CUMMING, Ga., Nov. 8, 2006 (PRIMEZONE) -- PlanetLink Communications Inc. (OTCBB:PLKC), a provider of GPS satellite-based products and services, announced today that Coin Wash Associates, Inc., a wholly owned subsidiary of PlanetLink, is in serious talks to acquire its first two coin laundry facilities. The company has issued a letter of intent to acquire the first facility in South Beach, Florida. The combination of the first two facilities would generate approximately $700,000 in revenues annually.
Coin Wash Associates was incorporated to acquire coin laundry facilities in the southeastern part of the United States. The company intends to acquire up to 100 facilities and bringing them under the COIN WASH national brand. Traditionally, the coin laundry business has been a profitable industry with returns of approximately 20-25% on average. On average each facility will contribute $150,000 in revenues and approximately $40,000 of income.
Coin Wash will add other services to each location in an effort to maximize profitability. These services will include commercial laundry, home laundry wash and fold and dry cleaning. Cross marketing products and services will help us achieve economies of scale for increased profitability.
"The first acquisitions will be done with a combination of cash and stock, from the cash we raised for the subsidiary. As we move on to the next round of acquisitions, we will begin acquiring companies with a majority of stock, as our value of stock increases. After we have a national brand in the southeastern United States, we will offer private individuals franchise opportunities," commented M. Dewey Bain, Chief Executive Officer of PlanetLink.
There will be a conference call to discuss the new Coin Wash subsidiary on November 14, 2006 at 10:00 a.m. ET. To access the call please send an email to coinwashconference@gmail.com to register for conference instructions.
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.