American Millennium Corporation -- Formerly Energy Optics -- Announces Co-Development Venture With McLeodUSA.TAVARES, Fla.--(Business Wire)--July 8, 1998--American Millennium Corporation, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : AMCI AMCI Advanced Micro Controls Inc. AMCI Automotive Marketing Consultants, Inc. AMCI Air Mobility Command Instruction AMCI Associazione Italiana Medici Cattolici (Italian Association of Catholic Physicians) ) announced today that it has developed an application utilizing wireless paging technology through a co-development venture with Iowa based McLeodUSA, Inc., a full service competitive local exchange carrier (CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) ). American Millennium Corporation, Inc. ("AMCI") has, to date, delivered to McLeodUSA prototypes and pre-production models of a proprietary paging device that notifies a telephone customer of voice messages waiting, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Steve Watwood, AMCI's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Watwood and a spokesperson for McLeodUSA confirmed that a patent application for the technology use had been filed. According to McLeodUSA, the patent application is currently in pending status. McLeodUSA further confirmed that AMCI, as co-developer in the project, would be named as co-patentee on future patent applications for electrical architecture and circuit design within this particular project. Without addressing the details of exactly how the device functions, McLeodUSA verified that deployment of the units to its voice mail customers could save the company millions of dollars a year in service fees. McLeodUSA has funded the project through the pre-production model stage and is set to announce a rollout date for production and distribution of the units to its customers, according to McLeodUSA. Dan Stone, a McLeodUSA Senior Project Engineer, stated that the secondary market for the product could run into millions of units and that additional functionality could be added to later generation models. McLeodUSA currently provides a full range of integrated telecommunications services to business and residential customers in 14 states. AMCI is a developer of digital, wireline, and wireless products and solutions to the telecommunications industry. In a press release issued on June 7, 1998, it was reported that American Millennium Corporation recently merged with Energy Optics, Inc., its former parent company. State domicile acceptance of the merger and name change from Energy Optics, Inc. to American Millennium Corporation, Inc. (AMCI) is now complete along with notification to the U.S. Securities and Exchange Commission and the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. . As it was noted in that news release, AMCI plans to buy back approximately two million shares of its stock through a real estate contract recission and stock exchange. The company's most recent financial statements as reported in a filing with the Securities and Exchange Commission dated June 19, 1998, showed the real estate and improvements valued at $1.7 million while current losses from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. totaled just over $2.5 million. Additionally, provisions contained in the stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. and finial fin·i·al n. 1. Architecture A sculptured ornament, often in the shape of a leaf or flower, at the top of a gable, pinnacle, or similar structure. 2. An ornamental terminating part, as on a post or piece of furniture. liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of discontinued operations allow for elimination of approximately $1 million in debt from the company's books pending completion of the final agreements and approval of the company's auditor. Steve Watwood, CEO of AMCI, stated, "We believe that this proprietary use of paging technology has multiple applications. AMCI will continue to develop its telecommunications business with emphasis on paging applications and our reseller contract with Orbcomm. We are currently working on an application that employs both satellite and paging." This press release contains forward-looking statements that involve risk and uncertainties that could cause the company's actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements. In particular, AMCI's plans may be revised, and its actual results may differ materially from that indicated by its current plans, in each case as a result of a variety of factors, including: (i) the availability of financing and regulatory approvals; (ii) the number of potential customers in a target market; (iii) the existence of strategic alliances or relationships; (iv) technological, regulatory or other developments in the company's business; (v) changes in the competitive climate in which the company operates; and (vi) the emergence of future opportunities.
CONTACT: American Millennium Corporation, Inc., Tavares
James C. Statham, 352/742-5010
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