IRVINE, Calif., Aug. 24, 2004 (PRIMEZONE) -- Military Communications Technologies Inc. (OTCBB:MLTA), announced today that the Company has been successful in its attempts to stop the unauthorized trading of MLTA shares on the Berlin-Bremen Stock Exchange in Germany. The successful termination followed several months of effort and negotiation with the Berlin-Bremen Stock Exchange (BBSE), which initially refused the Company requests. Finally the BBSE publicly announced the cessation of trading of MLTA in Berlin on Friday 13, August 2004, effective Monday 16, August 2004.
In late May 2004, following an unprecedented fall (approx. 90%) in the Company's stock value, MLTA became aware that the Berlin-based stockbroker Berliner Frieverkahr had on March 12, 2004, without the knowledge, permission or sanction of MLTA, listed MLTA for trading on the Berlin-Bremen Stock Exchange (MLTA.BE). The listing of MLTA on the BBSE happened immediately prior to the April 1, 2004 effective date of the SEC regulations regarding two day of stock certificates to address stock shorting, and other initiatives.
Recent publicity would indicate that MLTA was one of 700 to 800 US over-the-counter (OTC BB) stocks that have been listed without permission or even their knowledge on BBSE. Following the BBSE listings many companies apparently experienced unprecedented drops in their share value. Although BBSE has denied any wrongdoing, it would appear that once listed on BBSE many appear to fall victim to previously unprecedented "naked short selling."
Commenting on the removal from BBSE, MLTA Chairman Mr Roger May said, "It has been a long and painful experience for us. Since the March 12th 2004 unauthorized listing on BBSE, the MLTA share price has dropped as much as 90%, despite several announcements regarding major Company achievements and advancements. The trading abuses have dramatically undermined our share value and correspondingly hampered our fundraising efforts for several planned commercial initiatives and strategic acquisitions. Since delisting from BBSE we now feel more confident that further positive news in the coming weeks will be more favorably received."
About Military Communications Technologies
Military Communications Technologies, Inc. is a technology company involved in the development and distribution of proprietary software defined radio (SDR) commercial and military mobile wireless network applications. The Company's core product, PC4 is specifically targeted to the demands of the Military and Homeland Defense agencies for large-scale defense grade reconfigurable wireless communications systems. PC4, which stands for Programmable, Command, Control, Compute, and Communicate, is a next-generation SDR framework and proprietary operating system uniquely designed for interoperable, lightweight and mobile military communications systems. The PC4 framework is also especially suitable for radar and high-speed digital RF and GSM surveillance systems. The Company's proprietary SpectruCell(tm) technology offers commercial wireless providers a cost-effective, software-based method to upgrade systems to next-generation standards and makes networks interoperable with most wireless protocols.
Statements in this release, which relate to other than strictly historical facts, including statements about the Company's plans and strategies, as well as management's expectations and new and existing products, technologies and opportunities, market growth, demand for acceptance of new and existing products, are forward-looking statements. The words, "believe," "expect," "anticipate," "estimate," "project," and similar expressions identify forward-looking statements that speak only as the date hereof. This press release contains certain forward-looking statements regarding Military Communications Technologies, INC. ("MLTA"), its business prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause MLTA's actual business, prospects and results of operations to differ materiality from those that may be anticipated by such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by MLTA in this news release and other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect MLTA's business.