LOS ANGELES, April 14, 2004 (PRIMEZONE) -- MB Tech, Inc. (OTCBB:MBTT) announced today that it will seek a listing on the London AIM Exchange while concurrently arranging a $15,000,000 credit line.
The line of credit would be used to develop and distribute the Company's next generation Active Phased Array Satellite Antenna and Portable Flat Antenna line of Products. The AIM Listing will facilitate the Company receiving financing and help to generate additional market liquidity for MB Tech shares through broader international market awareness.
AIM is the London Stock Exchange's global market for smaller, growing companies. Since AIM opened in 1995, more than 1200 companies have been admitted. Collectively, these companies have raised more than 14 billion US dollars whilst on AIM. AIM is operated, regulated and promoted by the London Stock Exchange.
Hanwook Bae, President of MB Tech commented, "This is a significant event for MB Tech's future and a testament to the hard work and dedication of our people." He added, "The dual listing and securing of the line of credit will enable us to fast-track the completion of the Active Phased Array antenna and our new Flat Antenna line, which we have recently completed development on."
About the Phased Array Antenna
The Phased Array Antenna is a non-directional antenna which can receive a signal regardless of the direction the antenna is facing (i.e. mobile or stationary). This product is a follow-up product to the Company's stationary auto-positioning flat antenna, for which development was completed in 2003. Testing in Asia was completed in the first quarter of 2004 and the Company is on schedule to complete testing in North America by early April of 2004. This testing is being conducted to meet the requirements of the major direct broadcast satellite (DBS) service providers in North and South America.
DBS antenna systems such as MB Tech's Active Phased Array system allow the ever growing base of mobile satellite TV users to enjoy uninterrupted service regardless of their mode of transportation. The Active Phased Array Antenna, which electronically tracks the broadcasting signal from the satellite, will enable mobile consumers to receive a clear display signal regardless of their vehicle's movement, at a consumer level price point not previously seen.
The MB Tech unit will be more advanced than current competitive systems which use passive technology and multiple servos for adjusting azimuth and elevation. The MB Tech Active Phased Array Antenna will use only one motor for azimuth and the elevation will be controlled by the phase shifter chip, producing a unit that is only 2 inches in height.
About MB Tech, Inc.
MB Tech is a global manufacturer and distributor of electronic components. MB Tech and its subsidiaries produce products for the DBS satellite industry and state of the art RF microwave and communications technologies with consumer and military applications.
MB Tech serves the satellite television market as a provider of hardware and bundled solutions, and is expanding to serve the satellite radio and military hardware and solutions sectors. MB Tech manufactures several proprietary solutions that differentiate it from competitors, including active and non-active auto-tracking (portable and stationary) flat antennas.
MB Tech pioneered advancements like the dual-horn LNB, which allows multiple set-top boxes to be connected to a single satellite dish, enabling viewing of multiple channels simultaneously on different television monitors, and a tri-horn LNB, which provides the ability to download signals from multiple satellites over a single dish.
For more information refer to the company's website at: http://www.mbtech.us
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the Company(s) may make orally in connection with this release are not historical fact and are forward-looking statements within the meaning of the private securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements, as such statements involve risks and uncertainties that could significantly impact the company's business and the actual outcome and results may differ materially.