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Phantom Fiber And ASI Have Mutually Agreed To End
Acquisition Discussions
Press Release
Sept. 14, 2004
TORONTO, ONTARIO--(CCNMatthews - Sept. 14, 2004) - Phantom Fiber
Corporation (OTCBB:PHMF), the leading provider of secure wireless
technology and mobile solutions, announced today that after
further negotiations with Applications Solutions Inc., both
parties have been unable to reach mutually agreeable terms to the
acquisition. While a signed non-binding letter of intent to
acquire ASI was vigorously pursued by both companies, continuing
discussions failed to generate workable terms acceptable to both
companies under the proposed transaction. After careful
consideration, Phantom Fiber determined that synergies would not
deliver shareholder value as originally anticipated. Accordingly,
Phantom Fiber has withdrawn from further discussion and has no
plans to pursue the matter further.
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With the Phantom Framework already integrated into existing
operations, ASI will continue to be an important partner to
Phantom Fiber, providing specialized experience in supply chain
execution and mobile enterprise solutions to over 50 established
client relationships.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Redwood Consultants LLC
Jens Dalsgaard
Managing Director
(415) 884-0348
Email: JNSD@aol.com
or
Phantom Fiber Corporation
Jeff Halloran
President and CEO
(416) 703-4007
Email: jeff@phantomfiber.com
www.phantomfiber.com
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