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EarthSearch Communications, Inc. Successfully Completes Listing on the Frankfurt Stock Exchange
August 31, 2007
MARIETTA, GA, August 31, 2007 -- EarthSearch Communications, Inc., an Atlanta, Georgia-based company specializing in the development and distribution of state-of-the-art wireless communication and GPS products, announced today that it has successfully completed an offering of new shares in connection with the company's listing on the Frankfurt Stock Exchange. EarthSearch is listed today with the ticker symbol (3ES1).
A total of 5 million shares were issued at the price of 2.25 Euros. GFS Acquisition Partners, LP has acquired $1.25 million of the initial issues. After completion of the transaction, EarthSearch has a total 28 million shares outstanding.
EarthSearch Communications intends to use the funds raised to facilitate the manufacture of products to support one of the company's flagship projects -- a beta-test launch of AutoSearchGPS devices at select Mazda dealers in the Atlanta-metro area. Additional funds will be allocated to expedite R&D operations for the development and deployment of navigation multi-media products. The company has completed registration in Mexico and plans to launch operations in the first quarter 2008 and is currently completing registration to open offices in China in September 2007.
The company is well positioned to acquire businesses and assets within strategic markets, which will spur continued business growth and facilitate the sales of EarthSearch products and services globally.
"This is a significant milestone in EarthSearch's history and strengthens our position as a leading provider of wireless communication and GPS products both nationally and internationally," said CEO Kayode Aladesuyi. "The investment community has received us very favorably, and we have secured high-quality shareholders. We look forward to making the most of this new phase of EarthSearch's development, together with our new investors and our highly motivated and talented team," he added.
About EarthSearch Communications, Inc.:
Originally established in December 2003, as a sales organization to market cutting-edge GPS products in the United States, EarthSearch has evolved over the years into an R&D-based company -- in an effort to remain competitive in the marketplace. In 2004, the EarthSearch team launched the company's R&D division, EarthSearch Technology.
In 2006, EarthSearch launched a global-hosting platform to support a multinational locations-based services operation. Last year, the company completed, launched and began manufacturing its first revolutionary GPS product, "AutoSearchGPS 1.4TL" -- utilizing GPRS technology. Earlier this year, the company launched the first-ever interactive, cell phone vehicle-management application using both GPRS and WAP technologies. The vehicle-management application allows parents of teenage drivers to remotely control their teenagers' vehicles, providing the capability to monitor and alter driving behavior. The EarthSearch vehicle-management system is positioned to compete directly with OnStar Corporation's service. The EarthSearch application puts full control of the vehicle directly in the hands of the consumer/owner whereas OnStar's service is controlled by a remote third-party. EarthSearch recently began offering the AutoSearchGPS at participating Mazda dealerships in Atlanta, Georgia -- as a commercial beta launch for an evolving relationship with Mazda North America. In the 4th quarter 2007, ES Technology will embark on a global-licensing model business operation that will allow distributors and licensees to offer and market EarthSearch products around the world.
In 2006, EarthSearch began rolling significant investments into R&D activities for the development of state-of-the-art products, such as Personal Navigation Devices (scheduled for 4th quarter 07 launch), delivery of mobile television, video-on-demand services, "infotainment," Internet access and navigation contents into automobiles.
The EarthSearch family of products currently includes the AutoSearchGPS® 1.4 Consumer and AutoSearchGPS® 1.5 Fleet and the MobileManager advanced fleet management device with dual Sim application.
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