SOURCE: Innovative Communications Technologies

July 12, 2007 14:00 ET

ICT to Participate in One Million Dollar Financing

SEATTLE, WA--(Marketwire - July 12, 2007) - Innovative Communications Technologies, Inc. (PINKSHEETS: ICTN) announces that it has agreed to participate in a financing of up to one million dollars to the benefit of ReelTime Rentals, Inc. in conjunction with a group of private investors. Innovative currently owns approximately 21% of ReelTime Rentals, Inc. and is aiming to further solidify its long-term technical relationship.

"ReelTime's Intelligent Rapid Delivery System (IRDS) and content management is one of the most recent successful technologies that have stemmed from Innovative's research and development team," said Joel Edwards, Director of Business Development. "Its success has facilitated several new and evolving technologies that are currently in development."

About Innovative Communications Technologies

Innovative Communications Technologies is a communications specific technology development company and, since 1989, has been a pioneer in the development and positioning of private telecommunications networks for businesses. Innovative has a proven track record of developing communications specific technologies within the telecommunications, media and wireless industries. Innovative owns 21% of ReelTime Rentals, Inc., 30% of Exosphere Aircraft Company, Inc. (PINKSHEETS: EXSA) and 100% of privately held ICT Private Networks and Universal IP technologies.

Safe harbor statement under the private Securities Litigation reform Act of 1995

This news release contains forward-looking statements, including statements regarding Innovative's expectations about successfully expanding its GPTN business and securing significant additional customers for its products or services. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied in such statements. These risks and uncertainties include the inability to manage expected growth, the loss of a large customer, the failure to realize the increased revenues and improved operating margins that the Company has associated with sales of GPTN, the loss of any key personnel, tightening regulation of the communications technologies and channels used in our systems, our inability to introduce new services that are accepted by the market, the loss or non-performance of our sales representatives, unfavorable results of existing and potential litigation, and the possibility that competitors could develop or acquire technology that could erode Innovative's technical advantages. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained in this news release.

Contact Information

  • Contact:
    Barry Henthorn
    CEO
    Innovative Communications Technologies, Inc.
    206-812-3500
    www.ict.net