Platforms Wireless Releases Independently Audited Financial Statements

Apr 26, 2001, 01:00 ET from Platform Wireless International Corporation

    LOS ANGELES, April 26 /PRNewswire/ --
 Platforms Wireless International Corporation, (OTC: PLFM), the developer of
 the revolutionary Airborne Relay Communications "ARC System" for wireless
 voice and data communications, announced today that the independent audit of
 its financial records for the two fiscal years ended June 30, 2000, has been
 completed.
     Mr. Charles B. Nelson, Sr. Vice President & CFO stated:  "We're very
 pleased to present to our shareholders the Audited Financial Statements for
 Platforms Wireless International Corporation for the fiscal years ended June
 30, 2000 and June 30, 1999, including the unaudited period from December 2,
 1992 (company Inception) through June 30, 2000."
     The Company elected to have its Financial Statements audited by Farber &
 Hass LLP, a prominent, independent certified public accounting firm that
 specializes in audits of publicly held companies and assistance with
 registration statements for the Securities and Exchange Commission.  Farber &
 Hass, LLP is a member of the National Peer Review Team for the Securities and
 Exchange Commission Practice Section of the American Institute of Certified
 Public Accountants.
     Mr. Nelson Wong, Vice President & Controller elaborated:  "The publication
 of the Company's current Certified Financial Statements is the culmination of
 more than two years of effort to organize the financial records of Platforms
 Wireless International Corporation from the date of its corporate inception to
 the present date, and to structure those records into formal financial
 statements."
     Mr. Charles B. Nelson continued:  "The completion of our independent audit
 by Farber & Hass, LLP represents a key milestone in our ongoing corporate
 transition from a development stage, non-reporting venture, to a formal, fully
 reporting enterprise.  Platforms is now ready to prepare and file Form 10 SB2
 with the Securities and Exchange Commission, and apply for fully-reporting
 corporate status and OTC Bulletin Board listing reinstatement.  Our
 accountants and attorneys are now preparing Form 10 SB2, and we expect to file
 it with the SEC as soon as it is completed."
     The following clarification notes and comments are provided by Charles B.
 Nelson of Platforms Wireless International Corporation as a supplement to its
 Certified Financial Statements.  The purpose of these notes is to facilitate
 understanding of some of the more complex line items presented on our
 Company's financial statements, as well as to explain some of the technical
 reasons for the accounting treatment accorded to such items.
     The clarification notes and comments presented below do not change, alter,
 or in any way whatsoever imply the slightest alteration or modification in
 substance or format of the Farber & Hass LLP independent auditors' financial
 statements, accompanying notes, and Independent Auditors' Report as expressly
 stated and presented in their official independent audit transcript.
 
     1.  As a development stage company, Platforms has invested its resources
         in the development and commercialization of its core technology
         product:  the Airborne Relay Communications "ARC" System -- a
         revolutionary, airborne wireless communications technology, which the
         Company believes will play a key role in the introduction and
         deployment of wireless communications services to rural areas and the
         underserved, emerging nations of the world.
 
     2.  Since the Company has no operating revenues, management has financed
         the Company's operations through private placement offerings of its
         common stock and the issuance of common stock to pay for employees'
         compensation, professional and consulting services, and as a means to
         reduce and extinguish corporate debt.
 
     3.  The major portion of Platforms' short-term, operating capitalization
         was provided through a line of credit with its Chairman and CEO,
         totaling $2,502,518 at June 30, 2000, which was due and payable on or
         before January 1, 2001.
 
     4.  Prudent fiscal management policies have prevented the escalation and
         build-up of a significant liability position for the Company.  As at
         June 30, 2000, the Balance Sheet presents a Total Current Liability
         position for the Company of $3,852,155, with $2,652,518 owed to
         related parties.  As of December 2000, $2,502,518 of this liability
         was extinguished through a conversion into common stock, leaving an
         outstanding, total Current Liability position for the Company of
         $1,349,637, with $150,000 owed to a related party.
 
     5.  All funds expended for and to support product research and development
         activities, and the development, testing, manufacturing, and
         international marketing of the ARC System and associated technology,
         have been expensed as incurred.  None of these costs and expenditures
         were capitalized.  As a result, the Company's balance sheet reflects a
         zero balance asset position.
 
     6.  As of March 6, 2001, the Company, working in conjunction with its
         strategic technology partner, Composite Optics, Inc., brought to
         fruition an important part of its research and development efforts:
         the completion and successful demonstration of the ARC System airborne
         wireless telecommunications payload.  Because the Company is still a
         development stage corporation, all research and development costs and
         expenses related to the completion of the ARC System payload have been
         expensed as incurred, instead of capitalized.  As a result, the
         completed ARC System payload is presently carried on the Company's
         books and reported on its balance sheet, at a zero valuation.  It is
         important to point out that the completed ARC System airborne wireless
         telecommunications payload is the same payload scheduled for delivery
         to Brazil later this year.  The ARC System payload is the Company's
         most important, airborne wireless communications proprietary
         technology, and it represents more than fifty (50%) percent of the
         System package presently being marketed by the Company to
         telecommunications service providers at an introductory price of $25
         million.
 
     7.  As a result of expensing all costs and expenses, the Company has
         generated a significant Accumulated Deficit of $36,927,974 as of
         June 30, 2000.  Part of this accumulated deficit -- the portion made
         up of Internal Revenue Code ("IRC") qualified operating income and
         expenses -- can be used to offset the Company's future net taxable
         income.  This adjusted accumulated deficit is referred to in the IRC
         as Net Operating Loss ("NOL").
 
     8.  Due to the complexity and uncertainty surrounding the realization of
         the favorable tax attributes of the Company's NOL carryforwards for
         future income and revenue offset, the Company at this time has not
         determined and quantified its qualified net operating loss
         carryforwards for income tax purposes, and thus has effectively
         recorded a valuation allowance against its otherwise recognizable
         deferred tax assets.  Accordingly, no deferred tax asset has been
         recorded or presented in the Company's balance sheet.
 
     9.  Most of the expenses reflected on the Company's financial statements
         are comprised of the value assigned to the issuance of Rule
         144 restricted common stock, not cash.  The subject valuations used
         for Rule 144 restricted common stock issuances were computed using a
         pegged valuation of fifty (50%) percent of the Company's free-trading
         stock market closing price on the date of issuance.
 
     10.  On the Company's Statement of Operations for Fiscal year ended
          June 30, 2000, the following line items materially include, or are
          wholly comprised of the Company's Rule 144 restricted common stock
          issuances, with pegged price share valuations at a general average
          price of approximately $0.33:
 
     (i)    Officer Compensation:        $6,250,000
     (ii)   Consulting Services:          3,928,435
     (iii)  Contract and Technology
             buyout -- related party      2,500,000
            Total                       $12,678,435
 
          If the above line item valuations were to be adjusted to reflect
          current, prevailing stock market price levels, the Rule 144
          restricted common stock pegged price valuation basis would have to be
          adjusted down to fifty (50%) of the prevailing stock market price, or
          $0.055 per share.  This would reduce the valuation of the subject
          line items to one sixth (1/6th) of the values reflected in the
          Company's Statement of Operations, as follows:
 
     (iv)    Officer Compensation        $1,041,667
     (v)     Consulting Services            654,739
     (vi)    Contract and Technology
               buyout -- related party      416,667
              Total                      $2,113,073
 
     11.  On the Company's Statement of Operations for Fiscal year ended
          June 30, 2000, the following line items materially include, or are
          wholly comprised of the Company's Rule 144 restricted common stock
          issuances, with pegged price share valuations at a general average
          price of approximately $0.33:
 
     (i)     Interest Expense               $1,228,726
     (ii)    Interest Expense -
              Beneficial Interest Feature    2,324,177
 
          If these line item valuations were to be adjusted to reflect current,
          prevailing stock market price levels, the Rule 144 restricted common
          stock pegged price valuation basis would have to be adjusted down to
          fifty (50%) of the prevailing stock market price, or $0.055 per
          share.  This would reduce the valuation of the line items above to
          one sixth (1/6th) of the values reflected in the Company's Statement
          of Operations, as follows:
 
     (iii)  Interest Expense                 $ 204,788
     (iv)   Interest Expense -
             Beneficial Interest Feature       387,363
 
     12.  On the Company's Balance Sheet at June 30, 2000, the Accumulated
          Deficit for the Company is reflected at $36,927,974.  However, this
          Accumulated Deficit includes the Company's Rule 144 restricted common
          stock pegged price issuance transactions.  The Internal Revenue Code
          will not accept the Company's NOL carryforward, as computed under
          GAAP policies.  Only part of this NOL, the actual loss determined
          through an adjusted re-statement of the Company's IRS-qualified
          operating income and expenses, which excludes Rule 144 restricted
          common stock pegged price issuance transactions, can be used to
          offset the Company's future taxable income.
 
     13.  The Company's Statements of Stockholders' Deficit and Statements of
          Cash Flows should also be reviewed with the understanding that these
          Statements also include Rule 144 restricted common stock pegged price
          issuance transactions.
 
     14.  The Company's Statements of Cash Flows disclose that $6,108,468 was
          generated by the Company's financing activities, and $5,730,332 of
          this amount was used to fund operating activities.
 
     We trust the attached, condensed Financial Statements provide you with an
 up-to-date understanding of Platforms Wireless International Corporation's
 state of financial affairs as of June 30, 2000.  For a complete set of the
 Company's financial statements, please visit our corporate website at
 www.plfm.net , or contact the Company or FOCUS Partners LLC at
 plfm@focuspartners.com.  We expect to publish updated, unaudited interim
 financial statements for the Company as of March 31, 2001 by May 21, 2001.
 Thereafter, unaudited quarterly financial statements will be published one
 month after the close of the reporting quarter.
 
     About Platforms Wireless International Corporation
     Platforms Wireless International Corporation (OTC: PLFM), headquartered in
 Los Angeles, California, is the developer and marketer of the revolutionary
 wireless communications technology known as the Airborne Relay Communications
 "ARC" System, and its Airborne, LTA host infrastructure, the ZerOGravity
 AeroStructure(R).  Management believes these significant advances in the field
 of Airborne wireless communications technology, together with continuing
 technology improvements and new developments, will provide an efficient,
 cost-effective, all-broadband, voice and data communications alternative for
 augmenting, replacing, and supplementing terrestrial wireline and cellular
 telecommunications infrastructures, as well as high and low-earth orbiting
 satellites -- at a savings in both cost and deployment time, as compared to
 conventional systems.  Platforms has already announced its first ARC System
 Conditional Contract with AMERICEL, S.A., one of the leading cellular
 telecommunications service providers in Brazil.  Platforms can be found on the
 Web, at: www.plfm.net .
 
     Safe  Harbor Act Disclaimer
     FORWARD-LOOKING STATEMENTS -- The statements contained in this Press
 Release, which are not historical facts, are "forward-looking statements,"
 within the meaning of Rule 175 under the Securities Act of 1933, and Rule 3b-6
 under the Securities Exchange Act of 1934, and as defined in the Private
 Securities Litigation Reform Act of 1995, and such statements qualify for the
 Safe Harbor protection afforded under such Acts.  Forward-looking statements
 can be identified by the use of forward-looking words, such as "believes,"
 "expects," "may," "will," "should," "anticipates," or the negative thereof, or
 other variations thereof, or comparable words, or by statements related to
 future plans, strategies, or other business development activities that
 involve risks and uncertainties.  Management cautions the reader that
 "forward-looking statements" including, without limitation, statements
 regarding Platforms technology, products, marketing plans and strategies,
 markets for its products and services, and expected, projected results of
 operations, are all predictions, expectations, and anticipations.  No
 assurances can be given that such predictions, expectations, and anticipations
 will prove accurate and correct, or that anticipated, projected future results
 will be achieved.  Numerous risk factors can cause actual results to vary
 materially from the future results indicated, expressed, or implied in
 forward-looking statements.  Such risks and uncertainties include, but are not
 limited to Platforms' ability to successfully market its products and services
 to new customers; the Company's ability to obtain necessary financing to
 support corporate operations and finance the acquisition of test equipment and
 systems; the Company's ability to obtain required permits, licenses, and
 authorizations in a timely manner; the Company's performance of a successful
 ARC System Demonstration in Brazil; the ability of Service Providers to
 successfully market ARC System wireless communications services to
 subscribers; the ARC System's capability to cost-effectively and profitably
 penetrate higher-cost, rural area markets; and the unknown impact of probable
 entry into the market by larger, better capitalized competitors.  Therefore,
 there can be no assurance that the information indicated, expressed, or
 implied in the forward-looking statements contained in this Press Release will
 prove to be accurate or correct, and future events and actual results could
 differ materially from those indicated, expressed, or implied in these
 forward-looking statements.
 
                  PLATFORMS WIRELESS INTERNATIONAL CORPORATION
              (Formerly Platforms International Corporation, Inc.,
                        A Development Stage Corporation)
 
                                 BALANCE SHEET
                                 June 30, 2000
 
     ASSETS                                             $         - 0 -
 
     LIABILITIES AND STOCKHOLDERS' DEFICIT
     CURRENT LIABILITIES:
      Bank overdraft                                    $        41,123
      Note payable                                              210,870
      Accrued expenses                                          114,749
      Accrued salaries, wages and benefits                      484,240
      Accrued research and development costs                    240,000
      Accrued interest                                           90,963
      Amounts due to officers                                    10,492
      Accrued franchise taxes                                     7,200
      Due to related parties                                  2,652,518
      Total current liabilities                         $     3,852,155
 
     COMMITMENTS AND CONTINGENCIES
     STOCKHOLDERS' DEFICIT:
      Preferred stock, $.001 par value; 50,000,000
       shares authorized; no shares issued or
       outstanding Common stock, $.001 par value,
       600,000,000 shares authorized; 100,970,771
       shares issued and outstanding                    $       100,971
      (7,647,011 shares reserved)
     Common stock subscribed                                    250,343
     Additional paid-in capital                              32,724,505
     Deficit accumulated in the development stage           (36,927,974)
 
     Total stockholders' deficit                             (3,852,155)
 
      TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT       $         - 0 -
 
 
                            STATEMENT OF OPERATIONS
                  For the years ended June 30, 2000 and 1999,
                      and for the period December 2, 1992
                      (date of inception) to June 30, 2000
 
 
                                        2000           1999   December 2, 1992
                                                              to June 30, 2000
                                                                (Unaudited)
 
     REVENUES                         $- 0 -          $- 0 -        $- 0 -
 
     OPERATING EXPENSES:
      Officer compensation         6,250,000         123,000     6,373,000
      Consulting services          3,928,435       9,680,397    13,608,832
      Contract and technology
       buyout -- related party     2,500,000               0     2,500,000
      General and administrative     471,398         584,870     2,083,354
      Selling and marketing          640,515         764,659     1,589,895
      Research and development       680,686       1,416,010     2,923,109
      Impairment loss                  - 0 -          74,534        74,534
      Total operating expenses    14,471,034      12,643,470    29,152,724
 
     LOSS FROM OPERATIONS        (14,471,034)    (12,643,470)  (29,152,724)
 
     OTHER INCOME (EXPENSE):
      Other income                    12,165          24,619        36,784
      Interest income                      0               0           459
      Interest expense            (1,228,726)        (64,571)   (1,309,004)
      Interest expense -
      Beneficial interest
       feature                    (2,324,177)     (4,172,112)   (6,496,289)
      Other expense, net          (3,540,738)     (4,212,064)   (7,768,050)
 
     LOSS BEFORE PROVISION FOR
      INCOME TAXES               (18,011,772)    (16,855,534)  (36,920,774)
 
     PROVISION FOR INCOME TAXES          800           6,400         7,200
 
     NET LOSS                   $(18,012,572)   $(16,861,934) $(36,927,974)
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X33326166
 
 

SOURCE Platform Wireless International Corporation
    LOS ANGELES, April 26 /PRNewswire/ --
 Platforms Wireless International Corporation, (OTC: PLFM), the developer of
 the revolutionary Airborne Relay Communications "ARC System" for wireless
 voice and data communications, announced today that the independent audit of
 its financial records for the two fiscal years ended June 30, 2000, has been
 completed.
     Mr. Charles B. Nelson, Sr. Vice President & CFO stated:  "We're very
 pleased to present to our shareholders the Audited Financial Statements for
 Platforms Wireless International Corporation for the fiscal years ended June
 30, 2000 and June 30, 1999, including the unaudited period from December 2,
 1992 (company Inception) through June 30, 2000."
     The Company elected to have its Financial Statements audited by Farber &
 Hass LLP, a prominent, independent certified public accounting firm that
 specializes in audits of publicly held companies and assistance with
 registration statements for the Securities and Exchange Commission.  Farber &
 Hass, LLP is a member of the National Peer Review Team for the Securities and
 Exchange Commission Practice Section of the American Institute of Certified
 Public Accountants.
     Mr. Nelson Wong, Vice President & Controller elaborated:  "The publication
 of the Company's current Certified Financial Statements is the culmination of
 more than two years of effort to organize the financial records of Platforms
 Wireless International Corporation from the date of its corporate inception to
 the present date, and to structure those records into formal financial
 statements."
     Mr. Charles B. Nelson continued:  "The completion of our independent audit
 by Farber & Hass, LLP represents a key milestone in our ongoing corporate
 transition from a development stage, non-reporting venture, to a formal, fully
 reporting enterprise.  Platforms is now ready to prepare and file Form 10 SB2
 with the Securities and Exchange Commission, and apply for fully-reporting
 corporate status and OTC Bulletin Board listing reinstatement.  Our
 accountants and attorneys are now preparing Form 10 SB2, and we expect to file
 it with the SEC as soon as it is completed."
     The following clarification notes and comments are provided by Charles B.
 Nelson of Platforms Wireless International Corporation as a supplement to its
 Certified Financial Statements.  The purpose of these notes is to facilitate
 understanding of some of the more complex line items presented on our
 Company's financial statements, as well as to explain some of the technical
 reasons for the accounting treatment accorded to such items.
     The clarification notes and comments presented below do not change, alter,
 or in any way whatsoever imply the slightest alteration or modification in
 substance or format of the Farber & Hass LLP independent auditors' financial
 statements, accompanying notes, and Independent Auditors' Report as expressly
 stated and presented in their official independent audit transcript.
 
     1.  As a development stage company, Platforms has invested its resources
         in the development and commercialization of its core technology
         product:  the Airborne Relay Communications "ARC" System -- a
         revolutionary, airborne wireless communications technology, which the
         Company believes will play a key role in the introduction and
         deployment of wireless communications services to rural areas and the
         underserved, emerging nations of the world.
 
     2.  Since the Company has no operating revenues, management has financed
         the Company's operations through private placement offerings of its
         common stock and the issuance of common stock to pay for employees'
         compensation, professional and consulting services, and as a means to
         reduce and extinguish corporate debt.
 
     3.  The major portion of Platforms' short-term, operating capitalization
         was provided through a line of credit with its Chairman and CEO,
         totaling $2,502,518 at June 30, 2000, which was due and payable on or
         before January 1, 2001.
 
     4.  Prudent fiscal management policies have prevented the escalation and
         build-up of a significant liability position for the Company.  As at
         June 30, 2000, the Balance Sheet presents a Total Current Liability
         position for the Company of $3,852,155, with $2,652,518 owed to
         related parties.  As of December 2000, $2,502,518 of this liability
         was extinguished through a conversion into common stock, leaving an
         outstanding, total Current Liability position for the Company of
         $1,349,637, with $150,000 owed to a related party.
 
     5.  All funds expended for and to support product research and development
         activities, and the development, testing, manufacturing, and
         international marketing of the ARC System and associated technology,
         have been expensed as incurred.  None of these costs and expenditures
         were capitalized.  As a result, the Company's balance sheet reflects a
         zero balance asset position.
 
     6.  As of March 6, 2001, the Company, working in conjunction with its
         strategic technology partner, Composite Optics, Inc., brought to
         fruition an important part of its research and development efforts:
         the completion and successful demonstration of the ARC System airborne
         wireless telecommunications payload.  Because the Company is still a
         development stage corporation, all research and development costs and
         expenses related to the completion of the ARC System payload have been
         expensed as incurred, instead of capitalized.  As a result, the
         completed ARC System payload is presently carried on the Company's
         books and reported on its balance sheet, at a zero valuation.  It is
         important to point out that the completed ARC System airborne wireless
         telecommunications payload is the same payload scheduled for delivery
         to Brazil later this year.  The ARC System payload is the Company's
         most important, airborne wireless communications proprietary
         technology, and it represents more than fifty (50%) percent of the
         System package presently being marketed by the Company to
         telecommunications service providers at an introductory price of $25
         million.
 
     7.  As a result of expensing all costs and expenses, the Company has
         generated a significant Accumulated Deficit of $36,927,974 as of
         June 30, 2000.  Part of this accumulated deficit -- the portion made
         up of Internal Revenue Code ("IRC") qualified operating income and
         expenses -- can be used to offset the Company's future net taxable
         income.  This adjusted accumulated deficit is referred to in the IRC
         as Net Operating Loss ("NOL").
 
     8.  Due to the complexity and uncertainty surrounding the realization of
         the favorable tax attributes of the Company's NOL carryforwards for
         future income and revenue offset, the Company at this time has not
         determined and quantified its qualified net operating loss
         carryforwards for income tax purposes, and thus has effectively
         recorded a valuation allowance against its otherwise recognizable
         deferred tax assets.  Accordingly, no deferred tax asset has been
         recorded or presented in the Company's balance sheet.
 
     9.  Most of the expenses reflected on the Company's financial statements
         are comprised of the value assigned to the issuance of Rule
         144 restricted common stock, not cash.  The subject valuations used
         for Rule 144 restricted common stock issuances were computed using a
         pegged valuation of fifty (50%) percent of the Company's free-trading
         stock market closing price on the date of issuance.
 
     10.  On the Company's Statement of Operations for Fiscal year ended
          June 30, 2000, the following line items materially include, or are
          wholly comprised of the Company's Rule 144 restricted common stock
          issuances, with pegged price share valuations at a general average
          price of approximately $0.33:
 
     (i)    Officer Compensation:        $6,250,000
     (ii)   Consulting Services:          3,928,435
     (iii)  Contract and Technology
             buyout -- related party      2,500,000
            Total                       $12,678,435
 
          If the above line item valuations were to be adjusted to reflect
          current, prevailing stock market price levels, the Rule 144
          restricted common stock pegged price valuation basis would have to be
          adjusted down to fifty (50%) of the prevailing stock market price, or
          $0.055 per share.  This would reduce the valuation of the subject
          line items to one sixth (1/6th) of the values reflected in the
          Company's Statement of Operations, as follows:
 
     (iv)    Officer Compensation        $1,041,667
     (v)     Consulting Services            654,739
     (vi)    Contract and Technology
               buyout -- related party      416,667
              Total                      $2,113,073
 
     11.  On the Company's Statement of Operations for Fiscal year ended
          June 30, 2000, the following line items materially include, or are
          wholly comprised of the Company's Rule 144 restricted common stock
          issuances, with pegged price share valuations at a general average
          price of approximately $0.33:
 
     (i)     Interest Expense               $1,228,726
     (ii)    Interest Expense -
              Beneficial Interest Feature    2,324,177
 
          If these line item valuations were to be adjusted to reflect current,
          prevailing stock market price levels, the Rule 144 restricted common
          stock pegged price valuation basis would have to be adjusted down to
          fifty (50%) of the prevailing stock market price, or $0.055 per
          share.  This would reduce the valuation of the line items above to
          one sixth (1/6th) of the values reflected in the Company's Statement
          of Operations, as follows:
 
     (iii)  Interest Expense                 $ 204,788
     (iv)   Interest Expense -
             Beneficial Interest Feature       387,363
 
     12.  On the Company's Balance Sheet at June 30, 2000, the Accumulated
          Deficit for the Company is reflected at $36,927,974.  However, this
          Accumulated Deficit includes the Company's Rule 144 restricted common
          stock pegged price issuance transactions.  The Internal Revenue Code
          will not accept the Company's NOL carryforward, as computed under
          GAAP policies.  Only part of this NOL, the actual loss determined
          through an adjusted re-statement of the Company's IRS-qualified
          operating income and expenses, which excludes Rule 144 restricted
          common stock pegged price issuance transactions, can be used to
          offset the Company's future taxable income.
 
     13.  The Company's Statements of Stockholders' Deficit and Statements of
          Cash Flows should also be reviewed with the understanding that these
          Statements also include Rule 144 restricted common stock pegged price
          issuance transactions.
 
     14.  The Company's Statements of Cash Flows disclose that $6,108,468 was
          generated by the Company's financing activities, and $5,730,332 of
          this amount was used to fund operating activities.
 
     We trust the attached, condensed Financial Statements provide you with an
 up-to-date understanding of Platforms Wireless International Corporation's
 state of financial affairs as of June 30, 2000.  For a complete set of the
 Company's financial statements, please visit our corporate website at
 www.plfm.net , or contact the Company or FOCUS Partners LLC at
 plfm@focuspartners.com.  We expect to publish updated, unaudited interim
 financial statements for the Company as of March 31, 2001 by May 21, 2001.
 Thereafter, unaudited quarterly financial statements will be published one
 month after the close of the reporting quarter.
 
     About Platforms Wireless International Corporation
     Platforms Wireless International Corporation (OTC: PLFM), headquartered in
 Los Angeles, California, is the developer and marketer of the revolutionary
 wireless communications technology known as the Airborne Relay Communications
 "ARC" System, and its Airborne, LTA host infrastructure, the ZerOGravity
 AeroStructure(R).  Management believes these significant advances in the field
 of Airborne wireless communications technology, together with continuing
 technology improvements and new developments, will provide an efficient,
 cost-effective, all-broadband, voice and data communications alternative for
 augmenting, replacing, and supplementing terrestrial wireline and cellular
 telecommunications infrastructures, as well as high and low-earth orbiting
 satellites -- at a savings in both cost and deployment time, as compared to
 conventional systems.  Platforms has already announced its first ARC System
 Conditional Contract with AMERICEL, S.A., one of the leading cellular
 telecommunications service providers in Brazil.  Platforms can be found on the
 Web, at: www.plfm.net .
 
     Safe  Harbor Act Disclaimer
     FORWARD-LOOKING STATEMENTS -- The statements contained in this Press
 Release, which are not historical facts, are "forward-looking statements,"
 within the meaning of Rule 175 under the Securities Act of 1933, and Rule 3b-6
 under the Securities Exchange Act of 1934, and as defined in the Private
 Securities Litigation Reform Act of 1995, and such statements qualify for the
 Safe Harbor protection afforded under such Acts.  Forward-looking statements
 can be identified by the use of forward-looking words, such as "believes,"
 "expects," "may," "will," "should," "anticipates," or the negative thereof, or
 other variations thereof, or comparable words, or by statements related to
 future plans, strategies, or other business development activities that
 involve risks and uncertainties.  Management cautions the reader that
 "forward-looking statements" including, without limitation, statements
 regarding Platforms technology, products, marketing plans and strategies,
 markets for its products and services, and expected, projected results of
 operations, are all predictions, expectations, and anticipations.  No
 assurances can be given that such predictions, expectations, and anticipations
 will prove accurate and correct, or that anticipated, projected future results
 will be achieved.  Numerous risk factors can cause actual results to vary
 materially from the future results indicated, expressed, or implied in
 forward-looking statements.  Such risks and uncertainties include, but are not
 limited to Platforms' ability to successfully market its products and services
 to new customers; the Company's ability to obtain necessary financing to
 support corporate operations and finance the acquisition of test equipment and
 systems; the Company's ability to obtain required permits, licenses, and
 authorizations in a timely manner; the Company's performance of a successful
 ARC System Demonstration in Brazil; the ability of Service Providers to
 successfully market ARC System wireless communications services to
 subscribers; the ARC System's capability to cost-effectively and profitably
 penetrate higher-cost, rural area markets; and the unknown impact of probable
 entry into the market by larger, better capitalized competitors.  Therefore,
 there can be no assurance that the information indicated, expressed, or
 implied in the forward-looking statements contained in this Press Release will
 prove to be accurate or correct, and future events and actual results could
 differ materially from those indicated, expressed, or implied in these
 forward-looking statements.
 
                  PLATFORMS WIRELESS INTERNATIONAL CORPORATION
              (Formerly Platforms International Corporation, Inc.,
                        A Development Stage Corporation)
 
                                 BALANCE SHEET
                                 June 30, 2000
 
     ASSETS                                             $         - 0 -
 
     LIABILITIES AND STOCKHOLDERS' DEFICIT
     CURRENT LIABILITIES:
      Bank overdraft                                    $        41,123
      Note payable                                              210,870
      Accrued expenses                                          114,749
      Accrued salaries, wages and benefits                      484,240
      Accrued research and development costs                    240,000
      Accrued interest                                           90,963
      Amounts due to officers                                    10,492
      Accrued franchise taxes                                     7,200
      Due to related parties                                  2,652,518
      Total current liabilities                         $     3,852,155
 
     COMMITMENTS AND CONTINGENCIES
     STOCKHOLDERS' DEFICIT:
      Preferred stock, $.001 par value; 50,000,000
       shares authorized; no shares issued or
       outstanding Common stock, $.001 par value,
       600,000,000 shares authorized; 100,970,771
       shares issued and outstanding                    $       100,971
      (7,647,011 shares reserved)
     Common stock subscribed                                    250,343
     Additional paid-in capital                              32,724,505
     Deficit accumulated in the development stage           (36,927,974)
 
     Total stockholders' deficit                             (3,852,155)
 
      TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT       $         - 0 -
 
 
                            STATEMENT OF OPERATIONS
                  For the years ended June 30, 2000 and 1999,
                      and for the period December 2, 1992
                      (date of inception) to June 30, 2000
 
 
                                        2000           1999   December 2, 1992
                                                              to June 30, 2000
                                                                (Unaudited)
 
     REVENUES                         $- 0 -          $- 0 -        $- 0 -
 
     OPERATING EXPENSES:
      Officer compensation         6,250,000         123,000     6,373,000
      Consulting services          3,928,435       9,680,397    13,608,832
      Contract and technology
       buyout -- related party     2,500,000               0     2,500,000
      General and administrative     471,398         584,870     2,083,354
      Selling and marketing          640,515         764,659     1,589,895
      Research and development       680,686       1,416,010     2,923,109
      Impairment loss                  - 0 -          74,534        74,534
      Total operating expenses    14,471,034      12,643,470    29,152,724
 
     LOSS FROM OPERATIONS        (14,471,034)    (12,643,470)  (29,152,724)
 
     OTHER INCOME (EXPENSE):
      Other income                    12,165          24,619        36,784
      Interest income                      0               0           459
      Interest expense            (1,228,726)        (64,571)   (1,309,004)
      Interest expense -
      Beneficial interest
       feature                    (2,324,177)     (4,172,112)   (6,496,289)
      Other expense, net          (3,540,738)     (4,212,064)   (7,768,050)
 
     LOSS BEFORE PROVISION FOR
      INCOME TAXES               (18,011,772)    (16,855,534)  (36,920,774)
 
     PROVISION FOR INCOME TAXES          800           6,400         7,200
 
     NET LOSS                   $(18,012,572)   $(16,861,934) $(36,927,974)
 
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 SOURCE  Platform Wireless International Corporation