HOUSTON, June 24, 2004 (PRIMEZONE) -- GK Intelligent Systems, Inc. (OTCBB:GKIG), a publicly held holding company with entertainment and technology subsidiaries, announced today that it reached a definitive agreement to acquire Stellar Software Network Inc. GK Intelligent Systems in return for 100% ownership in Stellar Software will issue Stellar an undisclosed amount of unregistered shares in GKIG.
This definitive agreement comes at a time when GK Intelligent Systems, Inc. is working hard to create a fundamentally strong holding company. Stellar Software Networks is the first of several revenue-producing acquisitions in the pipeline for GK. With this acquisition in place and several more to follow the Company believes its revenues will increase while simultaneously increasing shareholder value.
According to the President and CEO of GK Intelligent Systems, Inc., Gary Kimmons, "Stellar is a proven, well-run company that can also bring us the technical talent we need to develop our personalization technologies. This definitive agreement marks one of many revenue generating acquisitions we plan to accomplish in the near future. In addition to acquiring Stellar, we are excited to welcome, Sunil Nariani, former President and CEO of Stellar Software Network. He will be responsible for providing the leadership necessary to continue to introduce efficiencies in the workplace and solidify the fundamentals of the Company."
Sunil Nariani, President and CEO of Stellar Software Network commented, "I am very pleased to become a part of GK Intelligent Systems, Inc. This is a significant opportunity for Stellar to achieve an even faster growth path and to create additional products and services using GK's innovative technology."
About Stellar Software Network
Stellar Software Network, www.stellarsoftware.net, is a leading provider of Professional Software Services, offering custom software development, systems integration, onsite/offsite and offshore software development. Stellar also provides both temporary and permanent IT staffing personnel. Stellar's impressive customers and representative clients include Verizon, American Express, Hewitt Packard, Perot Systems, and Ericsson.
About GK Intelligent Systems
GKIG is a developer, and provider of proprietary "intelligent" software technology products and supporting technologies designed to personalize nationally-branded products and services, with the objective of improving profitability and fostering higher levels of customer satisfaction and brand loyalty. The Company operates as a holding company with various emerging entertainment and technology subsidiaries with an emphasis in the music industry.
For more information on GK Intelligent Systems please visit the corporate website, www.gkis.com, and its exciting music entertainment subsidiary's website, www.RAWW.com.
Safe Harbor
Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.