SEATTLE, June 13, 2007 (PRIME NEWSWIRE) -- Exosphere Aircraft Company, Inc. (Pink Sheets:EXSA) and Innovative Communications Technologies, Inc. (ICT) (Pink Sheets:ICTN) announce the formalization of an ongoing strategic relationship between the two companies. ICT currently owns approximately 30% or 70M shares of Exosphere in exchange for incubation and management consulting. ICT's services have allowed Exosphere to receive funding and further their business.
"Exosphere is entering the light-sport aircraft market at a time when the field is still young. ICT's management consulting coupled with their research and development expertise provide Exosphere the needed business development support critical for success in this young industry," said Jim Bede, Director of Aeronautical Design, Exosphere Aircraft Company, Inc. "We are exceptionally proud of this valued and necessary relationship."
"It is with great pride that we have the opportunity to share in the success of Exosphere and to work with Jim Bede, a legend in General Aviation," said Ron Henthorn, COO, Innovative Communications Technologies. "This notes yet another successful venture launched from ICT, adding not only to our revenue stream but to our net worth as well."
About Exosphere Aircraft Company, Inc.
Exosphere Aircraft Company, Inc. manufactures and retails state-of-the-art light-sport aircraft (LSA) designed to meet the needs of private owners today. Exosphere is discovering ways to integrate performance, fuel efficiency and current design trends with ASTM standards set forth by the FAA, to meet the growing demand for light-sport aircraft. Jim Bede is a well-known, innovative aircraft designer and has been highly influential in the kit plane market. Bill Lear, creator of the LearJet, called Jim "the best damned airplane designer in the world." Since 1961, Bede has focused on making flying affordable for everyone, developing his own line of aircraft. The most famous of these, the BD-5 micro-plane was featured in two James Bond movies, "Octopussy" and "Die Another Day." www.bedecorp.com
About Innovative Communications Technologies
Innovative Communications Technologies is a communications specific technology development company and, since 1989, has been a pioneer in the development and positioning of private telecommunications networks for businesses. Innovative has a proven track record of developing communications specific technologies within the telecommunications, media and wireless industries. Innovative owns approximately 21% of ReelTime Rentals, Inc. (Pink Sheets:RLTR) www.reeltime.com, 70 million shares, or approximately 30% of Exosphere Aircraft Company, Inc. (Pink Sheets:EXSA) and 100% of privately held ICT Private Networks and Universal IP technologies.
Safe harbor statement under the private Securities Litigation reform Act of 1995
This news release contains forward-looking statements regarding Innovative's expectations about successfully expanding its GPTN business and securing significant additional customers for its products or services. Such forward-looking statements involve known and unknown risks and other factors that may cause actual results to differ materially from future results expressed or implied in such statements. These risks include the inability to manage expected growth, the loss of a large customer, the failure to realize the increased revenues and improved operating margins that the Company has associated with sales of GPTN, the loss of any key personnel, tightening regulation of the communications technologies and channels used in our systems, our inability to introduce new services that are accepted by the market, the loss or non-performance of our sales representatives, unfavorable results of existing and potential litigation, and the possibility that competitors could develop or acquire technology that could erode Innovative's advantages. The Company disclaims any obligation to update any such factors or to announce publicly results of any revisions to any forward-looking statements contained in this news release.