Wednesday August 2, 11:11 am Eastern Time
Press Release
SOURCE: World Am Communications, Inc.
World Am Communications, Inc. (OTC Bulletin Board: WLDC) Announced It Has Reached an Agreement in Principle with Adaptive Systems, Inc.
WESTMINSTER, Colo., Aug. 2 /PRNewswire/ -- World Am Communications, Inc. (OTC Bulletin Board: WLDC - news) announced today that it has reached an agreement in principle with Adaptive Systems, Inc., regarding the terms of the acquisition and merger of the company into World Am
Communications, subject to completion of the due diligence process, independent valuation and approval of the respective Board of Directors.
Founded in 1993, Adaptive Systems, Inc. is a developer and manufacturer of extremely small, high-performance modular hardware products for use by the embedded computer industry. Adaptive Systems' patented module interconnect scheme addresses the needs of three of the highest-growth markets in today's computer industry: personal organizer/cell phone convergence devices; home-based Internet appliances; and Internet infrastructure gear.
The Company has designed the interface, ``Adaptive Bus,'' intellectual property into chips, combined these chips with others to form modules, and combined those modules with others into complete systems. Products are sold at each step of this process: licenses of IP, chips, modules and complete
units. This Adaptive Bus is able to meet the space constraints of hand-held units, the cost targets of
consumer items, and the performance demands of telecom switching gear.
According to president Jim Alexander, this technology, while generating an estimated $15 to $25 million in annual sales in the markets identified above in two to four years, is one of the key components which will contribute to the current development of state-of-the-art miniature video security devices (IsoCam) capable of Internet, wireless, cellular and/or satellite transmission. In addition, the company plans to develop, utilize and license products, including PC-based controllers and ruggedized miniature hand-held/body-worn full function computers, for industrial and military applications.
Contact Investor Relations at (800) 760-1166.
Safe Harbor For Forward-Looking Statements: Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties, which may cause a company's actual
results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the companies operations. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ``anticipate,'' ``estimate,'' ``expect,'' ``project,'' ``intend,'' ``plan,'' ``feel,'' ``think,'' ``hear,'' ``guess,'' ``believe,'' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance.
SOURCE: World Am Communications, Inc. |
