SOURCE: Platforms Wireless International

Platforms Wireless International

January 29, 2013 08:30 ET

Platforms Wireless International Issues Corporate Status Update

LOS ANGELES, CA--(Marketwire - Jan 29, 2013) - Platforms Wireless International Corporation (PINKSHEETS: PLFM) announced today the company has completed and published its unaudited financial statements through the quarter ending September 30, 2012. The Statements have been submitted to OTC Markets for compliance with corporate information disclosure requirements. The Company has also updated its registration licenses, to place it in a position to capitalize on the value of its significant Net Operating Loss (NOL) carry forward, estimated to be in excess of $72 million. Following the filings, the Company's reporting status with OTC Markets was upgraded to OTC Pink Current Information.

At present, PLFM is considering and pursuing qualified suitors interested in acquiring or merging with the Company to benefit from its $72 million NOL, as well as its experience in emergency response communications system products and technology. The Company has been in communication with several possible merger/acquisition candidates. Preliminary discussions have been held with these companies, but no final decisions or offers have been made at this time.

Considering the current and ongoing changes in the IRS Code, the Company's NOL is, in the opinion of management, a viable and increasingly valuable asset that should prove attractive to qualified suitors. The Company is presently interested in and pursuing an appropriate merger, acquisition, product infusion, strategic alliance, or outright corporate sale.

As developments warrant, the Company will issue further updates on its activities and status.

Safe Harbor Disclosure Statement

This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, which are based on the Company's current expectations, estimates, and projections about possible future events. These include, but are not limited to statements, if any, regarding business plans and efforts related to the Company's Net Operating Loss (NOL) Carry Forward, recent transactions, pro-forma financial statements, financial projections, the Company's ability to realize its business plan, growth, and efficiencies through the activities discussed herein, and the possible impact of those projected transaction on the Company's capital position, earnings, and market viability. These statements are not historical facts or guarantees of future performance, events, or results. Accordingly, such statements involve risks and uncertainties, and actual results achieved may differ materially from the Company's expectations and projections. The Company and its agents, do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For additional factors that may affect future results, please see filings and statements registered by the Company with OTC Markets.

Contact Information

  • Company Contact:
    Ronald B. Minsky
    Chief Operating Officer
    (908) 216-2787
    Email Contact