SOURCE: Grid Petroleum Corp.

Grid Petroleum Corp.

April 05, 2016 08:30 ET

Grid Petroleum Announces Broadcast Equipment Revenues

Company Taking Steps Towards $120B Digital Media Market

GRASS VALLEY, CA--(Marketwired - Apr 5, 2016) - Grid Petroleum Corp. (OTC PINK: GRPR) -- Grid Petroleum Corp. announces today the recent sales of their broadcast equipment and recent quotes for future purchases from the US Navy and additionally one of their Hong Kong distributors, totaling approximately $60,000.

Mike Schatz, COO of Grid Petroleum stated, "We are glad to have brought our products and management team to this company. It's now time to discuss our current revenues and move forward and demonstrate the value of our product line and future products in development. There is not enough room here to review all 75 of our distributors, but you can visit www.rjmandassociates.com and visit our distribution channels and product lines. Some of our recent sales have come from many of our major distributors. For example, we sold two analog receivers to our Miami based Telecuatro Guayaquil Corporation. These are $2,700 systems used as broadcast transfer protection switches. Our California based Ensemble Designs Inc. purchased 25 Analog Audio DA units and they continue to support our products on a regular basis." Mr. Schatz further stated, "We have been asked to quote some of our distributors who are handling government based sales, and the US Navy requested a quote worth $49,000 for the purchase of 40 Innovation 16X1 Relay Modules and 40 Innovation 16X1 X-Y 1RU Control Panels. Our Arizona based distributor, PreCo, purchased our 4 Channel AES Audio Delay; while we quoted our Hong Kong distributor, MediaTech International Ltd., for our 16X16 Analog Video Stereo Router at $6,975 each, 16X16 Analog Stereo Audio 1RU at $3,475 and 10 smaller systems including various remote control panels."

Gary Tilden, CEO, stated, "We are excited to discuss our sales and there is some very good news to report soon, and we will be making an announcement in the near future regarding a few of our newer products being developed that will enhance our existing product line and add to our revenue stream, as well as other products that will open doors into the augmented/virtual reality markets. The company is preparing to file the PRE14C for the new name change of Simlatus Corporation for this week and has begun to work on the annual audit 10-K filing which is due by June-2016. Our revenues will be reported on the future filings of this company."

Grid Petroleum Corp. has recently purchased the $6.2M RJM asset of broadcast equipment technology and appointed Robert Stillwaugh as its new Chairman, Gary Tilden as Chief Executive Officer and Mike Schatz as Chief Operations Officer as a part of acquiring the assets of RJM and Associates LLC, and pursuant to the Form 8-K filed on March 10, 2016. RJM and Associates, LLC has developed, manufactures, markets and owns proprietary advanced broadcast equipment and software and sells this audio and video broadcast equipment worldwide. These systems have been sold worldwide over the past 15 years including some of the major world dominant broadcast companies such as CBS, FOX, NBC, ESPN, ABC and DirecTV.

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.

Contact Information

  • Investors:

    Gary B. Tilden
    Chief Executive Officer
    Grid Petroleum Corp.
    (800) 390-8446
    info@gridpetro.com