ALTAMONTE SPRINGS, Fla., Jan. 26, 2007 (PRIME NEWSWIRE) -- Metropolis Technologies Corp. (Pink Sheets:MTPT) announced today that the Company has embarked on comprehensive restructuring and branding initiatives.
Metropolis Technologies is implementing a number of initiatives that are intended to reduce Metropolis' operating costs, generate new revenue streams, reduce the number of issued shares and enable the company to acquire advanced technologies. The Company anticipates that these undertakings, coupled with a comprehensive re-branding exercise will enhance shareholders' value and pave the way for new investment into Metropolis.
On the 6th of November 2006 Metropolis issued a press release stating that the majority of the shareholders approved a name change to "Impact E-Ticketing Corporation." As a result of discussions that started within the same time frame with a provider of e-services that will deliver numerous strategic advantages to Metropolis' overall marketplace offerings, the Company began the process of pursuing a less focused name. The shareholder's have subsequently approved the name "Impact E-Solutions Corporation." The name change will be fully effected when NASD provides the Company with a new CUSIP number and Ticker Symbol.
With the name change, Metropolis has also initiated a comprehensive re-branding exercise of its online offerings with enhancements that will soon enable the Company to offer Mobile & Wireless Ticketing, Self Populating Event Generation, Email E-vite Capabilities, Enhanced Event Search, Video and Audio Streaming, VoIP and SMS Text Messaging as customizable additions to the Company's e-ticketing platform, e-marketing and e-transaction services in the future. The Company expects to launch a new interactive website in early 2007.
Metropolis has also reached an agreement with the sellers of CyberGlobe International Holdings AVV Limited to cancel the contracts associated with Metropolis' purchase of CyberGlobe and the associated assignment of the software license from Caricom Technologies Limited as a result of (a) Caricom Technologies Limited failing to provide documentation that it rightfully owned or was permitted to license the software / intellectual property, (b) Caricom Technologies Limited not delivering said software along with the required support infrastructure in a manner that was acceptable to CyberGlobe, Metropolis and its clients. The agreement provides for the elimination of $8,000,000 in debt associated with the transaction and subsequently reduces the issued common shares of Metropolis by 25,000,000 shares and effected the resignation of Mr. Harvey Naarendorp from Metropolis' Board of Directors. In addition, Mr. Hector Seczter has decided to withdraw from joining the board of directors.
Metropolis anticipates announcing appointments to the Board of Directors and Strategic Advisory Board in early 2007.
Metropolis did not meet its revenue expectations for 2006 as a result of the issues stated in the preceding paragraphs and two contracted live events not being implemented as the concert promoters had anticipated. Metropolis is currently in negotiations for settlement on these issues. As a result of these unforeseen challenges, Metropolis has re-evaluated its approach to sales and marketing and has concluded that it must retain direct control over the sales and particularly the customer qualification process in the future. As a result, Metropolis will no longer fully outsource its sales and marketing activities.
Metropolis is committed to becoming a Reporting Issuer under the Securities Exchange Act of 1934 and anticipates filing the reports required in early 2007.
About Metropolis Technologies Corp.
Metropolis has a strategic plan to capitalize on the present and future way in which businesses, associations, artists & entertainers, venues and consumers communicate, create partnerships and develop revenue generating activities and transactions within the online universe.
Our mission is to innovate -- bringing the power, ease of use and massive reach of the Internet together with constantly evolving software solutions to deliver better products, customized services and unique business solutions. Today, Metropolis is offering highly advanced, scalable e-ticketing solutions to clients in North America, South America and the Caribbean with a deeper commitment to provide our products and solutions to clients and consumers on a Global scale.
The Metropolis Technologies Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2913
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," "intend to," or "anticipate" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks. All forward-looking statements are based on information available to Metropolis Technologies Corp. on the date hereof, and Metropolis Technologies Corp. assumes no obligation to update such statements.