NEW YORK , Aug. 12 /PRNewswire-FirstCall/ -- MSGI Security Solutions Inc. (OTC Bulletin Board: MSGI) and Current Technology Corporation today announced Current Technology's 51% owned Texas -based subsidiary Celevoke, Inc. ("Celevoke") has signed a Memorandum of Understanding (MOU) with the division of a leading multi-national group specializing in the design, manufacture and marketing of advanced systems and components for motor vehicles, which generates several billion dollars in sales per year. The MOU contemplates the integration of Celevoke Inc.'s (Celevoke) proprietary web-based Universal Telematics Solutions with the multi-national group's hardware, addressing global market opportunities. It is the intention of the parties to immediately commence the integration process, with the objective of having a market ready product during the fourth Quarter of 2008.
"This is a material event," states Current Technology CEO Robert Kramer . "The MOU provides for a formal joint press release within the next few weeks. However, we feel it appropriate to advise the market of the completion of the MOU, as its existence may become known in the business community prior to the proposed joint press release, at which time more particulars will be announced."
The multi-national group has several dozen manufacturing facilities and numerous research and development centers, located in many countries around the world. The group supplies leading automobile manufacturers in Europe , North and South America and the Far East.
Celevoke is poised to become a market leader in the projected
About MSGI Security Solutions, Inc.
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.
MSGI Corporate Finance
SOURCE MSGI Security Solutions Inc.