MONTREAL, July 29, 2005 (PRIMEZONE) -- Satelinx International Inc. (Pink Sheets:SLXI), a global provider of satellite vehicle tracking services, announced today it signed a letter of intent to acquire 100% of Ottawa based Virtual Wave Inc. Under the terms of the letter of intent, Satelinx will acquire 100% of Virtual Wave in a share exchange agreement.
The combined company will operate under the Satelinx name. Robert Ireland, Chairman and Chief Executive Officer of Virtual Wave Inc., will continue as Chairman and CEO of the combined company. The board directors of the combined company will be the current board of Virtual Wave Inc. for a total of 7 members.
"Virtual Wave is a jewel, the company has some of the best GPS technology in the world," said Sam Grinfeld, Chairman, President and CEO of Satelinx International Inc. "The company has contracts with leading international defense companies and agencies as well as police namely, the RCMP, U.S. Marshals, U.S. Army, Ontario Provincial Police and it is also used by OBN, one of Canada's leading personal safety and security companies," further added Mr. Grinfeld.
Virtual Wave's liquid assets of over US$4 million, its multitude of licensing agreements, its residual revenues as well as its contract with the U.S. military for tracking devices will enable us to apply for an immediate small cap listing.
"We are pleased with this agreement and we hope to be able to complete the merger sooner than expected to begin benefiting from the inherent synergies found with our companies," said Robert Ireland, President of Virtual Wave Inc.
About Satelinx
Satelinx International Inc. provides satellite vehicle tracking units that integrate GSM/GPS/GPRS wireless technologies and the Internet to deliver wireless vehicle tracking and location services. Satelinx seeks to be recognized as the world leader in providing safety and security solutions on a global scale in a cost effective manner for vehicle owner, trucking or private vehicle fleet and insurance companies.
About Virtual Wave
Virtual Wave Inc. is an Aboriginal owned company which has been in business since 1996 and has developed several products over the years including the 'ROBI' which is a microwave shield protector for cellular phones, a centralized call dispatch center for tracking/dispatching world wide (RoadStarGPS), and various software applications for the improvement of Global Positioning System (GPS) and Online Tracking technology. Virtual Wave Inc. has been nominated over the years for various telematics awards worldwide.
Since its launch in 1996, Virtual Wave has focused on delivering world-class customer service in Project Management, Information Technology and other Professional Services. Supporting more than 200 local, national and international customers, Virtual Wave has achieved a 95% retention rate over the past six years.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
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