Bizcom USA Announces Agreement to Acquire Assets of Sophia Communications.Business Editors FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Sept. 19, 2003 Bizcom U.S.A., Inc. ("Bizcom") announced that it has signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Sophia Communications, Inc. to purchase substantially all of Sophia's assets, which includes a nationwide ten-channel, two regional and eight economic area 220 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. SMR (Specialized Mobile Radio) The communications services used by police, ambulances, taxicabs, trucks and other delivery vehicles. Throughout the U.S., approximately 3,000 independent operators are licensed by the FCC to offer this service, which provides always-on licenses, Sophia's radio technology and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . The acquisition is subject to certain conditions, including approval by Sophia's shareholders, approval by the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. of the license transfers, negotiation and execution of a definitive purchase agreement, and due diligence. The acquisition specifically excludes Sofia's operations in Latin America. If the conditions are met, the purchase price would be five million shares of Bizcom's restricted common stock, a promissory note payable due December 31, 2007 in the amount of $2,900,000 and bearing interest of 4% payable semiannually, which will be secured by the common stock of a Bizcom subsidiary that will own the FCC licenses, warrants to purchase one million shares of Bizcom's common stock at an exercise price subject to certain determinations, but not more than $6.00 per share for an exercise period of three years, $300,000 in cash at closing on or before October 31, 2003 and an additional $400,000 on January 31, 2004. The consideration of common stock and warrants will be held in escrow until the FCC formally authorizes Sophia to transfer the license, but Bizcom would take title to all other assets at closing. Based in Fort Lauderdale, Florida Fort Lauderdale, known as the "Venice of America" due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. The city's population is described as metropolitan, where diverse culture is commonplace. According to 2006 U.S. , Bizcom provides emergency management and first responder software, and wireless voice and data communications equipment See DCE. Data Communications Equipment - Data Communication Equipment for public safety, critical infrastructure, Homeland Security, and Industrial / Commercial markets. Bizcom also offers spectrum efficient data and voice communications networks using spectrum from its recently acquired 220 MHz licenses. Bizcom is a public reporting company, and a link to its SEC filings and other information about the company can be found on its website at: http://www.bizcomusa.net Safe Harbor Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. The forward looking statements set forth above involve risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed from time to time in the company's press releases, and public filings with the U.S. Securities and Exchange Commission. |
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