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LOS ANGELES--(BUSINESS WIRE)--Dec. 2, 1998--Howard A. Foote, President & CEO of Platforms International Corporation announced today that Platforms was making significant progress in all key areas.
This Press Release presents an edited summary and some key excerpts of Mr. Foote's comments.
NOVATEL
''I'll be leaving for Sweden with Gerard Casale, our corporate counsel, on December 13th 1998, to meet with the top management of NovaTel: Johan Reutersling, CEO, and Lars Ander, President. By way of introduction, Lars Ander is the brother of Carl Ander, the founder and driving force behind GratisTel International.
''The key item on our agenda is to finalize plans for the launching of our first ARC System, scheduled to begin operations over Stockholm in the second quarter of 1999. This system will be implemented using a manned aircraft with limited service capacity, designed to validate the ARC System's cellular communication capabilities. The plans also call for the implementation of a fully-equipped ARC System, using an unmanned aircraft in September 1999.
''Under our Strategic Partnership Agreement, NovaTel will market Platforms' ARC System, as well as cellular communication services throughout Scandinavia, on an exclusive basis. Details on revenue sharing, operational responsibilities, and the specific financial terms and conditions of the Partnership will be disclosed and published shortly after our return.''
ORBITAL NETWORK SERVICES CORPORATION (''ONSC'') -- CREDIT LINE LOI:
''Ownership transfer documents (Governmental Decree), transferring ownership of the strategic Russian aircraft to be delivered to Platforms International under our Strategic Partnership Agreement with the Russian Aerospace Consortium headed by Sergei Yakovlev, are expected to arrive in the U.S. within the next two weeks.
''Letters of appraisal and valuation certification for the strategic aircraft are also expected to arrive from Russia within the next two weeks.
''Upon receipt of the ownership decree and accompanying letters of appraisal and valuation, all documents will be submitted to U.S. aircraft appraisal experts for official confirmation and validation of stated Russian values. Values assigned by the Russian Aerospace Consortium to the strategic aircraft being contributed to the Partnership are USD $350 to $650 million. Upon confirmation and validation of these stated values, meetings will be held with our CPAs and SEC Regulatory Compliance Auditors to formulate appropriate, AICPA compliant procedures for the recognition and reporting of the acquisition of these assets on Platform's books of account and financial statements.
''Following completion of the documentary due diligence, our investment banker will perform its own due diligence to finalize the terms and conditions of the financing arrangement.''
ORBITAL NETWORK SERVICES CORPORATION (''ONSC'') -- CONFERENCE:
James Hollister, President of Yakovlev Aircraft, has arrived in Los Angeles for the ONSC Conference with Howard A. Foote, Sergei Yakovlev, prominent members of the Aerospace Community, and select members of the press.
''Sergei Yakovlev is expected to arrive, barring any further visa issuance delays, within one week to ten days. Upon his arrival, a conference is planned at the LAX Airport Hilton to kickoff the ONSC satellite launch and recovery program. Stockholders, prominent members of the aerospace community, members of the Press, and the Program's Investment Bankers will be attending the landmark meeting.
''Scale models (4' to 10') of the strategic Russian aircraft, as well as the reusable space vehicles designed to launch, recover, and service satellite constellations, arrived from Russia today. They will be unveiled and displayed for the very first time at the ONSC Conference.''
FLIGHT DYNAMICS:
''The 506 IPO Memorandum for Flight Dynamics is complete. Distribution is scheduled for December 11, 1998. Further information relating to this offering will be forthcoming in subsequent press releases.
''Corporate acquisitions are progressing smoothly. We anticipate all paperwork should be completed prior to year-end.''
BRAZIL:
''After spending the Thanksgiving holiday with his family, Victor Ziller will return to Brazil within the next few days. Upon his arrival in Brazil, Mr. Ziller will submit all requested documentation on Platforms' aircraft specifications and FAA certification to the DAC, and manage the licensing process. He will also continue to manage the licensing process with ANATEL, negotiate to establish a Brazilian telecommunications partner, and attempt to finalize negotiations prior to year-end on two pending LOI's.''
SAUDI ARABIA:
''Dr. Toubia is returning to Saudi Arabia next week for a second round of meetings with the Commissioner of Telecommunications. At this meeting, Dr. Toubia will be presenting Platforms' proposals for: (i) the outright sale of multiple ARC Systems to operate exclusively in Saudi Arabia; and (ii) a joint venture approach. We expect a report on the results of this meeting within the next two weeks.''
SAFE HARBOR ACT DISCLAIMER
The statements made in this release are ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995, including Platforms' beliefs, expectations, hopes, or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to Platforms as of such date. Forward-looking statements are an attempt to interpret and project present information into the future, and such statements represent the company's hopes, beliefs, expectations or intentions concerning future events. However, it is important to point out that interpretations and projections of future events involve assumptions which are qualified and subject to numerous uncertainties, unforeseen events, and material risk factors that could significantly and adversely impact the company's business, its ability to complete the projects it has undertaken, or deliver the expected result/s. Therefore, actual outcomes and results may differ materially from those made in forward-looking statements, and there can be no assurance that the plans and goals of the company stated herein may be realized in the time frame/s discussed, or at all.
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Contact:
Platforms International Corporation Howard A. Foote, 818/981-9032 |
