Message #6 From:
NewsBot Date: August 10, 2005 03:43:00 AM
SKYC News SkyLynx Communications Closes $3 Million Stock Purchase Agreement
SARASOTA, Fla.--(BUSINESS WIRE)--Aug. 10, 2005--SkyLynx Communications (OTC BB: SKYC), a worldwide provider of secure, high-availability, dedicated wireless data networks for mobile and static applications, announced today that it has closed on a stock purchase agreement that will be worth $3 million in total. The total investment is divided into three equal tranches, each tranche consisting of $1,000,000 in notes and warrants exercisable to purchase 3,333,333 shares of common stock. The transaction relied on the exemption from registration under the Securities Act of 1933.
Gary L. Brown, SkyLynx Chairman and CEO, stated, "These funds will allow us to step up the implementation of a comprehensive business plan and to explore further acquisition opportunities that will complement our core business. Our high-speed commercial data only network is proving its value in the markets where it has been initially deployed; in Denver, Colorado and the Seattle/Tacoma region in Washington State. Additional deployment is already scheduled for Salem, Oregon, with plans for deployment in one other major metropolitan market before the end of the year. These funds will allow us to pursue further deployments in strategic markets with solid anchor customers as we continue to build a nationwide network. In addition, the funding will permit us to continue to capitalize on our initial success in the Automatic Vehicle Location space."
SkyLynx Communications, Inc., based in Sarasota, FL, provides wireless, data-only network services for mobile and static applications, including vehicle tracking, security, remote equipment systems operations and weather monitoring. The company's network, SkyLynx FlexNet, is being deployed on a national basis and has been applauded for providing cost-effective, broad geographic coverage that is significantly less expensive than satellite tracking. SkyLynx FlexNet is unaffected by trees, buildings or topographical variations, and its 80-mile range is far greater than that of cellular and 3G systems, making it an outstanding Automatic Vehicle Location and fleet management system.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
