Grass Valley, California, Nov. 15, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Simlatus Corporation (OTC PINK:SIMLD) (“Simlatus” or the “Company”), a manufacturer of proprietary commercial audio/video products for the major Broadcast Studio Industry, announces today the acquisition of Satel Group Inc., a San Francisco based telecommunications business since 2008. Satel provides High Speed Internet and DIRECTV™ for Multi-dwelling buildings including: Businesses, Apartments and Condominiums, and Residential Communities.
Richard Hylen, the CEO, stated, “Satel Group, Inc., was incorporated in the State of Nevada on August 15, 2016. The Company was originally formed as Satel, LLC on February 26, 2003 as a California limited liability company. Satel, LLC converted to a California Corporation, Satel, Inc., by Articles of Incorporation with a Statement of Conversion signed by Richard Hylen as managing member of Satel LLC, dated December 20, 2013 and filed with the California Secretary of State on December 23, 2013. On September 25, 2016 Satel Group, Inc. purchased all of the assets of Satel, Inc., and therefore this Company was recently organized and continues to operate with the same management while engaged in providing their existing High Speed Internet, and DIRECTV™ services for Multi-Dwelling Units (MDU) and/or commercial and residential buildings including: businesses, apartments and condominiums, and residential communities in the city of San Francisco and Greater Bay Area.”
Mr. Hylen further stated, “Satel’s business model includes relationships built with building managers and our licensing agreement with DIRECTV™ and their Service Operators to provide dedicated High-Speed Internet at competitive pricing compared to the local legacy carriers. In addition to competitive pricing, the Company provides meaningful benefits to building owners/managers of whom the benefits include all of the necessary equipment and labor to install the network. This equipment and labor is provided at no additional cost by Satel and for the customer under the terms and conditions of a subscription contract. Additional benefits include no up-front or reoccurring costs for the customer in order to maintain the network, equipment and maintenance. The company, at times, utilizes the MDU’s already existing equipment, inclusive of coaxial cable, Ethernet, or telephone infrastructure to deploy the network as a part of the subscription contract, while no additional wiring or addition cost of re-wiring is required.”
The company has purchased the intellectual property and fixed assets of Satel Group, inclusive of an average Annual Revenue of $750,000, which includes the residential revenue value of 19,000 doors worth $50/Door in value of $950,000, Commercial revenue value at 1100 floors $200/Floor of $220,000, and various inventory of Vehicles, furniture and equipment worth $25,000. Satel Group will continue to operate in their existing San Francisco office.
Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.