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OCTuS, Inc. Signs Letter of Intent with Nova Mobility Systems Inc.
CARLSBAD, Calif.-(Business Wire)-September 4, 2008 - OCTuS, Inc. (OTCBB:OCTI) announced today that it has signed a letter of intent with Nova Mobility Systems Inc., a leader in mobile computing and rugged computer systems. Should the conditions to closing occur as described in the LOI, OCTuS will merge or otherwise acquire Nova.
The combined entity is expected to release proprietary UMPC (Ultra-Mobile PC), Tablet and MID (Mobile Internet Device) products in 2009, combining extensive industry and product experience with next generation, ultra low power chipset designs and components. The acquisition will provide an improved corporate platform for exposure and financing as Nova launches its series of new mobile devices to the industrial, business-to-business and consumer marketplace in 2009.
Geogre Ecker, CEO of Nova Mobility Systems, commented, “We believe that our proprietary range of devices combine trend-setting form factors, communication tools and capabilities that the UMPC and MID device markets have demanded for some time but to date have not been addressed. Our two years of customer survey and feedback has helped us gain significant insight to our customers' needs, including industrial, enterprise or the general public.â€
Sam Prysianzniuk, Global VP of Sales for Nova Mobility,also commented, “The market feedback based upon the prototypes has been exceptional. Resellers, integrators and end users all appear to echo similar sentiments, namely that the size, weight, long battery life, daylight readable touchscreen and keyboard provide them with a UMPC that is actually useful.â€
The closing of the transaction is subject to certain conditions, including execution of a definitive acquisition agreement and the completion of due diligence. There can be no assurance that the acquisition will be consummated or, if consummated, that it will be consummated on the terms set forth in the letter of intent.
About OCTuS, Inc.:
Originally formed as a privately held company, OCTuS was dedicated to technological advancement in the work place, coining the term “shared network appliance†and working to distribute Novell-based products geared towards making everyday life easier via simple operation and quality features. Through this merger OCTuS will be involved in the mobile computing marketplace and its growing operations, including aspects ranging from wireless connectivity to the internet to the devices that allow shared communications around the world.
About Nova Mobility Systems, Inc.:
Nova Mobility is a leading provider of mobile computing products to businesses, government and consumers. Nova is focused on incorporating the latest technologies into their product line of tablet and handheld PCs to a wide range of markets including military, homeland security, integrated public safety, municipal, transportation and logistics, addressing the harshest and most demanding mobile application environments. Nova stands poised to utilize key partnerships, formidable design talents and next generation components to seize the opportunity for worldwide mobile computing growth and sales. Nova is headquartered in Carlsbad, CA with sales, research and development facilities in Charlotte, North Carolina. For more information, please visit www.novamobility.com.
Safe Harbor
Special Note Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks, delays and uncertainties that may cause the Company's actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: the Company's ability to generate product sales and operating profits; the Company's ability to obtain sales prices at or near its MSRPs; cancellation provisions in the Company’s reseller agreements for shipments beyond 90 days of order; vulnerability to technology obsolescence; competition by better capitalized companies; difficulty in managing growth; dependence on key personnel; and other risks which are discussed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
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