Science & Technology
Science and Technology
Science and Technology
Wed, May 13, 2009
Tue, May 12, 2009 OptiCon Systems, Inc. : OptiCon (OPCN) to Explore Spin-Off of PowerCon Energy Systems
ST. PETERSBURG, FL--(Marketwire - May 12, 2009) - OptiCon Systems, Inc. (
The Company released the following statement, "OptiCon Systems today announced that its Board of Directors will explore the spin-off of its PowerCon Energy Systems division into a separate subsidiary-company being established, and the payment of a stock dividend in the form of shares of the Subsidiary. If the proposed spin-off and stock dividend structure is approved by the Board of Directors, the Company will transfer its interest in the PowerCon division to its new Subsidiary, and establish the record date for determining the record holders of Company common stock for purposes of receiving the pro rata stock dividend ('spin-off' distribution) of the PowerCon Energy Systems Subsidiary to all of the Company's shareholders, as of such date. Shareholder approval of the spin-off is not required, and you are not required to take any action to receive your PowerCon Systems common stock, if the proposal is accepted by the Board of Directors. The company's recent inroad in development of first generation PowerCon Energy Systems, based on the robust R4 (Ranger 4) architecture, a state-of-the-art system to monitor and maintain the flow of power for alternative energy companies such as solar, wind and hydro-kinetic, will be the first industry software system that manages the energy chain from production to storage and delivery. Private money funds and other investment communities are investing millions of dollars into green technology software everyday such as PowerCon Energy Systems."
According to the new United Nations Environment Program Report, in 2007, the government's support for renewable energy is growing rapidly as well. At least 48 countries now have some type of renewable energy promotion policy, including 14 developing countries. Most targets are for shares of electricity production, typically 5 percent to30 percent, by 2010-2012. The same report finds that investors raised over $148 billion, a 60 percent increase over 2006 for renewable and alternative energy projects. Moreover, despite market downturns from the credit crisis, investments into clean energy have continued to remain strong during the first half of 2008.
Sam Talari, acting CEO of OptiCon, indicated as follows:
"We are pleased to announce this possible spin-off and pro rata distribution to all of the Company's shareholders, of the Company's unit, PowerCon Energy System. I feel the Board of Directors will agree that there are many business purposes for such a spin-off, including the overall unlocking of shareholder value, current market need for this type of software in the high flying 'Green' market, and the ability for the new company to attract and maintain a superlative management team with equity-related incentives, greater liquidity, acquisitions and greater access to public or private capital, including debt and equity. Our current OptiCon shareholders will be rewarded by this potential spin-off and thereby share in the current growth of OptiCon now, and in the future."
About OptiCon Systems
OptiCon Systems, Inc. provides Wireline, Wireless and fiber optics network management solutions offering proprietary state-of-the-art software, professional services and integrated systems. OptiCon Systems have been in use by companies seeking the best solution in managing their networks for the past 10 years. The company's software solutions automate all aspects of the physical and logical layer management, fault detection and delivery of information. The scalability of the software systems permits the Company to target large communications and telecom companies servicing millions of global customers to medium-sized companies managing a single facility. Besides OptiCon Network Manager (ONMS), the company will soon offer PowerCon Energy Systems (PES) that is designed to manage large power networks and facilities for power and alternative energy companies globally. The PES/ONMS isolates (power/fiber) cable cuts, breaks, and faults, and service degradation and other power and optical events to within plus or minus five feet of the event, and produces a global positioning system location for the outage to an approximate five foot section of cable.
For more information, please visit [ www.opticonsystemsinc.com ].
Forward-Looking Statements
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.
