SOURCE: SatMAX Corporation

March 03, 2010 09:00 ET

SatMAX Exceeds Restructuring Commitment; Eliminates $1.4 Million in Corporate Debt

HOUSTON, TX--(Marketwire - March 3, 2010) -  SatMAX (PINKSHEETS: SATM), a leading global provider of wireless, non-line of sight, satellite communications equipment, announced today it has exceeded its commitment to shareholders by eliminating a total of $1.4 million in debt. SatMAX not only restructured $800,000 worth of debt which the company originally acquired since its inception, but also eliminated an additional $600,000 more than originally planned. The substantial reduction completes a commitment the company made in a January 2010 press release when it initially announced it would eliminate and restructure approximately $800,000 of debt.

"This is a critical step in strengthening our business since it relieves a significant burden of debt while giving us an effective capital structure which allows us to achieve our true growth potential," said Don Bresina, CEO of SatMAX Corporation. "Operationally speaking, we are making outstanding progress as demonstrated by recent GSA approved reseller agreements with Houston-based TLC Engineering. TLC has serviced a variety of government clients and opens up a Gulf Coast Customer base of disaster recovery workers to SatMAX equipment and services. Also, we have now completed two orders for both ITT, a Fortune 500 company with over $10 billion in annual revenue, and defense giant, the U.S. Navy. We are showcasing exciting new technological applications as well and feel we are uniquely positioned to rapidly expand worldwide in 2010."

About SatMAX: SatMAX® satellite communications repeaters have been tested and proven with all major branches of the U.S. Military and have been purchased by four major defense contractors. SatMAX® equipment has also been used by the world's the largest, most prestigious oceanographic research institute as an integral component in identifying and quantifying global ocean warming issues. For more information, please visit www.echosatcom.com or view our product information video at http://www.echosatcom.com/index.php/video.

Forward-Looking Statements: Certain statements contained in this release issued by SatMAX Corporation (the "Company") that are not historical facts are "forward-looking" statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, and because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are statements regarding the intent, belief, or current expectations, estimates, or projections of the Company, its directors, or its officers about the Company and the industry in which it operates and are based on assumptions made by management. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements.

Contact Information

  • Contact:

    David Donlin
    Cervelle Group
    407-614-5959