Message #5 From:
NewsBot Date: May 9, 2005 02:22:08 PM
SKYC SkyLynx Communications Executes Letter of Intent to Acquire ADTECH Systems
SkyLynx Communications Executes Letter of Intent to Acquire ADTECH Systems
SARASOTA, Fla.
SkyLynx Communications, Inc.
Gary Brown, 941-388-2882
or
Epoch Financial Group
Todd Atenhan, 888-917-5105
SkyLynx Communications, Inc. (OTCBB:SKYC), a fast-growing wireless data network provider for mobile and static applications, and ADTECH Systems, Inc. (ASI), a developer of high-value quality communications, information technology and security systems, have signed a letter of intent for the acquisition of ADTECH by SkyLynx. The acquisition will be structured as a reverse triangular merger between ASI, SkyLynx and a subsidiary of SkyLynx (SkyLynx Sub), which will be formed for the sole purpose of consummating the merger. The merger would result in ASI becoming a wholly owned subsidiary of SkyLynx Communications, Inc. Completion of the transaction is subject to conditions customary to business combinations, including the execution of a definitive merger agreement, the satisfactory completion of due diligence, and corporate approvals.
SkyLynx Chairman and CEO Gary L. Brown said that ASI's proven information technology, engineering and physical security services capabilities will greatly enhance SkyLynx' current operations. "ASI is an excellent match for SkyLynx. Its business and government services complement ours, and its federal contracting experience and loyal customer base will provide a strong impetus to SkyLynx' overall growth."
ASI Chairman and CEO E. Richard Weitzel, II, concurred, adding, "We believe the merger is a good business move that will result in a whole that is much greater than the sum of its parts."
About SkyLynx (www.skylynx.com)
SkyLynx Communications, Inc. is a provider of wireless data services for vehicle tracking and data communications for mobile and static applications. The Company's wireless network is being deployed on a national basis and has been well received for its ability to provide broad geographic coverage cost effectively. The ability of the SkyLynx network to track vehicles is not affected by topography, buildings, trees or other hindrances to line-of-sight tracking. It has a range many times greater than that of cellular and 3G systems, and it costs significantly less than satellite tracking.
About ADTECH Systems (www.adtechsysinc.com)
ADTECH Systems, headquartered in San Antonio, Texas, was incorporated in 1995 to develop and provide high-value quality communications, information technology and security systems for federal, state, and local governments, as well as commercial customers. The Company has project offices in several countries. In addition to a growing customer base, ADTECH has numerous strategic alliances with other government contractors that complement its services. Over the past three years, ADTECH's annual revenues have averaged approximately $16.4 million.
Safe Harbor Provision
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.
