IRVINE, Calif., May 25, 2004 (PRIMEZONE) -- Military Communications Technologies, Inc. (OTCBB:MLTA) today announced that its Australian affiliate SDR Technologies Pty Ltd ("SDRT") has released a jointly approved announcement to the market confirming the completion of an agreement with Sun Wah Finance Holdings to form a joint venture company in Hong Kong to further develop, market and manufacture the range of SpectruCell SDR base station technology products in China.
"This is an extremely important validation of the potential viability of the SpectruCell SDR wireless operating system in the Chinese market place, as well as an excellent opportunity to further develop and manufacture the SpectruCell SDR in a cost competitive environment," said Roger May, Director of MLTA.
The U.S. Company is based in Irvine, California and is currently expanding its operational facilities in Southern California to establish commercial grade engineering facilities as well as expanded Executive Sales and Marketing operations for SpectruCell SDR in the USA.
A complete copy of the announcement regarding the order from SK Telesys released in Australia earlier this week is contained herein below:
Melbourne-based R&D company SDR Technologies Pty Ltd, a wholly owned division of Global SDR Technologies Pty Ltd, announced today that it has agreed to form SDRT China Limited to further develop, market and manufacture the SpectruCell(TM) SDR multiple protocol wireless base station technology product range throughout China. The parties signed the initial agreement on April 30th 2004.
The new Joint Venture (JV) partner is Sun Wah Finance Holdings, a billion dollar plus conglomerate based in Hong Kong. In the telecom sector Sun Wah Finance Holdings' activities include close ties with China Telecom industries, and the other wireless providers (China Mobile, China Unicom etc). Sun Wah Finance Holdings is also heavily involved in Telco infrastructure finance in China.
"This is a major step to further consolidate company activities in the Chinese market, that have been a priority of the Company during the last 18 months," said Jason May, CTO "We look forward to working closely with our new partners, a group that is highly respected within the Chinese infrastructure market." The primary focus will be on the specific requirements of the largest Chinese mobile operators in respect of existing wireless protocols as well as emerging new opportunities in 3G wireless network services including the new Chinese Government mandated Mobile protocol ("TDS-CDMA"). Floating the new company on the Hong Kong Stock Exchange will be strongly considered.
Ownership of the new JV Company in Hong Kong will be SDR Technologies Pty Ltd 51% and Sun Wah Finance 49%. Sun Wah Finance Holdings will be the first to help introduce the SpectruCell SDR technology and product into the regulatory authorities in China and pave the way for the JV to obtain necessary approvals for the technology in China as a recognized and endorsed product by the Chinese Government. The efforts will also highlight the enormous benefits the SpectruCell SDR technology can bring to Chinese Wireless Service operators and the Government initiatives compared with traditional wireless technologies. Concurrently Sun Wah Finance Holdings will also help initiate and establish aggressive sales and marketing programs through SDRT China into the mobile telephone operators in China. Additionally, SDRT China will move to establish manufacturing facilities in China for production of the entire SpectruCell(TM) SDR product range.
The JV calls for SDRT to contribute intellectual property and technical expertise, including rights to the SpectruCell(TM) SDR Technology for China, whilst Sun Wah Finance Holdings will contribute their network of contacts and help arrange adequate funding for the JV to succeed in gaining entry to the highly sought Chinese wireless infrastructure market. Sun Wah Finance Holdings will sponsor a delegation comprised of the largest Chinese mobile operators and representatives of the Chinese Ministry of Information & Industry to Melbourne, Australia for a SpectruCell technology demonstration. The date of the Chinese delegation visit to Melbourne, Australia will be announced in the near future.
About Sun Wah Finance Holdings
Sun Wah Finance Holdings is an international conglomerate based in Hong Kong with businesses in real estate, hospitality, financial services, infrastructure, technology and media. The SUN WAH activities span China and the Southeast Asia.
About SDR Technologies Pty Ltd
SDR Technologies Pty Ltd is a technology company involved in the development and distribution of proprietary software defined radio (SDR) commercial and military mobile wireless network applications. The Company's proprietary SpectruCell(TM) technology offers commercial wireless providers a cost-effective, software-based method to upgrade systems to next-generation standards and makes networks interoperable with most wireless protocols. One of the Company's other core products, PC4 is specifically targeted to the demands of the Military and Homeland Defense agencies for large-scale defense grade reconfigurable wireless communications systems. PC4, which stands for Programmable, Command, Control, Compute, and Communicate, is a next-generation SDR framework and proprietary operating system uniquely designed for interoperable, lightweight and mobile military communications systems. The PC4 framework is also especially suitable for radar and high-speed digital RF and surveillance systems.
Statements in this release, which relate to other than strictly historical facts, including statements about the Company's plans and strategies, as well as management's expectations and new and existing products, technologies and opportunities, market growth, demand for acceptance of new and existing products, are forward-looking statements. The words, "believe," "expect," "anticipate," "estimate," "project," and similar expressions identify forward-looking statements that speak only as the date hereof. This press release contains certain forward-looking statements regarding Military Communications Technologies, Inc (MLTA) and SDR Technologies, Pty Ltd (SDRT), its business prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause actual business prospects and results of operations to differ materiality from those that may be anticipated by such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by the companies herein this news release that attempt to advise interested parties of the risks and factors that may affect the business of the companies.