latest news releases from the newsroom
Communications Research, Inc.
Communications Research, Inc. Enters Software Development Agreement with Arkansas School of Mathematics and Science
MAHWAH, N.J., Oct. 7, 2003 (PRIMEZONE) -- Communications Research, Inc. (Pink Sheets:CRHI) announced today they have entered into a software development agreement with the Arkansas School of Mathematics and Sciences (ASMS), Hot Springs, Arkansas to license Tele-WRITER Corporation's Tele-WRITER-AGS (Advanced Graphic System) to the School for development of an updated version of system software. The agreement provides for the updating and improvement of the Tele-WRITER, Audiographic and Collaborative Computing System to meet current software and operating system requirements. During the development, the School will, additionally, address known issues and enhancements requested by the present user base. This partnership brings resources to Communications Research that would be unattainable by the company with only a commercial software developer.
Elite Flight Solutions, Inc.
Elite Flight Solutions Expanding in Sarasota
SARASOTA, Fla., Oct. 7, 2003 (PRIMEZONE) -- Elite Flight Solutions, Inc. (OTCBB:EFLT) announced today that it sees near-term growth at its Sarasota, Florida headquarters. Elite plans on signing three new purchase agreements in October to acquire aircraft for its Sarasota jet charter services.
Altnet Signs Distribution Pact with Leading Peer-to-Peer Network Overnet
WOODLAND HILLS, Calif., Oct. 7, 2003 (PRIMEZONE) -- Altnet, a subsidiary of Brilliant Digital Entertainment (AMEX:BDE), the leading provider of secure digital media via Internet peer-to-peer technologies, announced today that it has entered into a commercial distribution agreement with MetaMachine, Inc., developer of Overnet and eDonkey 2000, two leading peer-to-peer networks. Marking a major step forward for commercializing p2p, the agreement calls for Altnet to distribute secure music, video, software and games, on behalf of artists and rights holders, to Overnet users. MetaMachine is Altnet's latest affiliate in a growing list of distribution partners that include the Kazaa Media Desktop and Excite's My Search Toolbar.
Hot Brands Inc.
Proquest Signs Letter Of Intent to Acquire Paragon Steakhouse Chain
HOLT, Mich., Oct. 7, 2003 (PRIMEZONE) -- Proquest Capital Corporation, a Nevada corporation (Pink Sheets:PROQ), announced that it has signed a letter of intent with Paragon Steakhouse Partners, Inc., a debtor-in-possession, to acquire certain assets of 10 Paragon Steakhouse locations, including leasehold interests, liquor licenses and all improvements and FF&E in the restaurants, located in Michigan, Indiana, Ohio and California. Proquest will purchase Paragon out of bankruptcy court in a $650,000 cash deal and will operate the Paragon Steakhouse units under the existing Paragon name for an agreed upon period of time.
ImageMax Announces Extension of Forbearance Agreement With Senior Lenders
FORT WASHINGTON, Pa., Oct. 7, 2003 (PRIMEZONE) -- ImageMax, Inc. (OTCBB:IMAG) announced that it has amended its Forbearance Agreement with its senior lenders, Commerce Bank, NA and FirsTrust Bank, extending the forbearance period until October 31, 2003. The amendment is necessary as the Company is in default of certain financial covenants as of September 30, 2003 (the "Default") under its senior credit facility. Pursuant to the amendment, the senior lenders agreed to continue to forbear from exercising their rights under the senior credit facility with respect to the Default through October 31, 2003, upon the satisfaction of certain conditions set forth in the amendment. As the forbearance period will expire on October 31, 2003 pursuant to the terms of the amendment, the Company will need to negotiate another amendment to extend the forbearance period and have access to its credit facilities for the balance of the 2003 fiscal year.
Occidental Petroleum Corp.
Occidental to Hold Earnings Conference Call
LOS ANGELES, Oct. 7, 2003 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) will hold a conference call on Tuesday, October 21, 2003, following the release of its third-quarter 2003 financial results. The conference call, which will begin at 11:30 a.m. EDT, may be accessed by calling 1-888-868-9080. The conference call also can be heard live on the company's website, www.oxy.com.
Northrop Grumman Corp.
Northrop Grumman Selects Gulfstream as Key Partner for U.S. Army's Aerial Common Sensor Competition
WASHINGTON, D.C. -- Association of the U.S. Army National Meeting -- Oct. 7, 2003 (PRIMEZONE) -- Northrop Grumman Corporation (NYSE:NOC) announced today that Gulfstream Aerospace, a unit of General Dynamics (NYSE:GD), has joined its team as airframe provider in the competition to develop the Aerial Common Sensor (ACS), the next-generation intelligence, surveillance, and reconnaissance (ISR) system. Gulfstream will provide its newest aircraft, the G450, as the ACS RC-20 platform.