SATX Inc. Signs Letter of Intent to Purchase STOVEACT Inc.
10 November 1999
SATX Inc. Signs Letter of Intent to Purchase STOVEACT Inc. Founded and Developed by Two Los Angeles Police Officers, With Patented Technology, for Elimnating High Speed Auto Pursuits
TAMPA, Fla.--Nov. 10, 1999--SATX (OTC BB:SATX) Wednesday announced that it has signed a Letter of Intent with STOVEACT Inc., of Los Angeles, to acquire their private company in a stock exchange.Since 1994 STOVEACT has been researching and developing a breakthrough, pager-activated system for disabling and recovering stolen vehicles.
The company's goal has been to create a safe, proven and affordable system that could protect both vehicles and lives threatened by stolen cars and the high-speed pursuits that usually occur. That goal is now a reality with the STOVEACT patented product being introduced into the marketplace.
STOVEACT (www.Stoveact.com), plans to expand its product line into locating and tracking devices and therefore is a perfect complement to the SATX family product line. AlphaTrak units locate and track objects through the use of GPS equipment in conjunction with the SATX patented paging-communication technology.
With the combination of both companies' patented technologies, the resultant products will be able to locate, track, monitor and disable moving vehicles.
SATX CEO, Merritt Jesson stated during the announcement, "Such a business combination is the perfect solution to both companies' goals and objectives in vehicle tracking, locating and recovery. It sets our product line apart from anything available in the industry at this time. We are all very excited about the business prospects now available."
The STOVEACT solution is the culmination of the efforts of L.A. City Police Officers, and STOVEACT founders and principals, Joe Escareno and Manny Argomaniz to create a solution to control the serious problem of stolen vehicles and the devastating effects of high-speed pursuits.
As Escareno, president of STOVEACT stated, "There are more than 1,300,000 vehicles stolen in the United States every year. At this moment auto theft is a major problem, and it has no solution. We at STOVEACT believe that our new products represent a real solution to this serious problem once it is widely deployed in vehicles."
STOVEACT co-founder and company Vice President, LAPD officer Argomaniz added, "California alone had over 110,000 vehicles stolen in 1997 and more than 2,600 high-speed pursuits across the state in that year alone, and there were 600 officers and civilians injured in addition to the 377 individuals killed. We intend to have a very positive impact in reducing these horrible statistics."
SATX's locating and tracking capabilities with the addition of the STOVEACT alert and disabling capabilities combine to create an exciting solution that will have a positive impact on vehicle location and recovery, in addition to helping save lives and reduce high-speed pursuits. Both companies believe that, together, they will revolutionize the vehicle protection industry.
The combined products will take advantage of SATX's one- and two-way paging patents which offer an array of other benefits to consumers. Benefits include the ability to actively track and report a car's location, remotely lock or unlock doors, raise or lower windows, provide voice warnings and visual signals and help to reduce the cost of insurance and auto club protection by significantly lowering risk and exposure.
STOVEACT products will begin shipping in early December 1999 to dealer installation facilities on the East and West coasts.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known risks and uncertainties, which may cause the company's actual results in the future to differ materially from forecasted results.