SHERMAN OAKS, Calif., Feb. 10, 2005 (PRIMEZONE) -- Telynx, Inc. (Pink Sheets:TLYN), a provider of network inventory management and provisioning software solutions to major telecommunications service providers, today announced that it will begin the application process to list the Company's common shares on the OTC Bulletin Board. As part of the OTC Bulletin Board application and approval process, the Company is required to meet certain eligibility criteria including the filing of audited financial statements in order to become fully reporting with the Securities and Exchange Commission. TLYN's legal and accounting departments are currently assisting the Company to expedite the application and approval process.
"By beginning the process to list TLYN's shares on the OTC Bulletin Board, we move closer to achieving another milestone set out for the company", stated CEO Paul Mataras. "The listing of TLYN's common stock on the OTC Bulletin Board will enhance the Company's liquidity and credibility, providing benefits to both TLYN and its shareholders. It will also enhance our ability to meet our stated goals of expanding our operations and potential revenue stream through the use of both cash and stock."
Telynx Inc. is also pleased to announce that it has terminated its 401k plan a few months ago and more than 95% of the funds have been distributed back to the Plan participants. A settlement has been reached with the labor department where the missing contribution to the 401k plan between 2001 and 2002 has been paid and distributed to those participants.
About Telynx Inc.
Telynx Inc. designs and markets a line of software products and related services to telecommunications service providers. Telynx's software is designed to track inventory, provide new telecommunications services and provide a tool for managing network bandwidth. The company's software complies and supports the Tele-Management forum, OSS/J, 3GPP and 3GPP2 initiatives for all of its products. Its mission is to deliver an end-to-end product and solution set that directly impacts its customers' cost of providing a wide range of complex quality services in a timely fashion.
For more information please contact Curt Kramer at (516) 498-9890 or visit the Company website at www.telynx.net.
Safe Harbor Statement
This release contains forward-looking statements with respect to the results of operations and business of Telynx, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.