46:00 AM
From: ksuave	Respond to of 710

and ... Monday October 11, 10:59 am Eastern Time Company Press Release SOURCE: Perceptronics, Inc. Perceptronics Moves to Divest PGTS Operations, Focus On IC3D Technology and Applications WOODLAND HILLS, Calif., Oct. 11 /PRNewswire/ -- Perceptronics, Inc. (OTC Bulletin Board: PCTR - news) today announced that the Company is seeking to divest its PGTS training simulator development and manufacturing operation, and is in discussion with several groups regarding acquisition of the business. Perceptronics plans to concentrate its efforts on its business of developing technology and total solutions for collaborative interaction on the Internet and other networks, including its previously described IC3D Framework and 3Dconnect software. Dr. Gershon Weltman, chairman and chief executive officer said, ``Given the explosive growth of the Internet, it is important that the Company capitalize on its leading-edge IC3D technology by focusing its resources on bringing products and services to this rapidly expanding market. The PGTS product line, consisting of videodisc-based, portable, indoor TOW missile and other military gunnery trainers, has historically been a significant element in Perceptronics' business, accounting for a majority of the Company's revenues. At this time, however, it offers less potential for growth than our Internet related business.' ``While we believe there remains a worldwide market for this type of training device, we also believe that the marketing efforts, contracting and financing conditions, manufacturing infrastructure and future development requirements are not compatible with the strategic direction we have established for the Company in the area of Internet-related software products and services. The timing of the divestiture is appropriate since Perceptronics has completed and shipped all of its existing PGTS orders. Additionally, negotiations relating to the previously described competitive PGTS procurement in Egypt continue to be delayed.' ``Divestiture of the PGTS operation, along with staff and other cut-backs we have made to reduce costs and conserve cash, will leave Perceptronics a smaller company, but one that is fully concentrated on the higher potential IC3D and Internet business arenas.' Dr. Weltman added, ``In addition to working with the partners in our strategic alliances, such as the recently announced WalkerGroup/CNI, we are devoting major attention to finding the financing necessary to support continued product development and marketing efforts. This is necessary as well to realize the opportunities for total-solution applications afforded by the important strategic alliances we have already established. As we have previously disclosed, Perceptronics continues to suffer from limited cash resources, which has hindered the Company's ability to develop its products and services. The Company is actively pursuing its attempts to find financing for its businesses. While such financing cannot be assured, we believe full concentration on IC3D will improve the likelihood of obtaining financing. In addition, we are vigorously pursuing Government-sponsored R&D contracts in networked simulation; these have provided valuable technical input to our commercial efforts along with revenue and income.' ``Our objective is to bring the Company's resources fully to bear on those products and services where we believe the markets are expanding strongly and where our unique technical expertise allows us to be more competitive and more profitable.' Perceptronics performs research and development and manufactures and markets computer-based simulation systems and software for military and commercial training and decision support. General information about Perceptronics and its products can be found on the Internet at perceptronics.com. Specific information about the IC3D framework is found at ic3d.perceptronics.com. Statements regarding the Company's expectations about growth and marketing strategies, new and existing products, future financial performance and other Forward Looking Statements are subject to various risks and uncertainties. These include, without limitation, technological factors, competitive factors, cash flow factors, ability to obtain required financing and uncertainties relating to foreign and defense-related sales. These and other risks and uncertainties are discussed in greater detail from time to time in the Company's SEC filings and reports. SOURCE: Perceptronics, Inc.