Business
Satelinx (SLXI.PK) Announces Updates for December 2005
Satelinx (SLXI.PK) Announces Updates for December 2005.
About this update from Affinity Networks Inc
[{"type":"text","content":"\r\nMontreal, QC December 30, 2005 -- Satelinx (SLXI.PK) announces the status of several projects to date and a member of the Board of Directors resigning. The company also announces a pull back of shares.\r\n\r\nThe 2005 updates include:\r\nGPS Bracelet / Watch Technology\r\nPresently both Benefon and Satelinx are extensively testing this new product. Improvements have already been made and the next set of testing to comence in the new year.\r\n\r\nCartel Distribution Agreement\r\nUnfortunately the distribution agreement with Cartel will not proceed because a mutual consensus could not be reached.\r\n\r\nVirtual Wave Inc. and Satelinx are still working together and the relationship is proceeding on a partnership level into the new year.\r\n\r\nBrazil,and India are to date are not proceeding a quickly as hoped and anticipated. Although India relationships are growing. Greece is proceeding and is on track.\r\n\r\nBoard of Director Resigns\r\nClaude Moreau resigned due to personal reasons.\r\n\r\nShare Pull Back\r\nSatelinx has pulled back approximately 20 Million Shares as part of the reorganization, bringing the total amount of shares to under 41 Million.\r\n\r\nOverall Status:\r\nSatelinx over the next several months will be concentrating on sales. At this stage we will be supporting our existing distribution channels and direct sales as the company restructures which includes; the management team, the Board of Directors and consolidating several related companies to form a Satelinx Consortium of companies.\r\n\r\nFORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, including forecasts of market growth, future revenue, benefits of the proposed merger, and expectations that the merger will be accretive to Satelinx's results and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in integrating merged businesses; uncertainties as to the timing of the merger; approval of the transaction by the stockholders of the companies; the satisfaction of closing conditions to the transaction, including the receipt of regulatory approvals; whether certain market...