FARMINGTON HILLS, Mich., Sept. 23, 2008 (GLOBE NEWSWIRE) -- LBO Capital Corp. (Other OTC:LBOA), a Colorado corporation ("LBO Capital"), announced today signing of a Letter of Intent by its subsidiary, Advanced Digital Components, Inc., with iMobile, LLC, a New Jersey corporation ("iMobile"). The intent of the Agreement is to market mobile computer systems and vehicle telematics to aftermarket customers, and to commence a joint venture involving onboard communications systems.
Following execution of the Letter of Intent, LBO Capital and iMobile have initiated due diligence to prepare a Definitive Agreement.
iMobile is the industry leader in commercial and OEM grade vehicle PC software and systems. It focuses on offering cutting edge technology to aftermarket customers and, more importantly, providing easy to use and powerful interfaces. With its patent pending technology, iMobile is establishing a path toward making car and truck-based computing and communications a reality. For additional information, see www.imobilePC.com.
Commented Chairman and CEO, Thomas W. Itin: "This Letter of Intent represents a significant step forward by LBO Capital among efforts to develop or acquire high technology in the burgeoning onboard communications and vehicle telematics sector with potential for global roll out."
LBO Capital Corp., founded in 1988, and its subsidiaries, Global Tech International, Inc. and Advanced Digital Components, Inc., strive to acquire proven and attractive intellectual property and technology, and to capitalize on them through licensing arrangements with operating companies which recognize benefits from access to carefully selected assets of LBO Capital Corp. www.lboc.us
The statements included in this news release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1934, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings, economic downturns affecting the operations of the Company or any of its business operations, adequate financing to achieve the new strategic plans, the impact of competition, the success of products in the marketplace and the unavailability of financing to complete management's overall plans and objectives. The forward-looking statements contained in this news release involve subjects only as of the date hereof and the Company disclaims any intent or obligation to update these forward-looking statements, except as required by law.