ASI Restructures

ASI Entertainment of Australia said its ASIQ subsidiary, which provides in-flight connectivity solutions for airline passengers and crew, will be privatized. ASIQ has contracts with Saudi Arabian Airlines and Italy's Air One scheduled and charter airline for its Internet-based systems. ASI will take ownership of ASIQ's SafeCell intellectual property, which has a patent pending. SafeCell is a low-cost cell phone accessory that is designed to convert a cell phone into a wireless data communicator for in-flight use. "The restructuring is appropriate under current market conditions as it will generate working capital for both companies to further develop the products and programs, and will result in the current ASI shareholders retaining their investment in the airline communication business through ASIQ, as well as an investment in the SafeCell Intellectual Property in ASI," ASI CEO Ron Chapman said. Other ASI products include an email connectivity system and an electronic crew reporting and information system. More