FORT LAUDERDALE, FL--(Marketwired - Feb 11, 2014) - SpectralCast, Inc. (OTC Pink: SAEED) is pleased to announce that the company has completed its previously announced acquisition of Orbital Laboratories Inc. "We are pleased to complete this transaction which represents a very exciting milestone in SpectralCast's evolution as a company," said SpectralCast CEO, Carl Conte.
As previously announced, there will be changes to management and the Board of Directors. Carl Conte will step down as CEO and Robert Meyer, CEO of Orbital Laboratories, will be appointed as CEO and as a Director. Sreenath Reddy will step down from his management role, but will remain as a Director. James Lavoie will be appointed in Mr. Reddy's place as Vice President. James Lavoie, Bernard Hale, and Noel Krantz will also be joining the Board of Directors. "Robert, James, Bernard, and Noel will be fantastic additions to the Company, their respective experiences in global business will be critical to our mission of delivering value to our shareholders. We expect to achieve great success with them at the helm of our Company", added Mr. Conte. All management changes will be effective by February 12th, 2014.
Robert Meyer has a broad base of experience in the high tech world of computers and communication. He has been involved in several successful companies in developing specialized programming, encryption technology, video streaming, and cellular communications in both the civilian world and government agencies. Mr. Meyer gained experience in the communications industry by serving for four years as Chief Technology Officer of Global Access Telephone and Technology, Inc., where he was responsible for hardware design and software development. Mr. Meyer was also one of the first people hired at AutoDesk, Inc. where, as head of production, he successfully managed the growth of his department. Mr. Meyer served in the Army and later in the Army Reserves.
SpectralCast is also pleased to announce that the company has completed its previously announced ticker symbol change. The new ticker symbol will be 'SPEC'. Trading under the new symbol will be effective as of beginning of trading tomorrow morning, February 12th, 2014. The previous symbol was 'SAEED'. "The ticker symbol change is a first step in aligning our key business objectives with our public equity. Now, with the right people, plans and share structure in place, we are ready to advance the development of SpectralCast along a new and exciting strategic path", stated incoming CEO, Robert Meyer.
SpectralCast received notification from the Financial industry Regulatory Authority (FINRA) that the Company's symbol change was formally approved, effective January 27th, 2014.
About SpectralCast, Inc. - SpectralCast, Inc. is a designer, manufacturer of specialty electronics. We integrate and cultivate high-tech consumer electronic products with the aim of building a global encrypted network -- the Orbital Organic Network, also known as the Overnet™. Our wireless layer creates an individually controlled content environment with access to all forms of media obtained through one location source. Orbital has designed patented solutions for creating a public/private terrestrial network, through the mass deployment of technologies that will change the way we interact with each other and our environments. After making a name for ourselves with the sales of commercial-grade premium LCD televisions, we have moved into worldwide design, manufacturing and distribution of specialty electronics with global impact. For more information on Orbital Laboratories Inc. please visit the company website at http://www.spectralcast.com or at www.fundable.com/orbital-laboratories-inc
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company and all affiliated parties do not assume any duty to publicly update or revise the material contained herein.