Any statements released by SATX
that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
SATX admits no guilt in making this settlement, but feels that this is an equitable, no cash settlement that allows members of the class to participate in the growth and future success of the Company.
Terry Colbert, President and CEO of SATX, said of the agreement, "We believe this is a win-win outcome for all parties involved and the members of the class could make a substantial gain on the success of SATX.
President and CEO Terry Colbert remarked, "We are pleased to report to the SATX shareholders that this acquisition is closed on time and according to the previously stated terms.
Bud" Bono commented, "We are really excited to become a part of SATX.
We carefully scrutinized the SATX management team and their business plan and are in full agreement as to how the plan will be executed and managed.
As SATX moves forward, the Company intends to develop and build a core group of companies such as: a GPS Technology Group, a Correctional Facilities Telecommunications Group, a Telemedicine Group, and an IT and Support Group that will support all of the companies
Over the past months we have been working very closely with Terry Colbert and fully support his vision for SATX
and his operating plans to materialize that vision.
For more information on SATX
, its news releases, SEC filings and financial statements, visit the company's Web site at www.
The pending acquisition is a stock-for-stock transaction with SATX issuing TTC three million shares of SATX common stock for all of the issued and outstanding shares of TTC.
TTC brings SATX over $2MM in annual revenues with immediate growth potential to double the revenue stream within twelve months.
holds proprietary prepaid cellular technology that allows users/purchasers to budget exactly how much they wish to spend on their cellular services.