CITY OF INDUSTRY, Calif., Jan. 8, 2008 (PRIME NEWSWIRE) -- Global ePoint, Inc. (Pink Sheets:GEPT), a leading manufacturer of surveillance and safety products and aircraft modification products and services to the commercial airline industry, today announced the following progress updates to shareholders.
1) Global is moving forward with the Thai Airways contract, totaling approximately $8 million, to develop the first fully integrated electronic flight bag and is on schedule to begin delivery in early 2008.
2) Global ePoint, Inc. filed an 8-K report with the Securities and Exchange Commission, on December 11, 2007, regarding a possible joint venture between a company in the aerospace industry and our aviation services company, Global Airworks, Inc. Currently, this proposed joint venture is in Phase Two of the due diligence period. Subject to our potential JV partner's due diligence inquiry into Global, we hope to enter into a definitive written agreement by late January or early February 2008.
3) Global has come to a preliminary understanding with our preferred shareholders to standstill on their possible claims relating to their preferred stock holdings subject to the completion of the proposed joint venture.
4) On December 19, 2007 Global entered into a settlement of a shareholder derivative lawsuit, without prejudice to either side, calling for certain changes in management practices and the payment of plaintiffs' legal expenses which will be handled by Global's insurance carriers. The lawsuit was originally filed under Superior Court of California County of Los Angeles Case No. KC-049434-O.
"We are pleased with the progress and we will continue our efforts to build a sound basis for future shareholder benefits," stated Daryl Gates, CEO of Global ePoint.
About Global ePoint
Global ePoint provides surveillance and safety products and aircraft modification products and services to the commercial airline industry. Those products and services include our cockpit door video surveillance system ("CDSS"), electronic flight bag system ("EFB"), cost effective in-flight entertainment systems ("IFE"), and other products and integration services for the aviation market. For more information, please visit http://www.globalepoint.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, the prospects for the Thai Airways contract and our proposed joint venture. Such forward-looking statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, the risks that (i) we may be unable fulfill the Thai Airways contract, (ii) we incur possible delays in product development or deliveries under the Thai Airways contract; (iii) we will not pass the due diligence review of our potential JV partner; (iv) we may be unable to enter into a definitive agreement concerning the proposed joint venture or obtain the expected benefits of the joint venture, and (v) the risk that we may be unable to acquire additional working capital as and when needed in order to carry out our proposed operations and plans. For a discussion of these and other factors that may cause actual events or results to differ from those projected, please refer to the Company's most recent annual report on Form 10-KSB and quarterly reports on Form 10-Q, as well as other subsequent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.