GRASS VALLEY, CA--(Marketwired - May 20, 2016) - Simlatus Corporation (OTC PINK: SIML) announces today that it has signed and approved the budget to commence both the final manufacturing schedule for the new SyncPal product, and also for the R&D Team to move forward with development on the SimLature 'Ap-Purchase' software platform for augmented/virtual reality accessories.
Mike Schatz, Chief Operations Officer, stated, "I have reviewed and approved, along with our other management, the budget and plan to complete the new SyncPal product for our existing broadcast studio users. We are targeting to make our first deliveries in 2017 and project a $30M market for the product. Further, I approved the budget for our research team to move forward immediately with the development of our first 'Ap-Purchase' product related to the fast growing $120B industry of A/R and V/R."
Mr. Schatz further stated, "The Company is busy manufacturing and assembling the $50K purchase order recently received through the Fiber Group Inc. and we anticipate a smooth manufacturing process to meet our delivery schedule."
Chairman of the Board, Robert Stillwaugh, stated, "We filed an 8K today confirming the reduction of approximately $1.6M in debt. This is derivative liability on our balance sheet that was weighting down the dilution of equity with our shareholders."
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.