LOS ANGELES, Feb. 16, 2005 (PRIMEZONE) -- Platforms Wireless International Corporation (Pink Sheets:PLFM) (www.plfm.net), the developer of the innovative Airborne Relay Communications "ARC" System for wireless voice and data communications, today responded to a press release issued recently by a former member of its Board of Directors, Alvin Bojar. In a personally issued press release, not authorized by the Company, Mr. Bojar reported last week that he had resigned from the Platform's Board and he gave a litany of purported reasons for his resignation.
Platforms' Chairman and CEO, William C. Martin, commented: "Mr. Bojar's personal press release completely misstates the real record." Mr. Martin noted that Mr. Bojar was terminated as Lead Director of the Company, for cause, by a unanimous vote at the last meeting of the Board of Directors, on December 1, 2004, more than a month prior to Mr. Bojar's recent "resignation" publication. On January 11, 2005, Mr. Bojar was formally notified of his termination as Lead Director, for cause, and he was also advised that Platforms' General Counsel was proceeding with a formal investigation into his actions while serving as a Director of the Company. If proven, Mr. Bojar's reported activities, and those of his associates, would constitute self-serving conflict of interest violations, which egregiously breach his fiduciary responsibilities as a Director of the Company in a well-orchestrated attempt to usurp control of the Company and convert corporate opportunities for personal gain.
Mr. Martin further commented: "Mr. Bojar's "resignation" publication is simply his final resort to damage the Company in the face of his aborted attempt to usurp control of the Company and convert its hard-earned business opportunities for personal gain. Mr. Bojar's press release is nothing more than a thinly-veiled attempt to divert attention from the Company's investigation into his actions while serving on the Board."
Paul Kelly, Vice President and General Counsel for Platforms, stated: "The Company's attempts to obtain Alvin Bojar's cooperation in the investigation of his actions while he served on the Board have proven unsuccessful." Mr. Kelly further commented: "Platforms and its management are committed to safeguarding and protecting the Company's proprietary airborne communications technology, its customer base, and business opportunities. The Company will not allow any individual, particularly a rogue ex-director, to misappropriate corporate assets or convert corporate business opportunities for personal gain." Mr. Kelly added that the Bojar investigation is nearing completion, and he anticipates presenting his findings and recommendations to the Board shortly.
About Platforms Wireless International Corporation
Platforms Wireless International Corporation, headquartered in Los Angeles, California, is the developer and marketer of the innovative airborne wireless communications technology known as the Airborne Relay Communications "ARC" System. ARC Systems are designed to provide wide area wireless telecommunications services from a lighter-than-air (LTA) platform suspended three to four kilometers above the earth's surface by a tethered aerostat. The wireless service coverage footprint of each ARC System is approximately 38,000 square kilometers, or a 220 kilometer diameter, depending on specific System capabilities and customer requirements. Management believes its advances in the field of airborne wireless communications technology can provide an efficient, cost-effective, voice and data communications solution for augmenting, replacing, and/or supplementing terrestrial wireline and wireless communications infrastructures - at a savings in both cost and deployment time, compared to conventional systems.
Safe Harbor Act Disclaimer Notice
Certain statements in this news release contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential business, future plans, and expectations of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove accurate, and future events and actual results may differ materially from those stated, anticipated, and/or implied in such statements. Business, finance, technology, world events, acts of God, and/or socio-political complications and problems may arise, which could materially delay and/or prevent the implementation of any of the significant activities and/or plan(s) outlined above. The Company cautions that all forward looking statements in this news release are further qualified by many other risk factors typically inherent to a development stage corporation. The Company undertakes no obligation to update or revise any statements in this release, whether as a result of new information, future events or otherwise.