IRVINE, Calif., Sept. 30, 2003 (PRIMEZONE) -- Military Communications Technologies Inc. (OTCBB:MLTA) has divested its legacy business and wholly owned subsidiary NetSalon I Inc. to Mr. Lance Perry and Mr. Robert Proctor, both of whom had previously managed the original NetSalon business prior to and since the MLTA merger. The transaction is consistent with the previously announced objectives of MLTA of concentrating its efforts entirely on the Military Communications and Homeland defense technology opportunities.
The completion of the transaction also effectively removes 4,000,000 free trading shares from being presently available in the company's public stock market float. This reduction in the free trading shares available to the public float is in addition to several million shares that were cancelled earlier this year as a condition of the closing of the MLTA transaction.
The Company is focused on its core Military and Homeland Defense business opportunities involving the marketing and distribution of the PC4 SDR operating system nationwide in the USA and Canada. These efforts are presently underway in a series of high level meetings with key executives and technical experts from both the USA and Australia.
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.
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.