Cyber Digital's CEO to Purchase $50,000 of Stock.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 6, 2002 Cyber Digital, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CYBD), Chief Executive Officer J.C. Chatpar announced today he intends to purchase, in the open market, with his personal funds, $50,000 of Cyber Digital's common stock in addition to the $150,000 of stock he has already purchased this year. Over the past year, Cyber Digital has received acceptance of its digital telephone systems from several entities in Nigeria. Cyber Digital envisages supplying $42 million of its wireless systems to three state governments, $26 million of its fiber optic landline systems to the federal government of Nigeria, and $11.6 million of its wireless systems to 2 Systems Technologies, Ltd., a private telephone operator. Cyber Digital is awaiting payments from the Nigerian state governments for the initial engineering services rendered on these projects as well as letters of credit towards the delivery and installation of equipment. Cyber Digital expects to be paid through implementation of Nigeria's 2002 Appropriation Act An Appropriation Act is an Act of Parliament passed by the United Kingdom Parliament which, like a Consolidated Fund Act, allows the Treasury to issue funds out the Consolidated Fund. . J.C. Chatpar said, "After several months of delay, we are pleased with the progress that is being made between the federal and state governments in Nigeria. We believe that a resolution to the implementation of the 2002 Appropriation Act will pass shortly. Upon implementation of the Appropriation Act, we expect to receive the cash payments as well as letters of credit." About Cyber Digital, Inc. Cyber Digital, Inc., is a leading manufacturer and software developer of wireless and landline digital voice switching systems Switching systems (communications) The assemblies of switching and control devices provided so that any station in a communications system may be connected as desired with any other station. for network operators worldwide. Cyber Digital is also a leading developer and provider of an array of ultra-high performance Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (IP) infrastructure software and systems such as routers, gateways, firewalls and servers for next-generation local-loop digital broadband and virtual private network (VPN (Virtual Private Network) A private network that is configured within a public network (a carrier's network or the Internet) in order to take advantage of the economies of scale and management facilities of large networks. ) applications. This press release contains forward-looking statements, pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of 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 that involve a number of risks and uncertainties that could cause actual results to differ materially. The risks and uncertainties are detailed from time to time in Cyber Digital's SEC reports and filings. Additional information may be obtained by sending email to cybd@cyberdigitalinc.com, or visiting www.cyberdigitalinc.com |
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