FORT LAUDERDALE, FL-- January 23, 2014 - SpectralCast, Inc. (OTC Pink: SAEED) is pleased to announce that the company has completed its due diligence and has executed a final agreement to acquire Orbital Laboratories. There are several corporate actions that will be taken towards closing the transaction. The first major step was the name change and recapitalization that was announced last week. The transaction is anticipated to close by the beginning of next week. The company will continue to update investors and shareholders through additional announcements.
SpectralCast continues to be confident in the significant near and long-term benefits that the acquisition will bring to the company and the shareholders. "We see a very promising future for the combined company and we welcome the incoming team from Orbital", said SpectralCast CEO, Carl Conte. As stated in previous announcements, the company is looking forward to a very productive 2014 with several major product launches expected. SpectralCast also plans to continue the process of becoming fully reporting and up-listing in this year.
About Orbital Laboratories, Inc. -- Orbital Laboratories, Inc. is a designer, manufacturer of specialty electronics. We integrate and cultivate high-tech consumer electronic products with the aim of building a global encrypted network -- the Orbital Organic Network, also known as the Overnet™. Our wireless layer creates an individually controlled content environment with access to all forms of media obtained through one location source. Orbital has designed patented solutions for creating a public/private terrestrial network, through the mass deployment of technologies that will change the way we interact with each other and our environments. After making a name for ourselves with the sales of commercial-grade premium LCD televisions, we have moved into worldwide design, manufacturing and distribution of specialty electronics with global impact. For more information on Orbital Laboratories Inc. please visit the company website at http://www.orbitaltv.com or at www.fundable.com/orbital-laboratories-inc
About SpectralCast, Inc. -- SpectralCast Inc. currently owns and operates a portfolio of online web properties, complementary online bidding, video, and affiliate traffic websites, as well as a range of mobile e-commerce applications such as location based services, mobile checkout, and credit card processing, the Company now has this new opportunity to fulfill its original business model of continually focusing on new acquisition opportunities and the formation of strategic partnerships to accelerate SpectralCast's growth and business platform. For more information on SpectralCast, Inc. please visit the company website at http://www.7starent.com
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company and all affiliated parties do not assume any duty to publicly update or revise the material contained herein.
SOURCE: SpectralCast, Inc.