NEWS*****
Friday March 5, 9:03 am Eastern Time
Company Press Release
Platforms International Technology Symposium and Press Conference
LOS ANGELES--(BUSINESS WIRE)--March 5, 1999--Howard A. Foote, President and CEO of Platforms International Corporation (OTC:BB ''PLFM'') announced today the Platforms Technology Symposium and Press Conference was held on schedule at the Los Angeles Renaissance Hotel on March 3, 1999.
''I'm pleased to report,'' stated Mr. Foote, ''the Symposium provided a dynamic forum for the public presentation of our wireless telecommunications and satellite deployment technologies, as well as for a number of announcements on the realization of some of our most significant corporate goals and objectives. In attendance were a number of distinguished members of the investment community, the aerospace and telecommunications industries, as well as Mr. Sergei Yakevlov, Chief Designer and COO of the Yakevlov Aircraft Company, and Mr. James Hollister, President and CEO. Both distinguished visitors served on the Executive Panel and spoke about the strategic partnership between Platforms and the Russian Commonwealth Aerospace Technology Consortium.
''The Technology Symposium included business and technical briefings on the Airborne Relay Communications (''ARC'') System and the ORBNET TU-160 High Altitude Air Launch (''HAAL - 2000'') Program, including time-to-market projections, competitive market positions, and relevant financial information.
''The final segment of our Conference consisted of a series of announcements on the significant accomplishments of each of our operating divisions, as follows.''
- PICTEL: NEWS BLACKOUT
-- U.S., Brazil, and Scandinavia material business transactions
in process of finalization. Strict Nondisclosure and "Quiet Period"
agreements prohibit disclosure or comments on the transactions ongoing
in this division at this time. Mutual announcements and press releases
are forthcoming, and shall be issued as soon as agreements are
concluded.
- ORBNET:
-- Finalized Strategic Partnership Agreement with Russian
Commonwealth Aerospace Technology Consortium. On March 3, 1999,
received Decree from Government of the Ukraine authorizing the sale of
three (3) TU-160 Blackhawk supersonic bombers (demilitarized), plus
spare parts, to Platforms International Corporation. The three planes
and spare parts, valued at USD$350 to $600 million are being sold to
Platforms for twenty million (USD$20,000,000), plus a twenty (20%)
percent revenue participation interest in Orbital Network Services
Corporation ("OrbNet"). The three TU-160 Blackhawks shall be used as
the most powerful and cost-effective reusable satellite launch
vehicles on the market today, as well as the asset base that will
secure the financing required to fund the "HAAL-2000" Program.
Discussions are currently under way with CPAs to determine proper
treatment and disclosure of asset acquisitions on Platforms financial
statements.
- FLIGHT DYNAMICS CORPORATION:
-- Currently Finalizing Section 506, $5 Million Offering For
Flight Dynamics, Corporation.
OFFERING TARGET DATE: MARCH 15, 1999
-- Currently finalizing contract terms and conditions for
corporate acquisition of Composites Unlimited, Inc.
ACQUISITION FINALIZATION TARGET DATE: MARCH 22, 1999
''Thank you for your support. We will keep you apprised of the dynamic developments ongoing at our company through forthcoming press releases.''
NOTE: If you wish to obtain a Platforms Press Kit and/or a videotaped transcript of the 1999 Symposium and Press Conference, the videocassette will be available in approximately two weeks. You may place your orders through our Investor Relations Department at: (818) 981-9031.
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 Corp.
Howard A. Foote, 818/981-9031
www.platforms-intl.com |
