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Phantom Fiber Corporation Enters Into Agreement to
Acquire Application Solutions Inc. and Add $8 Million
U.S. in Expected Revenue
Press Release
July 26, 2004
TORONTO, ONTARIO--(CCNMatthews - July 26, 2004) -
Synergies between both companies allows for progressive plan to
increase sales by mobilizing enterprise channel customers
Phantom Fiber Corporation (OTCBB:PHMF), the leading provider of
secure wireless technology and mobile solutions, announced today
that it has signed a letter of intent to acquire Application
Solutions Inc. ("ASI") of Markham, Ontario.
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ASI is a full service integrator of warehouse management systems,
RFID systems, managed network and wireless services for
manufacturing, warehousing, and distribution operations. From the
stock rooms of small businesses to warehouses containing a
million square feet or more, ASI offers solutions for a variety
of data capture applications. Organized to be the most
comprehensive source for the markets it serves, ASI can act as a
supplier, systems' integrator, and/or service provider, depending
upon customer needs.
Since 1989, ASI has specialized in supply chain execution with
more than 300 successful installations across many enterprise
verticals. With over 50 established client relationships from
leading companies such as Honda, Bayer, Panasonic, Unilever,
Adidas and many others, ASI expects annual sales to reach
approximately $8 million U.S. with a profitable operating margin
projected for the current fiscal year. The acquisition will add
to Phantom Fiber's earnings going forward. ASI has also developed
an excellent track record for customer satisfaction as a result
of strong client relationships and a partner roster which
includes Phantom Fiber, Microsoft, IBM, Symbol, Intermec, and
Psion Teklogix among many others. For a complete list of
customers and partners, please visit
http://www.asiwms.com/customers_list.php and
http://www.asiwms.com/partners.php respectively.
The transaction, a combination of cash and stock, is expected to
close September 30th subject to further due diligence review and
board approval.
Jeff Halloran, President and CEO for Phantom Fiber Corporation
stated, "We are very pleased to announce this agreement as it
represents a large step forward in executing on our business
development strategy. ASI brings over a quality management team
with extensive experience in the supply chain execution field and
mobile solutions. Their team consists of 60 employees with over
14 years of successful cash-flow positive operations and as one
of our current partners, ASI has already integrated the Phantom
Framework into its operations which will accelerate the
amalgamation of our two entities. The ASI acquisition also brings
needed infrastructure in the form of hardware and software
partnerships, technology hosting facilities, call center and
helpdesk operations to service enterprise and consumer channel
clients enabled with our wireless solutions. We saw a natural fit
between our two companies which allows us to enter the
manufacturing, retail and distribution verticals more
aggressively; something we felt would be more successful through
an acquisition model. This acquisition enables us to focus our
efforts on the U.S. enterprise market through existing client and
partner relationships already established by ASI. We are excited
about the combined opportunities, working with such a great team,
and further penetrating a naturally mobile vertical market."
Greg MacNeill, President for Application Solutions Inc. said,
"Jeff Halloran has a proven track record of building a great
business in the enterprise channel. The immense opportunities
available to us through this acquisition are only realized by the
synergistic qualities both companies bring to the table. We are
very excited about the future and I am confident Jeff shares my
appreciation for ASI's experienced employee group, strong
relationships and history of success in profitability, customer
satisfaction and operations. The merging of these two companies
now positions us to rapidly expand into the supply chain arena."
As the 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 java-enabled phones, smartphones
and PDA phones 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.
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.
About Phantom Fiber Corporation
Phantom Fiber Corporation is the market leader in wireless
technology and mobile solutions that empowers any application
requiring 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 more information, please visit www.phantomfiber.com.
About Application Solutions Inc.
Application Solutions Inc. is a full service integrator of
warehouse management systems, RFID systems, managed network and
wireless services for manufacturing, warehousing, and
distribution operations. From the stock rooms of small businesses
to warehouses containing a million square feet or more, ASI
offers solutions for a variety of data capture applications.
Organized to be the most comprehensive source for the markets it
serves, ASI can act as a supplier, systems' integrator, and/or
service provider, depending upon customer needs.
For more information, please visit www.asiwms.com.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Redwood Consultants LLC
Jens Dalsgaard
Managing Director
(415) 884-0348
jnsd@aol.com
or
Phantom Fiber Corporation
Jeff Halloran
President and CEO
(416) 703-4007
jeff@phantomfiber.com
www.phantomfiber.com
or
Application Solutions Inc.
Greg MacNeill
President
(905) 513-9366
greg.macneill@asiwms.com
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