CALGARY, Alberta, May 25, 2005 (PRIMEZONE) -- TransAKT Corp. ("TransAKT" or the "Company") (OTCBB:TKTJF) provides the following corporate update to investors and shareholders.
With the completion of our year-end filings we thought it prudent to provide an update on the Company's developing projects and corporate goals for the upcoming year. Management is committed and dedicated to making this year the best in the Company's history and has targeted $5,000,000 in revenue for the year.
Voice Over Internet Protocol
As most are aware, we completed the purchase of the assets and business of IP Mental Inc. in October last year. Since the purchase, we have been reorganizing and enhancing our product offering and successfully debuted a total of 11 products, including our fully featured video softphone, at the CeBIT show in Hannover, Germany in March 2005. The show has led to numerous opportunities being made available to the Company and over the past number of weeks the Company has been in negotiations with several key distributors for large committed volume purchases. We feel we are close to reaching the completion of these negotiations and are expecting positive results in the very near future in several countries around the world.
The Company has worked hard to put into place a complete package for all of its global distribution partners. This package includes billing and termination (PSTN calling) which will be sources of reoccurring revenue for us.
In addition we have been working with several wireless network providers to integrate our products into their offerings. Currently, we are working on projects in China, Taiwan, and Canada with respect to Wireless Fidelity (WiFi) and Wireless Mesh networks ("Wi Mesh") Networks. Our products have passed the testing phases in all of these projects with all reports back being extremely positive and indications being given that we will win every project we have participated in.
In regards to on-going marketing efforts for our VoIP system, the Company will shortly release a free version of its computer-based soft phone having a limited feature set. It will be made available for download globally in an effort to increase awareness of the Company and its superior quality network.
Mobile Payments
In the United States, although uptake has been slow, we are still gaining traction. On that front we are about to start a trial with a well-known household furnishings Company and upon success we will see our terminals launched throughout the entire chain. Our terminals are already in use by one of the largest home plumbing repair companies in the United States.
We continue to move forward in the ever-expanding International mobile payments markets. We are confident that we will see some penetration into these markets in the near future and are in discussions with several groups on that front. The Company has plans to launch a new GSM mobile payment terminal this year for that purpose.
TrilliumPC Network Solutions Inc. ("Trillium")
The Company is continuing to move forward on its acquisition of Trillium and is in the process of completing its due diligence. We anticipate that this deal will close and that the Company will add $2.6 million in revenue per year from Trillium sales to its financials. In addition we are working with Trillium to launch an online sales site for computers, accessories, and peripherals, which will be used to sell goods across Canada. We also plan to launch the same site in the United States in the next 60 days.
Corporate
On tight budgets TransAKT has continued to move forward through dedication and commitment by all involved in the Company. We are continuing our efforts to get our Company in front of the investment community through ongoing discussions and presentations. These efforts have put us in negotiations with a large financial institution looking to become a key strategic partner of the Company. In the upcoming weeks, we will be undertaking a larger awareness campaign that is more upfront and bold for all to see which we hope will translate into greater interest in our Company. We are confident that we have positioned ourselves well to capitalize on two of the largest and most profitable sectors in the world today being banking and telecommunications. We feel we have an exciting Company and it's time others knew about it.
About TransAKT(TM) Corp. (www.transaktcorp.com)
TransAKT Corporation is a global provider of mobile payment and Voice over Internet Protocol ("VoIP") solutions. TransAKT(TM) Corp. is trading on U.S. OTCBB exchange under the symbol "TKTJF". For more information please visit www.transaktcorp.com and www.transaktusa.com.
This release contains "forward-looking statements" as per Section 21E of the US Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Management is currently reviewing many options and there is no assurance that they will not make decisions other than those now contemplated. The Company is subject to operational risks identified in documents filed with the Securities and Exchange Commission.