SkyWay Communications (fka SWYC)

[nazgul]

Press Release Source: SkyWay Communications Holding Corp.


SkyWay Communications Holding Corporation's Board of Directors Proposes Reduction of Expenses and Elimination of Liabilities
Thursday April 28, 2:41 pm ET


CLEARWATER, Fla.--(BUSINESS WIRE)--April 28, 2005--SkyWay Communications Holding Corp. (OTCBB:SWYC - News), in association with strategic initiatives designed to effectively manage the business and increase shareholder value, announced today that SkyWay Communications Holding Corporation's Board of Directors voted to immediately move to reduce expenses and divest the company of certain unneeded assets.
Those assets under consideration for sale include the Hummer fleet, the Cessna 172 airplane, and two heavy duty bucket trucks.

In addition, several liabilities are in the process of being assigned or liquidated including the Luxury Suite at Raymond James Stadium.

The Board of Directors is currently evaluating all other company assets and expenses, and is expected to announce other cost cutting measures as appropriate.

About SkyWay Communications Holding Corporation

SkyWay Communications Holding Corporation and SkyWay is a Clearwater, Florida-based company that is developing a unique ground to air in-flight aircraft communication network that it anticipates will facilitate homeland security and in-flight entertainment. SkyWay is focused on bringing to the market a network supporting aircraft-related service including anti-terrorism support, real time in-flight surveillance and monitoring, WIFI access to the Internet, telephone service and enhanced entertainment service for commercial and private aircraft throughout the United States. Based on the final upgrading of a previous airborne telephone and communications network, SkyWay intends to provide broadband connectivity between the ground and in-flight aircraft throughout the U.S. using technology that provides a broadband high-speed data transmission. SkyWay intends to be the communications solution for commercial and private aircraft owners wanting real time access to on-board security systems, aircraft health and welfare monitoring, avionics operations and for passengers wanting real time high-speed access to the Internet. The network will enable applications that can personalize the in-flight entertainment experience, provide real time access to flight management avionics with long-term data storage and also support for ground monitoring of in-flight surveillance systems that are being designed with the goal of enhancing current airline security standards.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.



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Contact:
SkyWay Communications Holding Corp.
Steve Klein, 727-535-8211
http://www.skywayaircraftsecurity.com



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Source: SkyWay Communications Holding Corp.