CUMMING, Ga., Oct. 5, 2006 (PRIMEZONE) -- PlanetLink Communications Inc. (OTCBB:PLKC), a provider of GPS satellite-based products and services, announced today that the Company has created a new subsidiary, Coin Wash Associates, Inc., for the purpose of acquiring coin wash facilities throughout the United States.
Dewey Bain, Chairman and CEO, commented, "In our periodic reviews of what will increase shareholder value, we have explored alternative businesses that will bring greater shareholder value. Coin laundry facilities have proven to bring consistent and strong earnings. We will begin acquiring companies that bring a minimum annual return of 25%."
PlanetLink has recently authorized 50,000,000 preferred shares that cannot be sold for a period of one year to help us obtain new financing for the planned acquisitions of the new subsidiary. 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. We have issued 2,583,333 shares in exchange for $180,000 in a private placement.
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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.