IRVINE, Calif. , May 18, 2004 (PRIMEZONE) -- Military Communications Technologies Inc. (OTCBB:MLTA), announced today that its Australian affiliate, Military SDR Technologies Pty Ltd, had completed a name change to Global SDR Technologies Pty Ltd. The change was made due to commercial considerations in regard to the increased operations in the non-military field currently being undertaken by the Company in the Asian marketplace.
Additional Equity -- Australian Affiliate
In addition the Board of Directors approved the acquisition of an additional equity in its Australian affiliate, Global SDR Technologies Pty Ltd (GSDRT). Global SDR Technologies Pty Ltd holds certain rights and licenses to the SpectruCell and PC4 Software Defined Radio wireless base station technology.
The transaction increases MLTA's equity to 20% effective from 1st May 2004. Consideration for the additional 5% equity is on a similar basis to the original acquisition from Global Investment Fund. Full details will be filed with the SEC upon completion of all documentation later this month.
Proposed Purchase of Controlling interest in Global SDR Technologies
The Board of Directors also resolved to commission an evaluation to establish a financially sound basis that would enable MLTA to acquire a controlling equity interest (51%) in GSDRT. Any such transaction would be subject to the availability of an appropriate funding proposal that would yield sufficient funds to fuel the expanded growth of the global operations of the SpectruCell & PC4 enterprise now requires as a result of recent activity in the Asian marketplace.
GSDRT recently achieved two important milestones, the successful demonstration of key elements of its SpectruCell(TM) development platform to a South Korean customer and a signed agreement to enter into a joint venture arrangement for the manufacturing and marketing of SpectruCell(TM) in China, including funding of the venture in the Chinese marketplace.
The Chairman Roger May commented, "Accelerated progress and interest in regard to discussion by GSDRT involving North American based chip manufacturers and defense contractors regarding adoption of the commercial and military software defined radio technology has given added impetus to our decision to increase our shareholding in the Australian based IP company," said Mr. May.
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.