Global General Technologies, Inc. to Acquire AirSpeak before Year End.
MIAMI Miami, cities, United States
Miami (mīăm`ē, –ə).
1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Global General Technologies (OTC Bulletin Board OTC Bulletin Board
An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : GLGT GLGT Great Lakes Gas Transmission Company ), through its subsidiary H7 Security Systems, Inc. plans to close the acquisition of AirSpeak, Inc. ("AirSpeak") (www.airspeak.com) prior to the end of the year December 31, 2006. As previously announced, H7 signed a contract to acquire AirSpeak for a combination of cash, stock and the assumption of debt on January 31, 2006.
AirSpeak provides innovative mobile solutions and data access software for corporate users. AirSpeak's target market constitutes information users who require immediate access to PCs and/or corporate databases on a real time basis. The wireless products AirSpeak has developed and is selling are designed to help companies be more effective and profitable by providing users with access to immediate information remotely in a secure, safe, and efficient manner. These products increase business productivity and efficiency inexpensively.
The multi-lingual AirSpeak FLAIR mobile tablet with a 12 inch touch screen display and handwriting recognition Handwriting recognition is the ability of a computer to receive intelligible handwritten input. The image of the written text may be sensed "off line" from a piece of paper by optical scanning (optical character recognition). , provides wireless access to desktop PCs at an estimated price of $1,250 per unit. This access is not limited to the internet, but to tools such as Word, Excel and PowerPoint - the same applications and data accessible via the familiar Windows(TM) desktop interface. The data access is a more secure process than using a traditional laptop because there is no hard drive in the FLAIR; sensitive information remains resident at the location of origin.
The FLAIR is portable and used as a communication device that enables corporate employees to easily secure 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. communications or use the tablet as a stand-alone device. The FLAIR's mobile data delivery system is desirable for the security industry as the FLAIR can remotely control security equipment such as viewing video of secured areas, reviewing security parameter In cryptography, the security parameter is a variable that measures the input size of the problem. Both the resource requirements of the cryptographic algorithm or protocol as well as the adversary's probability of breaking security are expressed in terms of the security parameter. information with a command / control center, or communicating via various wireless communication mediums (mobile phones, satellite, 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 ). The patented "Flair" has attracted multi-industry attention including the gaming, healthcare, real estate, telecommunication industries such that AirSpeak has a backlog, as of September 2006, in excess of 2,000 units.
There is no assurance that the transactions contemplated by the purchase agreement will be consummated.
Global General Technologies, Inc., through its wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. H7 Security Systems, Inc., designs, implements and maintains high tech surveillance and warning systems for the prevention of terrorists attacks using its proprietary Intelligent Communication Node (ICN ICN International Council of Nurses. ) that configures and analyses many forms of real time data that permits instantaneous response decisions.
Global General Technologies, Inc. trades on the OTC Bulletin Board under the symbol GLGT. The company hopes to design, implement and maintain homeland security systems internationally with a primary focus on perimeter security of large high value facilities. The company's website is www.globalgeneraltechnologies.com.
Information included in this news release contains forward-looking statements made pursuant to 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 ("Reform Act"). Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results and performance of the Company to differ materially from any expected future results or performance, expressed or implied, by the forward-looking statements. In connection with 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 Reform Act, the Company has identified important factors that could cause actual results to differ materially from such expectations, including the failure to close the transaction with AirSpeak, lack of capital to develop and market the products, lack of marketability, operating costs, advertising and promotional efforts, the existence or absence of adverse publicity, changes in business strategy or development plans, the ability to retain management, availability, terms and deployment of capital; business abilities and judgment of personnel, availability of qualified personnel, changes in, or failure to comply with various government regulations and uncertainties relating to economic issues and competition. Reference is made to all the Company's SEC filings, including the Company's Report on Form 8-K Form 8-K
The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock.
See 8-K. regarding the transaction with AirSpeak and other periodic reports.