SAN FRANCISCO, CA, Jan. 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Simlatus Corporation (OTC Pink: SIML) (“Simlatus” or the “Company”), a supplier of DirecTV™ and High Speed Internet to high rise buildings including: Businesses, Apartments, Condominiums, and Residential Communities in the metropolitan San Francisco Bay Area, and a manufacturer of proprietary commercial audio/video products to networks with Major Broadcast Studios, announces today that Satel Group is accelerating its ongoing expansion into additional high rise residential buildings in San Francisco.
Richard Hylen, CEO, stated, “Since our merger, the company has allocated resources for expanding its revenue base. We have recently contracted two more high-rise residential complexes and are finalizing the negotiations with a third complex. Accumulatively, these buildings represent approximately 500 residential units which will generate another $50,000 per year. Our growth potential for 2019 is to take our existing average revenue of $1M per year and increase it to $2M per year. Our plans for 2019-2021 are to expand our services into the Silicon Valley and Sacramento, with additional services which allow a potential revenue target of $12M per year by the end of 2023.”
Satel Group currently provides DirecTV™ services to 170 Residential Buildings and 48 Commercial Buildings in the San Francisco Bay Area consisting of over 19,000 residential units in one of the most vibrant economic regions of the world where Satel Group is also becoming a fast growing service provider of High Speed Internet services. The company plans to add additional over-the-top (OTT) services for its existing customer base, as well as new potential customers and to manufacture proprietary equipment to enhance services. This equipment will also be sold to competitors to be used for their customers.
Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.