Satellite Security Systems (fka SSCY)

[Zone_Buster]

As we sit here at $0.035 and take inventory of what we have, we realize it isn't much. Satellite has no employees (as they sent them home for good months ago) or business. We basically allowed the loan sharks to take all of our assets due to our loan default. So, here we sit with nothing but a corporate shell. What are the chances this shell of a company can get us north of $0.50 so we can get our money out of this POS? Unfortunately, slim to none! Management (mainly this Zirk character) has demonstrated that they cannot lead a one-man parade. Again, Zirk has run this company's share price into the ground ever since he took over. And, from an investor's standpoint, share price is all that matters.

To Zirk and his lackies, THANKS A BUNCH!!!

[Zone_Buster]

All we can do now is wait for the other shoe to drop. Ever since our price fell below $0.20, I've been waiting for the
"death" PR announcing a reverse split. Hoping it doesn't happen, but management (if you can call them that) has been way too quiet for too long. Evidently, the new management talent they were rumored to be bringing on board decided to stay clear of this sinking ship. If they do announce a RS, the shorters will pile on even harder.

Zirk has taken over as CEO and all he has done is preside over a company while it stock price has gone from $0.50-$0.75 down to three freakin' pennies. THANKS, PAL!!!!!!!!!!!!!

Time to kiss this puppy goodbye!

[TRENDmendous]

SATELLITE SECURITY CORP Files SEC form 8-K, Entry into a Material Definitive Agreement, Other Events, Financial State

Form 8-K for SATELLITE SECURITY CORP

9-Mar-2007

Entry into a Material Definitive Agreement, Other Events, Financial State

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On February 23, 2007, we entered into a material definitive agreement (the "Agreement") with Allen Abraham Harington pursuant to which we have agreed to sell our shares in Orbtech Holdings Limited to Mr. Harington. Under the terms of the Agreement, we will transfer 65,041,831 shares no par value capital stock of Orbtech Holdings Limited to Mr. Harington in exchange for Ten Million South African Rand (approximately $1.3 million based on current conversion rates). The closing date of the Agreement shall occur within 120 days from February 23, 2007. The description of the terms of the Agreement are qualified by reference to the entire Agreement which is being filed as an exhibit to this report.

ITEM 8.01 OTHER EVENTS.
On March 7, 2007, our operating subsidiary Satellite Security Systems' Inc. lacked sufficient working capital to continue to fund its operations in the ordinary course of business. Accordingly, our subsidiary released all of its employees. We are evaluating options for the disposition of that subsidiary or its assets.

In our Quarterly Report on Form 10-QSB for the period ended September 30, 2006, filed on November 16, 2006, we stated the following:

"We anticipate that the proceeds from the Secured Note Financing transaction, together with cash flows from operations will be sufficient to meet our anticipated expenditures into calendar year 2007. However, if we fail to reach our operating goals, or if we incur unanticipated expenses, we may require additional capital to support our continued operations. We would plan to raise any additional capital from the sale of debt or equity securities. There are no commitments or arrangements for other offerings in place. Furthermore, the terms and conditions of the Secured Note Financing transaction place substantial restrictions on our ability to raise additional capital. There is no assurance that we will be able to raise additional funds, and if we are unsuccessful, we will be forced to curtail operations or possibly be forced to evaluate a sale or liquidation of the Company's assets. Even if we are successful in raising additional funds, there is no assurance regarding the terms of any additional investment. Any future financing may involve substantial dilution to existing shareholders. "

On February 1, 2007 we issued a report on Form 8-K stating that we failed to make an interest payment in the amount of $83,178 under the terms of our outstanding secured Convertible Promissory Notes (the "Notes"), and that such failure was a triggering event giving rise to an event of default under the Notes. We also stated that our cash on hand was sufficient to support our operations only for the next 30 days, and that we were evaluating all options for reductions in operating expenses and securing additional capital.

Through the date of this report we have continued to solicit additional financing or a strategic transaction. As set forth in Item 1.01 above, effective February 23, 2007 we entered into an Agreement to sell our interest in Orbtech Holdings Limited for approximately $1.3 million, however payment under the terms of that Agreement are not due for 120 days. We have no other agreements or arrangements for financing or a strategic transaction in place at this time, and no assurances can be give concerning whether we will receive additional financing or transaction or as to the terms of any financing or transaction.

We continue to be in default under the Notes. These Notes were entered into in connection with a financing transaction on July 13, 2006 in which we issued an aggregate of $3.3 million of secured convertible promissory notes, 21,607,465 Series A Warrants and 18,006,221 Series B Warrants to certain unrelated accredited investors, as more particularly described in our Current Report on Form 8-K filed on July 18, 2006 and the exhibits thereto. The occurrence of an event of default gives the holders of the Notes the right to accelerate all outstanding obligations. We can also be compelled to reimburse note holders for their attorneys' fees and costs of collection. Our obligation under the Notes, including the repayment obligations, are secured by a lien on substantially all of our assets including our ownership interest in Satellite Security Systems, Inc. and Orbtech Holdings Limited. Under the terms of the Notes and related agreement any sale of our assets requires the consent of the holders of the Notes, and the proceeds from any sale may be applied to the repayment of the Notes.

We are continuing to seek the funds necessary to retain financial and outside professional services in order to maintain our reporting obligations under the Securities Exchange Act of 1934.

[TRENDmendous]

Yeah, I thought this company had a little more going for it. Unfortunately it is a POS (right now). I am thankful however that I was able to get in and out with a nice profit! I will continue to watch it. But am not currently in it. GLTY

[Zone_Buster]

At least the management has been consistently bad. Here is a post of mine from RB board from July, 2005 when the company was CLTR. The "Zirk" mentioned in my post is Zirk Engelbrecht, now the Chairman of the Board of Directors. This stock has gone from a high of $1.91 just inside of two years ago to 3 1/2 pennies...congrats, management, you've done well for yourselves!!! I guess some things never change:

By: Zone_Buster
28 Jul 2005, 10:54 AM EDT
Msg. 67 of 119
Jump to msg. #
Is anybody else as fed up with this POS as I am? What in the heck is management doing....working in a bunker with no contact with the investment community? Why all of the silence? I have never seen a company that supposedly on the verge of their first real profitable year remain so quiet with few, if any, meaningful PR's. Management is not gaining investor confidence with their performance these past several months.

When I first invested in this company, I was told by an acquaintance there was a big investor behind the scenes named Zirk that was involved with this company & would support this stock. I know one of the first posts on this board referred to this company as "another Zirk scam". Does anyone know if he is still even involved? Sorry for the rambling, but I guess I needed to vent. I'm upset I didn't get off this train wreck north of $1.50 for a nice profit. Now, I'm back under water big time.

Zone_Buster
- - - - -

[Zone_Buster]

The past 60 days have been a major disappointment for SSCY's stock price. After printing $0.13 before Christmas, it appeared this stock was ready to make the march back to the $0.20's. Unfortunately, this POS has such a little following and management seems to think the best policy is to bury their heads in the sand. There have been rumors of key talent joining this firm since August (see "cm3i long termer"s post from 09/24), yet we still have no PR as to whether or not this has happened. We have had two PR's announcing the departure of founder Phillips and now CFO Shields. Surely they have been replaced.....why the big secret?

We have no news on any deals. Last quarter the 10Q was released 46 days after the quarter's end. We are now 60 days after the 12/31/2006 quarter, but have nothing. It would take great news just to get us back to $0.10 or so. Unfortunately, many shareholders started buying this back when it was around a dollar.........well under water at this point.

This management team needs to get its act together and start informing the shareholders as to what is going on.....otherwise, we'll see the share price under a penny in a few weeks.

[TRENDmendous]

Form 8-K for SATELLITE SECURITY CORP


--------------------------------------------------------------------------------

1-Feb-2007

Triggering Events That Accelerate or Increase a Direct Financial Obligati



ITEM 2.04 TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF BALANCE SHEET ARRANGEMENT.
On December 31, 2006, we failed to make an interest payment in the amount of $83,178 under the terms of our outstanding secured convertible promissory notes (the "Notes"). Failure to make the interest payment within 10 days of the date due is a triggering event giving rise to an event of default under the Notes. However, we did not make the interest payment within that 10 day period of time. We have notified representatives of the holder of the Notes that we failed to make the payment because we are conserving working capital, and our cash on hand is sufficient to support our operations only for the next 30 days. We are evaluating all options for securing additional capital, but no agreements or arrangements have been reached at this time, and no assurances can be give concerning whether we will receive additional financing or the terms of that financing.

These Notes were entered into in connection with a financing transaction on July 13, 2006 in which we issued an aggregate of $3.3 million of secured convertible promissory notes, 21,607,465 Series A Warrants and 18,006,221 Series B Warrants to certain unrelated accredited investors, as more particularly described in our Current Report on Form 8-K filed on July 18, 2006 and the exhibits thereto. The Amounts outstanding under the Notes bear interest at the rate of 10% per annum, payable on a quarterly basis. As of the date of this notice the amounts outstanding under the Notes aggregate to $3,468,164.

Failure to make a mandatory interest payment results in a breach of the Notes, and gives the holders the right to accelerate all amounts due under the Notes. Under the Notes we are also compelled to reimburse holders for their attorneys' fees and costs of collection. Our obligation under the Notes, including the repayment obligations, are secured by a lien on substantially all of our assets.





ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Effective January 26, 2007, Steven Hallock resigned his position from our Board of Directors.

[Zone_Buster]

Unfortunately, it appears this POS is re-testing its 52 week lows.....not a very encouraging sign. Be wary of all of the paid pumpers on this one.

[Zone_Buster]

After dumping 150k shares earlier this afternoon at $0.09, ARCA has returned to the ask at $0.095. Let's hope they get their position unloaded so we can start our trek northward.

[Zone_Buster]

This continued pullback is a little disappointing. Today ARCA is parked at the ask at $0.09 with an apparent large supply to unload. I was expecting us to be in the middle to upper teens by now.

SSCY management has been awfully quiet on the PR front.

[TRENDmendous]

Looks like you got your pullback. eom

[Zone_Buster]

Trendmendous, please don't hold your breath waiting for Phillips' reply. He resigned earlier this month per release below:

Form 8-K for SATELLITE SECURITY CORP


--------------------------------------------------------------------------------

8-Dec-2006

Termination of a Material Definitive Agreement, Triggering Events That Ac



ITEM 1.02 TERMINATION OF MATERIAL DEFINITIVE AGREEMENT
On December 4, 2006 John L. Phillips resigned as Chief Executive Officer and as a member of our board of directors. Mr. Phillips served as our Chief Executive Officer under the terms of an Employment Agreement dated May 19, 2006 (the "Employment Agreement"). The resignation effected a termination of the Employment Agreement.

Effective December 1, 2006, Mr. Phillips was suspended him from his duties as Chief Executive Officer with pay pending a board meeting to review his performance. On December 4, 2006, Mr. Phillips tendered his resignation as Chief Executive Officer and as a director of the Company.

Mr. Phillips contends that his resignation is for "Good Reason" as defined in his Employment Agreement and that, accordingly, he is entitled to certain severance benefits. Under the terms of the Employment Agreement, Mr. Phillips' severance benefits would include payment over a period of one year of (i) an amount equal to 200% of his base salary at the time of termination, plus (ii) an amount equal to the premiums on the COBRA insurance coverage. At the time of termination, Mr. Phillips base salary under the Employment Agreement was $225,000 per annum. We dispute Mr. Phillips' assertion that he had "Good Reason" to resign and we dispute his right to claim severance benefits under the Employment Agreement.

[TRENDmendous]

I called the Transfer agent.

And she confirmed the shares as:

A/S 250,000,000
O/S 110,000,000

[TRENDmendous]

Another green day!!!

[TRENDmendous]

Runaway gap up today. EOM

[Golden Cross]

Bullish uptrend now that I missed it? I would buy any pullback right now....JMHO.......

[TRENDmendous]

One last thing: NO PUMP

I went to the other website boards and could not find anyone pumping this stock, except for me <grin>.

However, it looks like Bill Panetta just put it on his Bottombusters list: Found this today posted on plycf, then confirmed on Bills site for what it’s worth.

Posted by: Bill Panetta
In reply to: None Date:12/16/2006 12:54:41 PM
Post #of 1241

BOTTOMBUSTERS:

sljb
iweb
imds
gsct
govx
brvo
biph
neom
plycf
goih
itro
azri
gshf
vygo
sscy <<<<<<<

[TRENDmendous]

Gateway how is the ibox update going?

You still in the process of updating it? Just kidding

GLTA

[TRENDmendous]

Look at the accumulation (chaikin oscillator)

Compared to the last time it ran from this level back in mid August! This is looking good. IMO

Level 2:

Nite is the ax, watch for him to support the bid.

[TRENDmendous]

Chart:

[TRENDmendous]

Additional websites: FYI

http://www.agoracom.com/ir/satellitesecurity/
http://www.boatstation.com/ssc/intro.html
http://www.boatstation.com/
http://www.wirelessdevnet.com/news/2006/oct/04/news3.html

[TRENDmendous]

TRANSFER AGENT:

American Registrar & Transfer Co.
342 East 900 South
Salt Lake City, Utah 84111

[phone]

[TRENDmendous]

Chart setting up nice:

Parabolic SAR buy

[TRENDmendous]

11/16/06 10Q:

Autorized shares: 250,000,000
o/s: 110,981,560

[TRENDmendous]

S3 Website:

http://www.satsecurity.com/

[cm3i long termer]

[cm3i long termer]

[cm3i long termer]

A lot of talk about some mgmt moves coming.

Anyone hearing anything?....

Anyone still watching this thread?

[Golden Cross]

Very bullish cross today...I will ad to the INFO box soon...Just saw there was not a board for it...GLTA