SOURCE: Simlatus Corporation
June 28, 2016 08:30 ET
GRASS VALLEY, CA--(Marketwired - Jun 28, 2016) - Simlatus Corporation (OTC PINK: SIML) (SEC Reporting) Simlatus Corporation designs, manufactures and distributes audio and video broadcast equipment worldwide to some of the most prestigious broadcast giants such as CBS, NBC, ABC, FOX, ESPN and DIRECTV. The company has a current expanding revenue base in the broadcast industry with long-term national and international distribution. SIML will launch SyncPal™ in 2017 with a target of $30M in sales, while commencing design of new products in the dynamic Augmented/Virtual Reality (AVR) markets which will allow the company to capitalize in this $120B growing industry.
Chairman Robert Stillwaugh stated, "Simlatus delivered a good underlying performance during the past 90 days commencing the Asset Purchase Agreement and new business reorganization of March 9, 2016, with the overall results reflecting corrective procedures from the previous business of Grid Petroleum Corporation. Our higher technology broadcast products continue to grow well, while the traditional broadcast and older products have faced challenging market conditions. The Group is investing in its higher technology products and driving new product launches while taking proactive actions to streamline certain activities with lower growth prospects. These self-help actions are progressing to plan and some further actions are being taken to drive profitable medium-term growth despite uncertain market conditions. The Board remains confident about the Company's future and we are now discussing a stock buy-back and dividend program for our shareholders in 2017. The final dividend, subject to shareholder approval at the 2017 Annual General Meeting in January 2017, will be paid on July 15, 2017."
Mr. Stillwaugh further stated, "The Board has continued to develop the Group's strategy with its focus on our core Broadcast and Augmented/Virtual Reality markets particularly given the context of the fast pace of change in technology and market needs. In April 2016 we announced an addition to our existing 55 products, the intent to add the new SyncPal™ to our major shareholders showcasing our key brands and growth strategy through: allocating resources to the fast growing broadcast markets and a focus on sharing opportunities; increasing resources, brand presence and sales with support from the National Association of Broadcasting (NAB); and continuing to make strategic changes which make financial sense."
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.
Gary B. Tilden
Gary B. Tilden
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