Cycomm announces formation of international strategic partnership in Asia.MCLEAN, Va.--(BUSINESS WIRE)--March 25, 1997-- Receives $3 million for acquisitions and working capital Cycomm International Inc. (AMEX AMEX See: American Stock Exchange : "CYI CYI Can You Imagine ") Tuesday announced the formation of a strategic partnership with a consortium of Korean investors including Bookook Securities Co. Ltd. and Hanil Securities Co. Ltd. granting them non-exclusive rights to certain technology, products, and intellectual property in South Korea and elsewhere in Asia. Cycomm also announced the receipt of a US$3 million loan from these partners to be used for acquisitions and working capital. Albert I Albert I, king of the Belgians Albert I, 1875–1934, king of the Belgians (1909–34), nephew and successor of Leopold II. He married (1900) Elizabeth, a Bavarian princess. . Hawk, the president and 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. stated, "With this strategic partnership we are continuing our development of our network of alliances to further Cycomm's penetration of the international market. "Our recently announced acquisition of Delta Data positions us well in Europe and we will continue to seek opportunities to broaden our presence internationally." Hawk further stated, "I expect that a significant portion of the loan proceeds will be used to expand our manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. at our Sebastian, Florida Sebastian is a city in Indian River County, Florida, United States. The population was 16,181 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 18,671 [1]. and Montreal, Quebec facilities as we scale up to meet production requirements for the large contracts we have recently received for our PCMobile product. "Additionally, these funds may be used to further Cycomm's growth through our program of strategic acquisitions." The loan is in the form of 10% Convertible Notes due Feb. 28, 1999. Although Cycomm intends to repay the Notes, the holders of the Notes may convert the principal into Cycomm common stock. Such conversion would be at a price equal to 90% of the market price over the 30 day period prior to conversion and shall be at a price not to exceed $6.00 per share nor less than $3.00 per share. The Notes may only be converted over a one year period in increments of up to 25% of the face amount in each 90 day period. Bookook Securities Co. Ltd. was established in 1954 and is the fourth oldest securities firm in Korea with total assets of US$513 million and stockholders equity of US$286 million. Hanil Securities is a member of Hanil Bank, a leading commercial bank in Korea established in 1932. Hanil has total assets of US$747 million and stockholders equity of US$331 million. Cycomm International Inc., headquartered in McLean, Va. with subsidiaries in Sebastian, Fla., Portland, Ore., Boston and Albuquerque, N.M., develops, provides and manufactures a variety of information technology products, including computers and computing computing - computer systems, wireless and cellular devices, and secure communications products and other telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. . For further information, contact Laurie Rice, director of Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. or Michael Skoff, chief financial officer, at 800/885-8544. For Cycomm investor information, contact Joe Procopio at 703/506-1778. CONTACT: Cycomm International Inc., McLean Laurie Rice or Michael Skoff, 800/885-8544 or Joe Procopio, 703/506-1778 (investor information) |
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