CUMMING, Ga., Sept. 8, 2006 (PRIMEZONE) -- PlanetLink Communications Inc. (OTCBB:PLKC), a provider of GPS satellite-based products and services, announced today that the Company has completed the final conversion of its convertible debentures issued in relation to financing arranged by Divine Capital.
"This final conversion means that PlanetLink has reduced the liability to the debenture holders to zero. Access to financing is all that much easier if there is no overhanging debt. This is a major milestone required to implement our plans with the necessary future financing," commented Mary Hitt, CFO of PlanetLink.
Dewey Bain, Chairman and CEO, commented, "We have recently authorized preferred shares that cannot be sold for a period of one year to help us obtain new financing for the growth of a planned subsidiary that will focus on a highly profitable industry. This new financing will increase shareholder value as the investors will be unable to sell for a full year after the financing is obtained. This will provide us with time to grow the new subsidiary without dilution affecting the stock."
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About PlanetLink Communications, Inc.
PlanetLink Communications, Inc. recently launched its TransTRAK product through its wholly owned subsidiary, PlanetTRAKS. The Company is developing a family of GPS-enabled products and services under the PlanetTRAKS name. TransTRAK is the first of these products and is the Company's turnkey solution for real-time, mobile asset management. From tracking vehicle speed and location in real-time to controlling vehicle functions through remote access, TransTRAK allows the customer to actively monitor and manage virtually any type of mobile asset. For more information on PlanetLink, please visit the company's Website at: http://www.planettraks.com
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect," or similar expressions that involve risks and uncertainties. These risks and uncertainties include the Company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The Company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management's Discussion and Analysis" or "Plan of Operation" and other sections of the Company's Form 10-KSB and other publicly available information regarding the Company on file with the Securities and Exchange Commission. The Company will provide you with copies of this information upon request.