SkyWay Communications Holding Corp.
Agrees to Sell duPont Investment Fund
$1,000,000 of Common Stock and Additional
Common Stock Purchase Warrants and Will Use
the Initial Proceeds for Development of
Infrastructure Necessary to Support its Southeast
Airline Services Contract
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CLEARWATER, Fla.--(BUSINESS WIRE) - September 25, 2003 - On September 22, 2003,
SkyWay Communications Holding Corp. (OTCBB: SWYC - News), and its wholly owned
subsidiary, Sky Way Aircraft Inc. announced they have agreed to sell duPont
Investment Fund 4,000,000 shares of common stock at $0.25 per share. In
addition, the duPont Fund acquired common stock purchase warrants to acquire an
additional 2,000,000 shares at $0.35 per share, 2,000,000 shares at $0.50 per
share, 2,000,000 shares at $0.70 per share, 2,000,000 shares at $1.25 per share
and 2,000,000 shares at $1.50 per share. The Warrants are exercisable at any
time prior to October 31, 2005. All of these securities are restricted
securities. The purchase of the initial 4,000,000 shares for $1,000,000 was
consummated on September 19, 2003.
SkyWay intends to use the proceeds of this investment to develop the aircraft
and tower network infrastructure necessary to support its Southeast Airline
Service contract. SkyWay anticipates using $350,000 to complete the design and
construction of its Clearwater Florida data/monitoring center, estimated to be
operational by January 2004. Skyway anticipates using $250,000 to complete
Eastern seaboard tower leases, purchase equipment and undertake necessary
testing to the connect towers to the Clearwater Florida data/monitoring center.
It is anticipated that SkyWay will utilize existing agreements with XO
Communications and MCI to connect the towers to the Clearwater center. SkyWay
anticipates using $350,000 for the purchase, installation and testing of the
Southeast aircraft-related equipment, estimated completion by February 2004.
SkyWay anticipates in-flight testing of the Eastern seaboard network to be
completed May 31, 2004 When operational, the Eastern seaboard network will
service 7 of the 9 Southeast Airline destinations and 90% of Southeast Airlines
currently scheduled flights. Assuming timely receipt of additional funding, a
Phase II tower site deployment plan will concentrate on the Central and
Midwestern U.S. Southeast Airline coverage area commencing January 2004,
anticipated to be completed by April 2004 at a cost of $250,000. Following 2
months of airborne testing of the Phase II network, SkyWay anticipates having
total coverage for all Southeast Airlines destinations by July 31, 2004.
According to Xxxxx Xxxxx, President of SkyWay Communications Holding Corp.,
"This funding allows us to begin immediately to take the actions necessary to
implement our contract with Southeast Airlines, activate the tower network and
to commence generating revenues."
About Sky Way Aircraft, Inc.
Sky Way Aircraft, Inc. 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. Sky
Way Aircraft 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, Sky Way Aircraft 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. Sky Way
Aircraft 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
standards.
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:
Xxxxx Xxxxx, President (000) 000 0000 OR xxx.xxxxxxxxxxxxxxxxxxxxxx.xxx
