SSTY Announces Financing and Uplisting Plans for PSRE/Globe Staff Subsidiary; Proceeds to Help Launch TPID in Europe
April 27 2006 - 12:09PM
PR Newswire (US)
Company Also Comments on Extension of Ex-Dividend Date BEIJING and
PHILADELPHIA, April 27 /PRNewswire-FirstCall/ -- Sure Trace
Security Corporation (OTC:SSTY) today announced that as a result of
pre- acquisition mechanisms, new management believes that they will
be able to raise up to $7,025,000 in financing for the operations
of PowerSource Corporation (Pink Sheets: PSRE), the controlling
interest of which it acquired previously. SSTY subsequently
incorporated its wholly owned subsidiary, Globe Staff Consulting,
into PSRE, which will be renamed Globe Staff Consulting Corporation
(GSCC). Through the conversion of Series B Preferred Stock,
PSRE/GSCC management believes that it will be able to receive up to
$7,025,000 from the option holders in the next quarter. The Series
B and the options were all put in place by prior
ownership/management prior to and as part of the acquisition by
SSTY. The Company also announced that once PSRE/GSCC brings its
financials current and files a Form S-8 Registration Statement, it
intends to apply for an OTCBB listing. The proceeds will be used,
in part, to help launch TPID in Europe, where Globe Staff already
has significant relationships, including those related to providing
sophisticated global tracking and other security-related solutions
for the French Ministry of Interior. SSTY plans to enter into a
Services Agreement between ONTV, Inc. (which will be renamed True
Product ID (TPID)(OTC:ONTV) (BULLETIN BOARD: ONTV) ) and GSCC,
whereby TPID will be engaged to perform administrative and
operational duties and functions, including R&D and sales and
marketing for GSCC in Europe and worldwide. The value to GSCC of
this arrangement is that it will have the benefit of the new TPID
management team and the contacts of both SSTY and TPID to expand
its worldwide sales and marketing efforts. SSTY, in particular,
intends to bring GSCC's technology to China, where SSTY has already
developed significant relations with government and industry.
Richard Bendis, President and CEO of TPID, has developed extensive
relationships in France and is recognized by the French as an
experienced leader and who is valued for his business acumen.
Company President Michael Cimino also commented on the change in
the anticipated Ex-Dividend date: "While the Company expected an
earlier ex- dividend date in coordination with the NASD, the
overall effect of this later date is that this extends the time
period to acquire shares that will qualify for the TPID/ONTV
dividend since all shares bought on the open market prior to the
Ex-Date will carry the dividend with them." About Sure Trace
Security Corporation Sure Trace produces integrators for
anti-counterfeiting and security surveillance applications and is a
provider of integrated tracking devices. ONTV, Inc./True Product ID
(TPID)(OTC:ONTV) (BULLETIN BOARD: ONTV) , is a majority owned
subsidiary of Sure Trace Security Corporation (OTC:SSTY) which, via
a license from Sure Trace, delivers turnkey solutions for
governments, armed forces, and industry, through proprietary
technology and through aggregating the technology, products, and
services of third parties via licensing agreements and/or joint
ventures. In addition to a license from SSTY, TPID will also be
providing the day-to-day operational duties and R&D for SSTY's
wholly owned subsidiary, Globe Staff Consulting Corp. (GSCC) (Pink
Sheets: PSRE). For more information, go to:
http://www.suretrace.com/. SAFE HARBOR STATEMENT: This news release
contains "forward-looking statements" that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. "Forward-looking statements" describe future
expectations, plans, results, or strategies and are generally
preceded by words such as "future," "plan" or "planned," "will" or
"should," "expected," "anticipates," "draft," "eventually" or
"projected." You are cautioned that such statements are subject to
a multitude of risks and uncertainties that could cause future
circumstances, events, or results to differ materially from those
projected in the forward-looking statements, including the risks
that our products may not achieve customer acceptance or perform as
intended, that we may be unable to obtain necessary financing to
continue operations and development, and other risks. You should
consider these factors in evaluating the forward-looking statements
included herein, and not place undue reliance on such statements.
The forward-looking statements are made as of the date hereof and
Sure Trace undertakes no obligation to update such statements. In
August 2005, the common stock of Sure Trace was suspended from
trading by the Securities and Exchange Commission, but the
suspension ended in accordance with the securities laws after ten
days. Management of Sure Trace is currently working with the
broker-dealer community and regulators to permit quotations to be
entered as soon as possible. More information will be provided to
the public when circumstances warrant. DATASOURCE: Sure Trace
Security Corporation CONTACT: Michael Cimino, President, Sure Trace
Security Corporation, +1-215-972-6999, Web site:
http://www.suretrace.com/
Copyright