Sky Way Communications Holding
Corp. (OTCBB:SWYC - News) announced today that on May 30, 2003 it
had signed a definitive acquisition agreement to acquire Sky Way
Aircraft, Inc., (“Sky Way”) a Florida based corporation.
As a result of the merger, Sky Way will become a wholly-owned subsidiary
of the company.
The merger agreement, which calls for an exchange of shares, is
subject to various conditions, including shareholder consent by
the Sky Way Aircraft shareholders. At the closing of the Merger,
it is anticipated that James Kent will become our new Chief Executive
Officer, Brent Kovar will be appointed as the President and Chairman
of the Board of Directors; and Joy Kovar will be appointed the Corporate
Secretary. It is also anticipated that after the closing of the
merger, Mr. Kent and Mrs. Kovar shall be appointed, subject to a
filing of 14F-1, directors of the company.
The Agreement and Plan of Merger together with the Certificate
of Designations for the Series A and B Preferred Stock are attached
as Exhibits to an 8K filed with the Securities and Exchange Commission
concurrent herewith. We urge all interested parties to review the
8K together with the Agreement and Plan of Merger as well as the
Series A and B Preferred Stock Certificate of Designations.
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. Their 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 about Sky Way Communications Holding Corp.
Jamee Kalimi, President (305) 538-7840
For more information about Sky Way Aircraft, Inc. please contact:
Brent Kovar, President (727) 535 8211