HOUSTON, June 17, 2004 (PRIMEZONE) -- GK Intelligent Systems, Inc. (OTCBB:GKIG), a publicly held holding company with entertainment and technology subsidiaries, announced today that it has signed a letter of intent to acquire Stellar Software Network, Inc. The intended terms of the transaction include 100% of Stellar stock for unregistered shares of GKIG. The transaction was arranged by Stanton, Walker and Company, a New York-based consulting firm retained by GK.
Stellar Software Network is a leading provider of professional software services, offering custom software development, systems integration, onsite/offsite and offshore software development. Stellar also provides both temporary and permanent IT staffing personnel. Stellar's impressive clients include Verizon, American Express, Hewlett Packard, Perot Systems, and Ericsson.
According to President and CEO of GK Intelligent Systems, Gary Kimmons, "We are extremely pleased to announce this letter of intent with Stellar. The acquisition of Stellar Software Network is an important step in our M&A strategy. In addition to being a proven revenue generator in a growth market, Stellar will support our growing technical staffing requirements. We are committed to increasing shareholder value through continued organic growth and strategic acquisitions similar to this one."
Sunil Nariani, President and CEO of Stellar Software Network, commented, "I am very pleased to have my company become part of GK Intelligent Systems, Inc. There is a significant opportunity to bring together a number of companies similar to Stellar, to introduce efficiencies in the workplace and create a fundamentally strong holding company."
About GK Intelligent Systems
GKIG is a developer, and provider of proprietary "intelligent" software technology products and supporting technologies designed to personalize nationally-branded products and services, with the objective of improving profitability and fostering higher levels of customer satisfaction and brand loyalty. The Company operates as a holding company with various emerging entertainment and technology subsidiaries with an emphasis in the music industry.
For more information on GK Intelligent Systems please visit the corporate website: (www.gkis.com) and its exciting music entertainment subsidiary's website: (www.RAWW.com).
Safe Harbor
Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.