CUMMING, Ga., Dec. 16, 2004 (PRIMEZONE) -- PlanetLink Communications Inc. (OTCBB:PLKC), a provider of satellite-based products and services, announced today a summary of its annual shareholders meeting held on November 18, 2004.
During the meeting, three proposals were presented for vote and all three were passed. Proposal I was the election of four directors, M. Dewey Bain, Harold Jackson, Melvin Williams, and Darrell Carver. Proposal II was ratification by the Board of the appointment of Marcum & Kliegman LLP as Company's auditors for the fiscal year ending December 31, 2004. Proposal III was approval of the PlanetLink Communications stock plan. Following the passing of all three proposals, the meeting was adjourned, and Mr. Dewey Bain, the Company's President and CEO provided a brief overview of Company developments in fiscal 2003 and 2004, as described below.
-- Aladesuyi Litigation: Mr. Aladesuyi, the Company's former
CEO and his wife have contacted PlanetLink regarding a
settlement offer. Documentation to this effect is currently
being prepared. The Company expects that this settlement
agreement will result in a favorable outcome to PlanetLink.
The Company anticipates reaching a final agreement of this
settlement by the end of this calendar year.
-- Building The Team: The Company has attracted a very talented
management team. At the time of the meeting, the team
consisted of five employees with a combined 95 years of
experience in corporate and business development.
-- Relationships: The Company's operations depend largely upon
strategic alliances with companies that are leaders in their
respective fields. These alliance partners include:
1) WebTech Wireless, Inc., which provides the Company with
its TransTRAK(tm) mobile locator units (MLUs); 2) Karta
Technologies Inc., which leads the R&D effort for the
Company's satellite-enabled products; 3) MapQuest.com, Inc.,
which provides PlanetLink its mapping data; and 4) Cingular
Wireless LLC, which provides the Company GPRS services.
-- New Operational Headquarters: During the second quarter
of 2004 the Company moved its operations to San Antonio,
Texas, where it acquired 1,000 square feet of office space.
-- New Corporate Website: The Company launched its new corporate
website in June of 2004 and added Spanish-language pages in
November of 2004.
-- Marketing: PlanetLink Communications markets its
TransTRAK(tm) system through its wholly owned subsidiary,
PlanetTRAKS, Inc. PlanetTRAKS is marketing TransTRAK(tm)
through agent relationships in the USA and in Mexico. The
Company currently has agreements in place with agents located
in Texas, Georgia, South Carolina, Florida, and in Mexico, and
has several others in progress. PlanetLink is also marketing
TransTRAK(tm) to associations such as AAA, FLADCO, and NMDA,
who represent large consumer markets, as well as leasing
companies and other commercial enterprises. The Company
announced that at the time of the meeting, PlanetLink had 21
units of the TransTRAK(tm) system billing in the USA, and a
signed contract for the first 100 units of TransTRAK(tm) for
Mexico City-based Estrella Blanca. The Company is currently
testing with four other potential customers in the USA, as
well as with large commercial enterprises in Mexico as
announced in earlier press releases.
-- Contract with Estrella Blanca: At the shareholder's
meeting PlanetLink presented to shareholders a signed copy
of the Estrella Blanca contract for the first 100 units of
the TransTRAK(tm) system. Management discussed the projected
total of 10,000 units for Estrella Blanca, as long as the
installation of the first 100 units goes well. Management
expressed its confidence that these first installations would
go well. This is a process that the Company must go through
with this customer, and it remains optimistic that it will
end up servicing Estrella Blanca's fleet. The installations
for Estrella Blanca will occur gradually over a period of
time as the vehicles come in for maintenance. This minimizes
potential disruption of the vehicles' normal service and
ensures that operators of the TransTRAK(tm) system are
properly trained. The Company also discussed how
TransTRAK(tm) will benefit Estrella Blanca. Estrella Blanca
estimates significant loses in revenue as a result of
"unreported" fares. With the TransTRAK(tm) system,
Estrella Blanca personnel can monitor the behavior of
their buses, including unauthorized routes and stops.
-- Dilution: Mr. Bain emphasized that he would not issue
one share of stock more than necessary. He stated that as
revenue is generated, dilution will be reduced and then
eliminated.
-- Shareholder Communication: Going forward, the Company
announced that it plans to provide a monthly newsletter
to update shareholders regarding the operations of the
Company.
Mr. Bain ended the shareholder meeting by summarizing that with debts and taxes paid, lawsuits settled, and its server operational, management believes that the company is poised to grow revenues and gradually become profitable.
About PlanetLink Communications, Inc.
PlanetLink Communications is focused on developing satellite-enabled products based on Global Positioning Systems (GPS) technology. In April of 2004, the Company formed a new subsidiary, PlanetTRAKS(sm), Inc. to focus on the satellite-based mobile asset management market, and in the same month, TransTRAK(tm), the first GPS based tracking system in the PlanetTRAKS(sm) family of products, was introduced to the market. TransTRAK(tm) is designed to increase efficiencies and accountability for a customer's mobile assets. For more information on PlanetLink, please visit the company's Web site at: http://www.planettraks.com
Safe Harbor Statement:
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.