SOURCE: Digital Lifestyles Group

March 02, 2006 06:00 ET

Digital Lifestyles Group Provides Update on Merger With Protron Digital Corporation

Anticipates Execution of Merger on or Before Week of March 6, 2006

WALNUT, CA -- (MARKET WIRE) -- March 2, 2006 -- Digital Lifestyles Group Inc. (OTC: DLFG) today announced that it anticipates entering into a definitive merger agreement with Protron Digital Corporation during the first part of the week of March 6, 2006.

Andy Teng, CEO of Digital, commented, "We are looking forward to completing the merger agreement by the first part of next week. Subsequently, we will be working diligently to timely finish the remaining items necessary to conclude the merger."

Leo Chen, CEO of Protron and Director of Digital, added, "We are excited about the progress we are making toward completing the merger between Digital and Protron. We are dedicated and focused on consummating a successful merger between Digital and Protron and plan to do so within the next few days."

While the Company believes that the definitive merger agreement will be executed, there can be no assurances that the Company will successfully complete the definitive merger agreement nor satisfy conditions subsequent associated therewith.

About Digital Lifestyles Group Inc.

Digital Lifestyles Group Inc. is a computer and consumer electronics company that designs, manufactures and markets digital lifestyle products. More information about Digital Lifestyles Group will be made available upon request.

Statements in this news release which are not purely historical facts are forward-looking statements, including statements containing the words "believe," "estimate," "project," "plan," "expect," "anticipate," or similar expressions, and statements such as those related to a potential merger with Protron Digital Corporation, the expected finalization of the merger agreement by the week of March 6, 2006, whether or not a merger transaction can be consummated and will receive shareholder approval, the time frames for consummation of the transaction, the role of the combined companies in the consumer electronic marketplace, the potential value of the proposed transaction to current and future shareholders and the prospects related to the consumer electronics industry. These statements are made within the meaning of Section 27A of the Securities Act of 1933, as amended, and the provisions of Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are based upon information available to Digital Lifestyles Group Inc. on the date of this release. Any forward-looking statement inherently involves risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the ability for the Company to raise sufficient funds to operate the business going forward, the ability of the Company to have enough resources to successfully implement the merger agreement and the restructuring plan, including the ability to generate positive cash flow from operations and the ability of the Company to satisfy its existing creditors, the ability of the Company to consummate the merger transaction, which is subject to a number of contractual, conditions, such as shareholder approval and execution of a merger agreement satisfactory to the Company, the general acceptance of the Company's products in the marketplace, the ability of the Company to compete with its competitors and other risks detailed in the company's periodic report filings with the Securities and Exchange Commission. There can be no assurance that any estimations or projections set forth in this release can be obtained. By making these forward-looking statements, the company undertakes no obligation to update these statements for revisions or changes after the date of this release. Readers are cautioned not to place undue reliance on forward-looking statements.

Contact Information

  • Investor Contact:
    Andy Teng
    (626) 625-5705