NEW YORK , Oct. 28 /PRNewswire-FirstCall/ -- MSGI Security Solutions Inc. (OTC Bulletin Board: MSGIE) and Current Technology Corporation today announced its subsidiary StarOne Telematica SA ("StarOne") has signed a Commercial Agreement of Purchase and Sale ("Acordo Comercial De Compra E Venda") ("the "Agreement") with Magneti Marelli Sistemas Automotivos Industria e Comercio Ltda. of Brazil , a subsidiary of Magneti Marelli of Milan, Italy , an international company belonging to the Fiat Group. The Agreement flows directly from the Memorandum of Understanding announced August 12, 2008 . Importantly, during the past two months, technical experts from the Company's 56% owned Texas -based subsidiary Celevoke, Inc. ("Celevoke") have worked directly with Magneti Marelli in Brazil to integrate Celevoke's proprietary web-based Universal Telematics Solutions with Magneti Marelli's hardware. StarOne is now delivering Magneti Marelli's anti-theft device and tracking system to its customers in Brazil .
"This is an important step," stated Celevoke CEO Chuck Allen . "However, it is only the first step. As indicated in the President's Letter to Current Technology shareholders September 16, 2008 , Celevoke's success at the technical level has also opened the door for us to interact directly with a key French telecommunications industry player with global reach. We have been working directly with the French company for the past few months on a more advanced anti-theft device and tracking system, which we believe is superior to anything available in the market today. Our vision is a product jointly developed by Celevoke and the French company, manufactured by Magneti Marelli for sale throughout the Americas and beyond. We expect to announce further particulars of this exciting new initiative during November 2008 , and anticipate a market launch during the First Quarter of 2009."
"This is a landscape changing event," said Current Technology CEO Robert Kramer . "We believe we will be able to sell this new product at the OEM level to automotive and motor sport manufacturers in Brazil , with StarOne providing service and support. Further, we believe the product has significant potential outside Brazil , in the balance of the Americas and beyond. As a result of this joint development effort with world class partners, we believe Celevoke will be able to generate significant revenue for the use of its proprietary Intellectual Property, even if it is not involved directly in the hardware sale. This may open an entirely new and previously unanticipated revenue stream, and has the potential to take Celevoke to a whole new level."
About Magneti Marelli
A company belonging to the Fiat Group, Magneti Marelli produces and distributes advanced systems and components for the automotive industry. With its 46 production facilities, 9 research and development centers and 27 application centers in 16 countries, 28,000 employees and a turnover of
Celevoke is poised to become a market leader in the projected
About MSGI Security Solutions
MSGI Security Solutions, Inc. is a leading international provider of proprietary security solutions to commercial and government organizations. MSGI is developing a combination of innovative emerging businesses that leverage information and technology with a focus on encryption technologies for actionable surveillance and intelligence monitoring. The Company is headquartered in New York City where it serves the needs of counter-terrorism, public safety, and law enforcement in the United States , Europe , the Middle East and Asia . More information on MSGI is available on the company's website at www.msgisecurity.com
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels and other factors could cause actual results to differ materially from the Company's expectations.
SOURCE MSGI Security Solutions, Inc.