Separately, the company announced that a 1-for-20 reverse stock split became effective April 24, 2009. The transaction reduced the number of common shares outstanding from 30,261,426 to 1,513,631 common shares. No additional shares were issued.
The SatMAX System creates a satellite communications "hotspot" that enables fully wireless coverage for multiple concurrent users in any non-line-of-sight environment. With the SatMAX System, users of the Iridium satellite network can now use satellite telephones or data terminals to make multiple concurrent calls within SatMAX-enabled "hotspot" areas from anywhere on Earth. For more information, please visit www.echosatcom.com; or view our information video at www.angelvisiontech.com/clients/echo_satellite.
Forward-Looking Statements
Certain statements contained in this release issued by SatMAX Corporation (the "Company"), formerly Echo Satellite Communications, Inc., that are not historical facts are "forward-looking" statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, and because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are statements regarding the intent, belief, or current expectations, estimates, or projections of the Company, its directors, or its officers about the Company and the industry in which it operates and are based on assumptions made by management. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements.
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SatMAX Corporation
Don Bresina, 832-428-6552
info@echosatcom.com
