Cenuco Completes Sale of Education Subsidiary
05 Octubre 2004 - 8:29AM
PR Newswire (US)
Cenuco Completes Sale of Education Subsidiary Company to Focus on
Growth of Wireless Video Monitoring Business BOCA RATON, Fla., Oct.
5 /PRNewswire-FirstCall/ -- Cenuco, Inc. (AMEX:ICU) today announced
it has completed the sale of its online education and distance
learning business as part of the Company's strategy of focusing
exclusively on its rapidly growing wireless video monitoring
business. All assets and operations relating to Cenuco's education
business have been purchased by an educational specialty firm
focusing on a broad array of education-oriented businesses. The
transaction is a combination of cash and notes valued at $1 million
with proceeds going into Cenuco's general operating funds. Cenuco's
wireless video monitoring applications for residential, small
business operations and enterprise solutions allow users to view
their family members, homes, offices, businesses or other important
site locations live, on their cell phone, wireless handheld device
or Internet-connected computer, from anywhere in the world. In this
wireless segment, Cenuco provides cellular carriers, Internet
service providers, resellers and distributors a host of wireless
video-streaming products, which generate an increase in subscriber
adoption of wireless data services, as well as broadband Internet
services. The business model provides additional recurring monthly
service revenue models for carriers, ISPs, resellers and
distributors. The Company is currently in deployment negotiations
and/or testing relationships with a number of international and
national cellular carriers, retail chains, major distribution
providers, resellers, and potential technology licensees on a
global basis. Cenuco has already developed partnerships and
affiliates, including Intel Corporation, Microsoft Corporation and
Qualcomm. The Company has also agreed to distribution terms with
Cellstar, Infosonics, FCI Associates, and other integrated
distribution companies. Cenuco is debt-free with more than $6
million in cash, including the proceeds from the sale of the
education subsidiary. The Company expects strong revenue growth and
a positive free cash-flow position during fiscal 2005, as cellular
based remote viewing products achieve increased market acceptance
and wider distribution. Steven Bettinger, President and CEO,
commented, "We are pleased to have successfully completed the
divestiture of our education subsidiary. Our educational assets
have found an excellent home, allowing Cenuco to focus on our core
wireless remote video monitoring business. Wireless data services
are expected to grow 50% this year reaching $5.5 billion by 2009.
22 million Americans will access mobile video content via cellular
devices, with over 31 million utilizing video messaging. Cellular
video services are expected to account for almost 15% of all
wireless data related revenues across the industry, with Cenuco
uniquely positioned to be a service provider to all parties." About
Cenuco Cenuco, Inc. develops wireless solutions for transmitting
live streaming video to PDAs and cell phones. The Company's
technology has applications in a variety of markets, including
security, education, real estate, insurance, government and retail
market segments. Cenuco's wireless video monitoring solutions are
the primary focus of its business and allow users to view real-
time streaming video of security cameras at their home or place of
business from anywhere they receive a cellular connection,
regardless of the carrier or user's location. The Company's
products address the fast-growing security, surveillance and
Homeland Security markets, and some of its monitoring products have
been listed on the Federal General Services Administration (GSA)
schedule. Please visit http://www.cenuco.com/ for additional
information. Certain statements contained herein may constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, 21E of the Exchange Act of 1934 and/or the
Private Securities Litigation Reform Act of 1995. Such statements
include, without limitation, statements regarding business plans,
future regulatory environment and approval and, the Company's
ability to comply with the rules and policies of independent
regulatory agencies. Although the Company believes the statements
contained herein to be accurate as of the date they were made, it
can give no assurance that such expectations will prove to be
correct. The Company undertakes no obligation to update these
forward-looking statements. DATASOURCE: Cenuco, Inc. CONTACT: Steve
M. Bettinger, President, Cenuco, Inc., +1-561-997-2602; or Vincent
Daniels, VP - Investor Relations, or Margarerit Drgos, VP - Media
Relations, both of Porter, Le Vay & Rose, Inc.,
+1-212-564-4700, for Cenuco, Inc. Web site: http://www.cenuco.com/
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