Lantax, Ltd. Signs Collateralized Loan Agreement & Term Sheet With SkyWay
Communications Holding Corp. for $24 Million Dollars
Skyway Communications Holding Corp. (SWYC) announced today that Lantax, Ltd., a
Private Investment Group, consisting of four Western European and Northern
African families, signed a collateralized loan agreement & term sheet in the
amount of $24 million dollars. The terms of the loan require the
collateralization of 25 million restricted shares at a rate of 85% loan to
value. The loan matures with all principal due on December 8, 2009, interest
payable quarterly commencing on March 9, 2005 at a rate of Prime plus 1%.
Additionally, the loan is based on the attainment of certain operating
milestones which follow our organizational and business strategy plans. These
plans are not yet finalized and maybe subject to change at any time. Final terms
will be released at closing.
A representative of Lantax, Ltd. Dr. Thabo Stephens stated, "We are confident in
the technology and the business plan presented by Messieurs Kovar and Hansen.
With anticipated changes in the Company's operations and the proposed funding
presented by us we believe that SkyWay will meet its business objectives. We
will stand behind SkyWay Communications, with additional funding if necessary,
as they enter the security and inflight broadband communication sector."
Brent Kovar, President of Skyway Communications Holding Corp. said, " I am
pleased with the progress we have made in securing funding. If we are
successful in meeting their milestones and closing this loan, we should have
enough funding in place to complete our network and move into the next phase of
development."About Lantax, Ltd.
Lantax, Ltd. is a private international venture capital group dedicated to
finding and investing in early stage companies that are the most advanced and
effective at combating security threats to private, commercial, national and
international governments. The heightened threat of terrorism has brought
newfound attention to corporate, governmental, and private surveillance systems.
However, few organizations have the capabilities necessary to integrate their
surveillance operation into their core IT infrastructure. Rather than becoming a
target for start up ventures, Lantax, Ltd. chooses to operate as an anonymous
entity, which allows them to seek out developing companies that meet their
investment criteria. They desire to invest alongside the management of
developmental stage, anti-terrorist security companies, which seem to have the
greatest potential to develop into significant economic contributors.
About SkyWay Communications Holding Corporation
SkyWay Communications Holding Corporation and SkyWay. is a Clearwater, Florida
based company that is developing a unique ground to air in-flight aircraft
communication network that it anticipates will facilitate homeland security and
in-flight entertainment. SkyWay is focused on bringing to the market a network
supporting aircraft-related service including anti-terrorism support, real time
in-flight surveillance and monitoring, WIFI access to the Internet, telephone
service and enhanced entertainment service for commercial and private aircraft
throughout the United States. Based on the final upgrading of a previous
airborne telephone and communications network, SkyWay intends to provide
broadband connectivity between the ground and in-flight aircraft throughout the
U.S. using technology that provides a broadband high-speed data transmission.
SkyWay intends to be the communications solution for commercial and private
aircraft owners wanting real time access to on-board security systems, aircraft
health and welfare monitoring, avionics operations and for passengers wanting
real time high-speed access to the Internet. The network will enable
applications that can personalize the in-flight entertainment experience,
provide real time access to flight management avionics with long-term data
storage and also support for ground monitoring of in-flight surveillance systems
that are being designed with the goal of enhancing current airline security
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including without limitation, continued acceptance of the
Company's products, increased levels of competition for the Company, new
products and technological changes, the Company's dependence on third-party
suppliers, and other risks detailed from time to time in the Company's periodic
reports filed with the Securities and Exchange Commission.
For more information regarding SkyWay Communications Holding Corp. please contact:
Steve Klein, Investor Relations (727) 535-8211 x 2480 OR
www.skywayaircraftsecurity.com for additional information
Dates Referenced Herein and Documents Incorporated by Reference