SOURCE: iPackets International, Inc.

March 14, 2007 17:50 ET

iPackets Responds to Temporary 10-Day Trading Halt

VANCOUVER, BC -- (MARKET WIRE) -- March 14, 2007 -- iPackets International, Inc. ("iPackets" or the "Company") (PINKSHEETS: IPKL), a developer and provider of wireless communications software and equipment for the mine-safety industry, announced today that, following a week-long internal investigation into allegations made by the United States Securities and Exchange Commission (the "Commission") on March 8, 2007, they have responded to the recent 10-day temporary trading halt in the Company's stock.

According to a March 8, 2007 press release, the Commission ordered a trading suspension on iPackets because of questions that had arisen regarding the adequacy and accuracy of publicly disseminated information concerning among other things: (1) the Company's assets, (2) the Company's business operations, (3) the Company's current financial condition, and/or (4) financing arrangements involving the issuance of the Company's shares. Additionally, there may have been concerns regarding a "spam" email campaign that the Commission may have believed the Company had been involved in.

On Friday 3/9/2007, the Company couriered a package to the Commission consisting of three binders that contain information on the Company's business plan, current financial statements, executed agreements and building designs for its Chinese Joint Venture (in English and Chinese languages), and many other documents.

Further, with respect to alleged "spam" email campaigns, following a 5-day internal investigation, the Company unequivocally declares that it has not participated in, nor does the Company know of, any spam email campaigns that were either initiated, directed or that otherwise involved any named officer or director of the Company, or any employee or contractor that works with or for the Company.

Mr. Naiel Kanno, President and CEO of iPackets, has had a number of telephone conversations with the Commission staff attorneys and has expressed the Company's willingness to cooperate fully in any investigation to resolve any issue that might have prompted the Commission to temporarily halt trading of the Company's stock.

Mr. Kanno commented: "We have nothing to hide with respect to any investigation into our business affairs. All corporate actions we have taken fully comply with the various rules and regulations. We are a small company with unique validated technologies and an exceptional team of highly experienced professionals committed to high standards of business ethics, executing on our business plan, and creating value for our shareholders. We look forward to further discussions with the Commission, and of course, we hope for the resumption of our stock being traded again as soon as possible."

About iPackets International, Inc. and iPMine

iPackets International is a developer and provider of wireless communications software and equipment for the global mine-safety industry. iPMine, the company's flagship product designed to significantly improve the safety of miners and equipment, is a real-time two-way wireless communications solution that tracks, monitors, and communicates with miners and equipment underground and above ground. For more information, visit www.ipackets.com.

Certain statements included in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations.

Contact Information

  • Contact:
    Mr. Naiel Kanno
    1 (778) 328-9005