January 26, 2004 12:22
PlanetLink Communications Reaches Favorable Accord With Citizens Trust Bank Regarding Credit Facility
CUMMING, Ga., Jan 26, 2004 /PRNewswire-FirstCall via COMTEX/ -- PlanetLink Communications Inc., (OTC Bulletin Board: PLKC), a provider of satellite-based products and services announced today that it has reached a favorable settlement with Citizens Trust Bank of Atlanta, Ga., regarding its outstanding credit line debt.
As previously reported, PlanetLink had defaulted on its line of credit with an outstanding balance just over $63,000, including principal and interest. Under the agreement reached this week, PlanetLink acknowledged owing this amount plus another $20,000 in attorneys' fees and consented to a civil judgment in the amount of $83,012.27. However, Citizens Trust Bank agreed not to pursue enforcement of the judgment, as long as PlanetLink makes timely payments of $2,000 per month for 25 months, a total of $50,000, in complete satisfaction of the entire judgment amount.
"I am extremely pleased with the final outcome of our negotiations with Citizens Trust Bank. This very fair settlement allows us to reduce our indebtedness on manageable terms while providing a significant savings over the original amount owed. I don't think we could have hoped for a better conclusion," said M. Dewey Bain, president of PlanetLink Communications Inc.
Citizens Trust Bank has agreed to dismiss the judgment against PlanetLink with prejudice upon satisfaction of these terms. PlanetLink also agreed to waive and dismiss any and all counterclaims it had in its action against Citizens Trust Bank.
PlanetLink, headquartered in Cumming, Ga., has three primary business segments based on satellite-enabled technology. Providing the consumer both products and services, PlanetLink businesses include: DISH Network (satellite television), StarBand (High-Speed Internet Access) and Global Positioning System (GPS) personal tracking devices. PlanetLink's goal is to become a single-source dealer/distributor of technologically advanced, satellite-based products and services. With a strong and growing product offering and brand name, PlanetLink is building this unique category into a class all its own.
Safe Harbor Statement
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect," or similar expressions that involve risks and uncertainties. These risks and uncertainties include the Company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property.
The Company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management's Discussion and Analysis" or "Plan of Operation" and other sections of the Company's Form 10-KSB and other publicly available information regarding the Company on file with the Securities and Exchange Commission. The Company will provide you with copies of this information upon request.
For more information on PlanetLink, please visit the company's Web site at:
http://www.plcweb.net .
SOURCE PlanetLink Communications Inc.
M. Dewey Bain, President of PlanetLink Communications Inc.,
+1-678-455-7075; or Media & Investor Relations, Shannon T. Squyres, President
of Market Pathways, +1-949-955-1860, for PlanetLink Communications Inc.
http://www.plcweb.net
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