HOUSTON, Aug. 21, 2008 (GLOBE NEWSWIRE) -- Remote Knowledge, Inc. (Pink Sheets:RKNW) today announced that it has entered into credit agreements which include the issuance of convertible notes totaling $4,800,000 to refinance existing debt and finance continued operations, including the testing and manufacturing of the Company's new marine communication equipment and the construction of the applicable network.
This financing was provided by a group of investors lead by Muragai, LLC, an investment company, and its affiliated company SLW International, LLC, an investment and consulting company, which are both based in Houston, Texas.
As part of this transaction, the investors have or will nominate persons for four of the five Board positions, including Farid Nagji as Chairman, who will join existing Director Dan Granader. Mr. Nagji is currently Senior Vice President, Chief Information Officer and Risk Officer for a subsidiary of Bermuda based insurance group Argo Group International Holdings, Ltd.
The new Board has immediately appointed C. Greg Peters as Chief Executive Officer, replacing founder Randy Bayne, who will remain with the company to lead marketing and sales. Mr. Peters was formerly President of Muragai. The Company has also confirmed that they have retained Mark Van Eman as Chief Operating Officer, to head all engineering, systems and network support. While the Company continues its search for a new Chief Financial Officer, an Executive Management Committee consisting of Mr. Peters, Mr. Bayne and Mr. Van Eman will be organized to manage the company affairs and report to the Board.
Mr. Nagji, Chairman of the Board, said, "Our first order of business has been to restructure the management of the Company with a goal of expediting the development and launch of our product by the end of the year." He added, "The Board will work with the new Executive Management Committee to closely monitor all developments at the Company, together with the use of proceeds from the recent financing. We will also work with our independent auditors and outside counsel to bring the Company's public filings current."
Greg Peters, Chief Executive Officer, stated, "I am very pleased to be here at RKI and we are all excited about the future of our developing products." He added, "Randy Bayne has worked tirelessly to keep the Company going during extremely challenging times and will continue to play an extremely valuable role in the future success of the company he founded."
Product testing will continue with a planned product launch in the fourth quarter of 2008. The Company's marine broadband platform will be offered in three communications configurations allowing for more flexible service and purchase options.
The Remote Knowledge product represents a fundamental change in the way affordable high-speed broadband communications will be delivered to the consumer and light-commercial marine market. The product is an "always-on", "high-speed", in-motion satellite communications and high-capacity data management system providing Internet, voice, video, fax, e-mail, location-based concierge services, entertainment content and remote on-board systems monitoring and controlling from any location.
About Remote Knowledge
Remote Knowledge, is a developer and provider of satellite based high-speed Internet, voice, video, data-management and mobile marketing applications. Remote Knowledge's technologies unite with existing global terrestrial and satellite communications networks to deliver home or office like content and entertainment services to the marine leisure market, maritime commercial customers and marine sporting events around the world.
The Remote Knowledge, Inc logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5172
Forward-Looking Statements
This information contains forward-looking statements that relate to our business. Such statements are not guarantees for future performance, and actual results could differ materially from those expressed or implied in such statements as a result of certain factors. All statements, other than statements of historical facts, included in this information that address activities, events or developments that we expect, believe, intend or anticipate will or may occur in the future, including the following matters, are forward-looking statements. These statements are based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. These forward-looking statements are subject to risks and uncertainties, including, without limitation, those associated with the availability of additional financing on favorable conditions; general economic conditions; market and business opportunities that may be presented to and pursued by us; changes in laws or regulations; and successful exploitation of our market opportunities. Significant factors that could prevent us from achieving our stated goals include, without limitation, our inability to obtain financing for research and development, manufacturing, and marketing expenditures; our inability to compete against existing or future competitors; a substantial increase in the cost of our products; declines in the market prices for our products; and adverse changes in our target markets. We undertake no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.