IRVINE, Calif., Feb. 18, 2004 (PRIMEZONE) -- Military Communications Technologies Inc. (OTCBB:MLTA), announced today that the Board of Directors have approved the issue of a Common Stock Dividend of MLTA shares effective for all shareholders of record as of the 29th of February 2004.
The approved stock dividend is based upon a 1:15 ratio, whereby every shareholder of record will be entitled to receive one (1) free share of MLTA restricted common stock for every fifteen (15) shares of common stock, Reg. 144 and/or free trading shares, owned and held by them.
The Board of Directors and the management of MLTA wish to express their sincere appreciation to the many shareholders of the company who have shown their continued loyal support for the company through some often difficult times.
Similarly the Directors and management would like to express their gratitude to that loyal band of believers in the SpectruCell SDR & PC4 technology, many of who have followed the technology from its initial stages in 1999.
"We are confident that in the coming months the company will demonstrate an unprecedented degree of progress world wide towards the acceptance of the proprietary and revolutionary SDR radio and base station wireless technology in the areas of Homeland Defense, and the Military and Commercial Telco markets. The groundswell of inquiries from a diverse base of some of the worlds largest corporations in the United States, Canada, China, Korea, Japan, Europe and the UK has increased dramatically in recent months to a level we have never experienced before. Many of these new relationships are now in the contract negotiation stage, with several contracts scheduled to be finalized within the next 30- 90 days," said Roger May, Executive Director of MLTA. Full details will be announced upon completion of any new contracts.
Under the terms of the stock dividend agreement, entitled shareholders will be required to submit their share certificates to the Stock Transfer Agent for the re-issue of their existing shareholding plus the dividend bonus on new MLTA Stock Certificates. Full details regarding how shareholders can receive their stock dividend will be announced prior to the 1st of March 2004.
"The Board of Directors is pleased to issue this stock dividend to our shareholders," said Jeremy Norton, Director. "We expect this stock dividend, along with our ongoing business strategies, and the new Agency agreement, to enhance long-term shareholder value and liquidity."
About Military Technology Communications
Military Communications Technologies, Inc. is a technology company involved in the development and distribution of proprietary software defined radio (SDR) commercial and military mobile wireless network applications. The Company's core product, PC4 is specifically targeted to the demands of the Military and Homeland Defense agencies for large-scale defense grade reconfigurable wireless communications systems. PC4, which stands for Programmable, Command, Control, Compute, and Communicate, is a next-generation SDR framework and proprietary operating system uniquely designed for interoperable, lightweight and mobile military communications systems. The PC4 framework is also especially suitable for radar and high-speed digital RF and GSM surveillance systems. The Company's proprietary SpectruCell(tm) technology offers commercial wireless providers a cost-effective, software-based method to upgrade systems to next-generation standards and makes networks interoperable with most wireless protocols.
Statements in this release, which relate to other than strictly historical facts, including statements about the Company's plans and strategies, as well as management's expectations and new and existing products, technologies and opportunities, market growth, demand for acceptance of new and existing products, are forward-looking statements. The words, "believe," "expect," "anticipate," "estimate," "project," and similar expressions identify forward-looking statements that speak only as the date hereof. This press release contains certain forward-looking statements regarding Military Communications Technologies, INC. ("MLTA") its business prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause MLTA's actual business, prospects and results of operations to differ materiality from those that may be anticipated by such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by MLTA in this news release and other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect MLTA's business.