SOURCE: RoomLinX, Inc.

September 21, 2006 07:02 ET

RoomLinX Announces Forbearance and Settlement Agreement With Casimir Capital Investors

RoomLinX Makes Progress in Restructuring Debt and Getting SEC Filings Current

DENVER, CO -- (MARKET WIRE) -- September 21, 2006 -- RoomLinX (PINKSHEETS: RMLX), a leading provider of wireless and wired Internet solutions to the hospitality industry, today announced that it has received 100% sign off on a Forbearance and Settlement Agreement from 17 investors that invested in a $1.1MM convertible debenture that had been in default.

Under the terms of the Forbearance and Settlement Agreement, the Debenture holders have agreed to forebear from exercising any rights against the Company for an initial ninety (90) day period and during this ninety (90) day period, no additional interest will accrue on the Debentures. The Company has agreed to use its reasonable best efforts during this ninety (90) day period to raise funds to repay a portion of the Debentures, and the balance of the Debentures would convert into the securities issued by the Company in the next financing of $1,000,000 or more.

"This is a major step in restructuring our balance sheet. Besides attaining positive operating income, restructuring our debt has been a major priority. 100% support from the Casimir investor group on this agreement is a vote of confidence for RMLX and enables us to initiate a solid fund raising effort, which will help provide working capital for our continued expansion while establishing a healthy balance sheet," said Michael Wasik, CEO of RoomLinX.

RoomLinX also reported that it has filed its 2005 third quarter 10Q, and is still making progress towards being fully SEC compliant by the end of the fourth quarter.

Peter Bordes, Chairman of RoomLinX, stated, "We are very excited about the progress this management team has made in such a short period of time. The progress reported on delivering our 10Q filing brings us one step closer to being in a position to reapply for our listing on the NASDAQ OTC Market. I look forward to the future and management's ability to continue to grow our business and execute on the business plan with the same tenacity they have exhibited to date."

About RoomLinX, Inc.

RoomLinX is a pioneer in Broadband High Speed Wireless Internet connectivity, specializing in providing the most advanced Wi-Fi Wireless and Wired networking solutions for High Speed Internet access to Hotel Guests, Convention Center Exhibitors, Corporate Apartments, and Special Event participants. Designing, deploying and servicing site-specific wireless networks for the hospitality industry is RoomLinX's core competency. www.roomlinx.com

Safe Harbor

Certain statements in this news release, including statements that we "believe," "expect," "intend," "plan" or words of similar import, are forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of the Company's Securities and Exchange Commission filings available at http://www.sec.gov.

Contact Information

  • Contact:

    Michael Wasik
    CEO
    RoomLinX, Inc.
    303-544-1111 ext 101
    Email Contact

    OR

    Alan Sheinwald
    Alliance Advisors, LLC
    914-244-0062
    Email Contact