CUMMING, Ga., Nov. 14, 2006 (PRIMEZONE) -- PlanetLink Communications Inc. (OTCBB:PLKC), announced today that Coin Wash Associates, Inc., a wholly owned subsidiary of PlanetLink, has entered into a definitive agreement to acquire Heavenly Suds, a coin laundry facility in Fort Lauderdale, Florida.
Heavenly Suds has accepted our all cash offer to acquire their facility in Oakland Park, Florida. The acquisition will include all the assets of the business, including washer and dryer equipment and the assignment of its current lease with the Oakland Park Shopping Center.
The transaction is expected to close by November 15th 2006.
The Heavenly Suds acquisition marks our entry into the coin wash business in South Florida. Heavenly Suds was targeted as a prime location for increased revenue and cross marketing opportunities. The coin laundry facility is located in a shopping center in Oakland Park, a suburb of Fort Lauderdale, and offers services ranging from self service wash and dry to drop-off wash and fold service and dry cleaning.
"This is an exciting time for us as we begin acquiring local coin wash facilities and bring them into the Coin Wash Associates family. Each location will undergo a complete overhaul, including re-branding and a general facelift of the physical premises. We will begin incorporating new technologies to link the locations and offer value added services as we add locations. This will increase the profitability of each location as new economies of scale are reached," commented M. Dewey Bain, Chief Executive Officer of PlanetLink.
There will be a conference call to discuss Coin Wash Associates, Inc., the newest PlanetLink subsidiary, on November 14, 2006 at 10:00 am ET. To access the conference call dial (319) 256-0500 Access Code 932806 (pound).
To receive future news releases from PlanetLink Communications, Inc. please email your name, address, contact information and email address to investor@planettraks.com
About PlanetLink Communications, Inc.
PlanetLink Communications, Inc. has two wholly owned subsidiaries. PlanetTRAKS and Coin Wash Associates, in the GSM tracking and coin laundry businesses, respectively.
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.