GRASS VALLEY, CA--(Marketwired - Jul 26, 2016) - Simlatus Corporation (
Chairman and co-founder Bob Stillwaugh stated, "I am very pleased to oversee the design, manufacturing, assembly and testing of all our products built for Fiber Group. I am equally proud of how this product has performed over the years, and give thanks to our stellar team of engineers, suppliers and management who made this a very smooth process for Fiber Group. Although our 55 different products are used today by NBC, ABC, CBS, FOX, ESPN, DirecTV and hundreds of other broadcast studios, the $50,000 order from Fiber Group opens new doors and new markets in commercial video surveillance, with the anticipation of future orders of similar applications in high-end video security for our commercial and government customers."
Furthermore, CEO Gary B. Tilden stated, "Pursuant to an agreement entered into between Direct Capital Group and the Company, the Company returned assets held by the Company and relative to certain convertible debt between the Company and Direct Capital. In exchange for the return of the mining assets and oil exploration assets the Company held, Direct Capital Group agreed to extinguish several outstanding Notes it held against Grid Petroleum Corp. The elimination of those Notes was disclosed in a Form 8-K filed on May 20, 2016, of which the amount of $70,671 was inadvertently omitted. Effective as of July 25, 2016, the Company and Direct Capital agreed to cancel the debt settlement dated December 31, 2012 in the amount of $70,671."
Gary Tilden further stated, "We are working on extinguishing even more convertible debt over the next few months, to prevent conversions and dilution. The company has been able to extinguish approximately $2M in debt since March 10, 2016 while increasing the assets of $6.25M in intellectual property, inventory and tooling. The company revenues pay for our operational costs, while we roll out the newest broadcast product 'SyncPal' and commence the new R&D on our Augmented/Virtual Reality product."
ABOUT SIMLATUS: www.simlatus.com
Simlatus Corporation designs, manufactures and sells audio and video broadcast equipment worldwide. Our engineers build and thoroughly test these items in-house while we provide exceptional service and our products are built to the highest professional standards and rugged design. The company has a current expanding revenue base in the broadcast industry with long-term national and international distribution. The current customers of our products include large broadcast giants such as CBS, NBC, ABC, FOX, ESPN and DIRECTV, plus the many smaller broadcast customers which include religious facilities, international broadcast facilities and colleges, as well as various radio stations. The new product designed in augmented/virtual reality markets allow the company to capitalize in this $120B growing industry.
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.