Navitrak International Clarifies Ontario Securities Commissions Cease Trade Order
NEW YORK, Oct. 31, 2005 -- Navitrak International Corporation (Trading Symbol: NVKI) would like to clarify recent press releases issued by the Ontario Securities Commission and B.C. Securities Commission.
On November 12, 2004, Navitrak International Corporation, a Nevada corporation, ("Navitrak Nevada") acquired all of the assets of Navitrak International Corporation, an Ontario Canada corporation ("Navitrak Canada"). As part of the acquisition Navitrak Nevada acquired all the rights to the trademarks and names formerly owned by Navitrak Canada. Also, in exchange for the assets of Navitrak Canada, Navitrak Nevada issued 700,000 shares of its common stock and assumed certain debts of Navitrak Canada. Subsequently, Navitrak Canada became an inactive company holding only the 700,000 shares of Navitrak Nevada.
According to the Ontario Securities Commission, Navitrak Canada (symbol NV.H and NAVKF), CUSIP #63934A106 has failed to file its annual and quarterly reports with the Ontario Securities Commission and is subject to a "Cease Trade" order by various Canadian regulatory bodies.
Navitrak Nevada (symbol NVKI), CUSIP #63936N106 is a Nevada Corporation whose shares are quoted on the over-the-counter market in the United States. It is not a reporting issuer in any province in Canada and it does not file any reports or other documentation with any Canadian securities commission. The recent releases with respect to delinquent filer status in British Columbia, Ontario and Alberta by Navitrak International Corporation pertain only to obligations of the Canadian company of that name. The wire services that published these notices were in error when they included the stock symbol "NVKI" in their releases, and the Nevada company has asked that they publish a retraction or clarification.
About Navitrak: Navitrak designs and supports real-time sensor control systems that acquire, fuse, and dynamically display geographic and sensor data on moving platforms. We distribute essential information so that customers can execute their missions with greater certainty
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. Forward looking statements in this press release include our belief that we distribute essential information so that customers can execute their missions with greater certainty. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward looking statements.
Corporate Headquarters Navitrak International Corporation 405 Park Avenue, 15th Floor New York, NY 10022 Telephone: 800-661-7830 Fax: 888-639-4097 Investment Information: J.A. Michie, Managing Director G.M. Capital Partners, Ltd Usteristrasse19, CH-8023 Zurich, Switzerland Tel: +41.44.226.5000 Tel: (800) 647-9877 Fax: +41.44.226.5009 Email: jam@gmcapital.com