MONTREAL, March 9, 2006 (PRIMEZONE) -- Satelinx (Pink Sheets:SLXI) announces the status of several projects to date and a member of the Board of Directors resigning. The company also announces a pull back of shares.
The 2005 updates include:
GPS Bracelet / Watch Technology
Presently both Benefon and Satelinx are extensively testing this new product. Improvements have already been made and the next set of testing to commence in the new year.
Cartel Distribution Agreement
Unfortunately the distribution agreement with Cartel will not proceed because a mutual consensus could not be reached.
Virtual Wave Inc. and Satelinx are still working together and the relationship is proceeding on a partnership level into the new year.
Brazil, and India are to date are not proceeding a quickly as hoped and anticipated. Although India relationships are growing.
Pilot Project commences with Montreal Taxi Fleet.
A 90 day pilot project has commenced January 2006 with Taxi Expert out of Montreal. To date everything is proceeding on schedule.
Board of Director Resigns
Claude Moreau resigned due to personal reasons.
Share Pull Back
Satelinx has pulled back approximately 20 Million Shares as part of the reorganization, bringing the total amount of shares to under 43 Million.
Overall Status:
Satelinx restructuring will be completed over the next several months. At this stage we will be supporting our existing distribution channels and direct sales as the company restructures which includes; the management team, the Board of Directors and consolidating several related companies to form a Satelinx Consortium of companies.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, including forecasts of market growth, future revenue, benefits of the proposed merger, and expectations that the merger will be accretive to Satelinx results and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in integrating merged businesses; uncertainties as to the timing of the merger; approval of the transaction by the stockholders of the companies; the satisfaction of closing conditions to the transaction, including the receipt of regulatory approvals; whether certain market segments grow as anticipated; the competitive environment in the software industry and competitive responses to the proposed merger; and whether the companies can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Satelinx and VIRTUAL WAVE INC. undertake no obligation and do not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.
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