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Pivotal Self-Service Technologies Inc. Signs Definitive Share Exchange Agreement to Acquire Phantom Fiber Corporation
Press Release
April 22, 2004
TORONTO, ONTARIO--(CCNMatthews - Apr 22, 2004) - Pivotal
Self-Service Technologies Inc. (the "Company") (OTCBB: PVSS)
announced today that it has signed a definitive Share Exchange
Agreement to acquire Phantom Fiber Corporation, a leading
provider of secure wireless technology and mobile solutions.
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As part of the Share Exchange Agreement, Pivotal Self-Service
Technologies Inc. will issue 137,410,735 shares for all the
issued and outstanding common shares of Phantom Fiber Corporation
and 30,000,000 common shares and warrants to purchase an
additional 15,000,000 common shares to the holders of $1,200,000
of convertible debentures of Phantom Fiber Corporation.
The formal closing of this transaction is subject to certain
approvals by the shareholders of the corporation, including
increasing the authorized number of common shares from
150,000,000 to 400,000,000 and a change in name from Pivotal Self
Service Technologies Inc. to Phantom Fiber Corporation.
Concurrent with closing, all of the Company's officers and
directors will resign and will be replaced with nominees of
Phantom Fiber. In order to attract and retain quality management,
the Company will also seek to increase the number of shares
issuable under the stock options plan from 3,000,000 to
20,000,000. Formal closing of the transaction will occur within 3
business days after shareholder consent has been received. The
Company will be filing the preliminary proxy information with the
SEC shortly.
As a leading provider of secure wireless technology and mobile
solutions, Phantom Fiber has launched an innovative wireless
software framework that empowers enterprises to efficiently
deploy commercial and productivity applications with high
performance functionality onto hand held devices, smart phones
and PDA's across many communication platforms. Phantom Fiber
delivers robust and secure, client / server applications, which
are able to generate real revenue models and measurable returns.
With solutions built for e-commerce, finance, field service,
health and entertainment, the technology extends at anytime from
anywhere to the hands of a mobile user. For more details on the
company, technology and products, please visit
www.phantomfiber.com.
John Simmonds, Chief Executive Officer commented; "I believe the
proposed Phantom Fiber acquisition presents an excellent
opportunity for the shareholders of Pivotal. Opportunities in
this field are creating a lot of interest and I'm pleased that we
were able to structure what I believe was a fair deal for all
concerned. I'm confident that this transaction will meet with the
approval of the shareholders and look forward to watching the
future unfold under new management."
Jeff Halloran, President and CEO of Phantom Fiber, stated,
"Phantom Fiber is firmly positioned to capitalize on the many
opportunities available in the ever-growing mobile marketplace.
Our recent technology update announcing full support for
additional major mobile phone platforms enables our company to
deliver complete device coverage for our clients' applications
based on specific market and consumer demand characteristics.
With this transaction, Phantom Fiber is able to pursue other key
verticals and international markets more aggressively allowing us
to continue to execute on our market penetration strategies."
This release includes projections of future results and
"forward-looking statements" as that term is defined in Sections
27A of the Securities Act of 1933 as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934 as
amended (the "Exchange Act"). All statements that are included in
this release, other than statements of historical fact, are
forward-looking statements. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to have been correct. Important factors that could cause
actual results to differ materially from the expectations are
disclosed in this release, including, without limitation, in
conjunction with those forward-looking statements contained in
this release.
Pivotal Self-Service Technologies Inc.
Pivotal Self-Service Technologies Inc., through its operating
division Pivotec, is a distributor and sales representative of
high quality electronic products. Pivotec is also preparing to
launch the distribution of various license-based products.
Pivotal through its wholly owned subsidiary Prime Battery
Products Ltd. has an exclusive agreement for the distribution of
the Konnoc brand of batteries and flashlights throughout North
America.
About Phantom Fiber Inc.
Phantom Fiber Inc., a wholly-owned subsidiary of Phantom Fiber
Corporation, is the market leader in wireless technology and
mobile solutions that empowers any application with high
performance functionality on today's mobile devices and wireless
data communication networks. Phantom Fiber's success is due to
its unique ability to deliver a rich client experience without
compromising on performance or security. Phantom Fiber extends
the enterprise reach anytime, anywhere, on any device.
FOR FURTHER INFORMATION PLEASE CONTACT:
Redwood Consultants LLC
Jens Dalsgaard
(415) 884-0348
or
Phantom Fiber Corporation
Jeff Halloran
President and CEO
416-703-4007
jeff@phantomfiber.com
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