PLFM- NEWS Platforms Wireless International Appoints Ray Magana New President and CEO Wednesday August 1, 4:30 pm ET
LOS ANGELES--(BUSINESS WIRE)--Platforms Wireless International Corporation, (Pink Sheets:PLFM - News; www.plfm.net), the developer of the innovative Airborne Relay Communications "ARC" System Core Technology for wireless voice and data communications, announced today that Raymond Magana has been appointed as the Company's new President and CEO, following William C. Martin's resignation of his board and officer positions with the Company. ADVERTISEMENT
Ray Magana, an attorney and the Board's Lead Director, was named as Mr. Martin's successor effective immediately. Ratification of Mr. Magana's appointment is expected at the Board of Directors meeting to be held on August 9, 2007.
Mr. Martin's resignation comes in response to a judgment entered yesterday in San Diego in a case brought by the Securities Exchange Commission in 2004. The Court entered judgment on rulings holding the Company, Mr. Martin and a former officer, Francois Draper, liable for alleged violations of Section 5 of the Securities Act of 1933 stemming from two sets of transactions in 2000; and also holding the Company, Mr. Martin, Mr. Draper, and Mr. Robert D. Perry, the Company's former president, liable for alleged violations of Section 10(b) of the Securities Exchange Act of 1934 and the SEC's Rule 10b-5 stemming from four press releases in the 2000/2001 timeframe, after the SEC declined to go to trial on its remaining claims. The judgment awards the SEC approximately $2 million, and imposes injunctions and officer/director bars on certain parties, but the Company has moved the court to reconsider its ruling and intends to vigorously appeal the ruling. A hearing on the Company's motion for reconsideration is scheduled for August 24, 2007.
Ray Magana observed: "We are all saddened by Mr. Martin's resignation and disappointed by the court's ruling, which comes just as the company is moving forward on exciting developments with its RECOM-911(TM) and ROSETTA-911(TM) Interoperable Communications Systems, and continues to make progress with its efforts to supply federal and state agencies with its products and services. Mr. Martin has been the chief driving force of the company for almost ten years, overcoming a myriad of challenges, while keeping Platforms' eye on the prize: bringing to market the Company's exciting airborne telecommunications technology, which can provide a tremendous service for national security purposes, as well as provide an exceptional vehicle for progress to emerging and developing nations. We thank Mr. Martin for his invaluable contributions and investment in our Company. Although Mr. Martin's leadership will be missed, we expect he will remain as an employee or consultant for the company, bringing to bear his experience, knowledge, and unwavering belief in the Company we all share."
Mr. Magana concluded: "Our shareholders should know that the Company will vigorously contest and appeal the award through its attorneys, Payne & Fears, as we believe the judgment is misguided, giving the SEC an unjustified windfall at the expense of the Company's shareholders. In addition to contesting the award, however, I intend to do everything in my power to protect shareholder value, continue to advance the business and technology development momentum of the Company, make certain that we take all necessary steps to maintain full regulatory compliance, and avoid any further controversies with the SEC. Yesterday's judgment is very unfortunate, but we believe in our Company, and believe that our products are on the verge of hitting their stride in the market. We will maintain corporate continuity and remain focused on the sales efforts for our advanced airborne communications products, which are now beginning to bear fruit. We thank our patient shareholders and the management that have made it possible for our company to come so far."
ABOUT PLATFORMS WIRELESS INTERNATIONAL CORPORATION (OTC: "PLFM")
Platforms Wireless International Corporation, headquartered in Westlake Village, California, is the developer of the innovative airborne wireless communications technology known as the Airborne Relay Communications "ARC" System Core Technology(TM). The ARC System Core Technology is designed to provide multiple wide area wireless telecommunications services from a lighter-than-air platform suspended 1,000 to 5,000 meters above mean sea level by a tethered aerostat. The RECOM-911(TM), "Rapid Response Emergency Communications System," is the Company's flagship product, and a derivative system product of the ARC System Core Technology. The RECOM-911(TM) System is an airborne, rapid response emergency communications system that can be readily transported to critical emergency and natural or man-made disaster locations. The System provides a cellular communications airborne service coverage diameter of 220-kilometers, or a 60 to 70-mile radius, with a service capacity of 35,000 to 50,000 users. The RECOM-911(TM) System interfaces with the ROSETTA-911(TM) System to provide VHF, UHF, 800 MHz radio and cellular interoperability facilities with Internet/VOIP communications connectivity. The ROSETTA-911(TM) System can also operate as a separate, transportable, independent interoperable communications field station. Management believes its advances in the field of airborne wireless communications technology, reinforced by new product developments, will provide efficient, cost-effective, voice and data communications solutions for rapid response to critical emergencies and natural or man-made disasters, and for augmenting, replacing, and/or supplementing terrestrial land-line and wireless telecommunications infrastructures. For more information on Platforms Wireless, please visit http://www.plfm.net
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