ALBANY, N.Y. and EATONTOWN, N.J., Dec. 31, 2010 /PRNewswire/ -- StratoComm Corporation (STCO) comments on results of operations for 2010 and looks ahead to 2011.
Throughout 2010 StratoComm has experienced both encouragement and frustration as it continued efforts to make meaningful inroads toward delivery of telecommunications services to targeted markets within the developing world.
- The company continues to be encouraged by the consistently positive reception received from prospective joint venture partners.
- The interim system turned on in Cameroon has served as a valuable test bed confirming the validity of StratoComm's internally designed telecommunications payload.
- As reported during May of this year the U.S. Patent Office issued a significant patent to StratoComm which greatly increases availability of telecommunications services delivered from the company's Transitional Telecommunications System. This patent also uniquely positions StratoComm among tethered system providers.
- StratoComm is in discussions toward the potential non commercial use of this patented technology .
- The company is approximately six months into discussions toward a potential market development collaboration that if successful will encompass the entirety of Africa.
- Earlier this Fall the company reported execution of an agreement with an established Indonesian based telecommunications company. At present SIMS is scheduling meetings with various government ministries to finalize required approvals and schedule travel of StratoComm personnel to Indonesia for site selection and market evaluation.
- Stratocomm CFO, Ray Lasky and his team have progressed well in organizing financial records for presentation to a chosen independent auditing firm in support of continued efforts to upgrade to a different trading exchange.
- Regulatory efforts progress which, when successful, will assure availability of frequency for use from StratoComm's stratospheric services once commercially available.
- Based upon the current status of various business development efforts, StratoComm is again positioned to realize its first revenues during the first half of 2011.
Foremost among this year's frustrations is the ongoing struggle for access to project funding to support payment to StratoComm for TTS's already contracted. The company's lack of revenues has delayed seizing the significant opportunity before us in Cameroon and it has also impeded the company's ability to efficiently sustain ongoing technical and business development efforts. Our shareholders have been the primary source of sustained financial support to operations as reported in the company's quarterly financial reports. Management continues to make the decisions necessary to assure the company's continued progress in the face of such challenges.
- Strategically StratoComm has adjusted its qualification process for evaluating prospective joint venture partners. Confirmation of sufficient funds in hand to support each project's financial requirements is required prior to contracting for a system sale. In house financial capacity is inclusive of system purchase, delivery and turn on of services. Time has been required to put this altered approach in place and we now believe the company to be positioned to benefit from this change.
- The company has undertaken further belt tightening and cost cutting measures which have resulted with curtailment of travel, reduction in staffing and outsourcing of critical needs to furloughed employees on an as required basis.
- Most recently Mr. Robert Phillips has taken temporary furlough, however remains available as required to support the company's progress.
- StratoComm has accepted resignation of employment from Mr. Craig Danzig. The company thanks Mr. Danzig for his services and wishes him well in his future endeavors.
- It is anticipated that required liability coverage will be secured in the near term that will enable the seating of StratoComm's expanded Board of Directors.
- As previously reported a meeting of the shareholder's of StratoComm will be scheduled for the month of April. Formal advisory of the scheduling, location and agenda will be provided prior to the end of next month.
- Management is confident that the company will be able to provide meaningful report of sales and revenues during the first half of 2011.
This update is provided in a spirit of openness as an effort to inform shareholders of the company's status and prospects as StratoComm progresses to realization of its potential and raison d'etre. Shareholders are encouraged to communicate comments and questions directly to the company at either 800-211-0407 or email@example.com. All such comments and/or questions will be responded to by management.
StratoComm Corporation is a developer and provider of telecommunications infrastructure technologies with a specific focus to the delivery of ubiquitous and cost sensitive telecommunications services to the developing world. The company is further committed to the allocation of a portion of each system's service capacity for the provision of low cost/no cost economic and social programs.
Safe Harbor Disclosure – This Press Release contains or incorporates by reference "Forward Looking Statements" including certain information with respect to plans and strategies of StratoComm Corporation. For this purpose, any statements regarding this announcement which are not purely historical are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including StratoComm Corporation beliefs, expectations, hopes or intentions regarding the future. All forward looking statements are made as of the date hereof and are based on information available to StratoComm Corporation as of such date. There are a number of important factors that could cause actual events or actual results of StratoComm Corporation and its subsidiaries to differ materially from those indicated by such forward looking statements.
SOURCE StratoComm Corporation