GRASS VALLEY, CA--(Marketwired - Feb 22, 2017) - Simlatus Corporation (OTC PINK: SIML) announces today that the most current disclosure of the Quarterly Filings for the period ending 12/31/2016 confirm completion of the reorganization of the company.
Chairman Robert Stillwaugh stated, "I have had a successful career in the broadcast industry stemming as far back as 50 years, working with giants such as CBS, NBC, FOX, ABC, ESPN and DirecTV. This asset combined with my long term giant broadcast studio relationships, engineering skills and business philosophy have provided Simlatus a solid foundation to generate new revenues through the sale of SyncPal and our Immersive Broadcast System, and some of our existing products that have saturated the commercial broadcast industry for the past 18 years.
On March 9, 2016 I accepted this position, and acquired the broadcast assets that I created into this company, as well as reorganized the company through a painful transition from the oil & gas industry into the immersive audio/video industry which is the largest growing industry today. With an expected $150B value, our company has two new products to compete in this new industry.
In the past nine months ending 12/31/2016 we have secured $5,000,000 funding to complete and bring to market our newest products, while decreasing our total liabilities by $5.4M; while keeping our shareholders informed along the way. We have reduced total operating expenditures by over $1M, and for the first time, we placed revenue on our books and tangible assets.
We have a great journey ahead of us while we capitalize on our existing relationships with our global distribution and with our major broadcast studios. We have accomplished all of our goals during the past nine months, and we have set new goals for the following nine months. These goals include reporting greater results from our newly installed marketing program to increase sales of our older product line, introducing SyncPal in the near future and completing the Immersive Broadcast System product.
I am confident that these next nine months will result in greater revenue, greater product recognition, and greater equity value for all of our shareholders."
ABOUT SIMLATUS: www.simlatus.com
Simlatus Corporation designs, manufactures and sells commercial audio and video broadcast equipment worldwide. The company has a current expanding revenue base in the broadcast industry with long-term national and international distribution. Our customers include large broadcast giants such as CBS, NBC, ABC, FOX, ESPN and DIRECTV, as well as many smaller broadcast customers which include religious facilities, international broadcast facilities, colleges, and radio stations. The new Simlatus-IBS™ will allow the company to capitalize in the $120B growing industry of augmented/virtual reality.
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.