SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
December 20, 2002
Date of Report
(Date of Earliest Event Reported)
TELKONET, INC.
(formerly known as Comstock Coal Company, Inc.)
(Exact Name of Registrant as Specified in its Charter)
902-A Commerce Road
Annapolis, Maryland 21401
(Address of principal executive offices)
410/897-5900
Registrant's telephone number
Utah 87-0627421
(State of Incorporation) (IRS Employer Identification No.)
ITEM 6. RESIGNATIONS OF DIRECTORS AND EXECUTIVE OFFICERS
The following press release was issued to announce the resignations and
appointments of certain Directors and officers of the company.
Telkonet Names Ronald W. Pickett
President & Chairman of the Board
For Immediate Release:
Contact: Telkonet, Inc. Hayden Communications, Inc.
Stephen Sadle, Chief Operating Officer Matthew Hayden
410-897-5900 843-272-4653
ssadle@telkonet.com matt@haydenir.com
Annapolis, MD-December 20, 2002 - Telkonet, Inc. (OTCBB: TLKO) a leader in
Powerline Communications (PLC) for the commercial market, today announced that
the Board of Directors unanimously elected Mr. Ronald W. Pickett as Chairman of
Board, President and interim CEO. J. Gregory Fowler resigned as President & CEO
and from the Board of Directors to provide his Board seat to Mr. Pickett. David
W. Grimes, Founder and Chairman resigned as Chairman but will remain on the
Board as a Director.
Ronald W. Pickett, 55 has engaged in various entrepreneurial activities for 35
years. He was the Founder, Chairman of the Board and President of Medical
Advisory Systems, Inc., which is now the Digital Angel Corporation- AMEX: "DOC".
Mr. Pickett has fostered the development of Telkonet since 1999 as the Company's
principle investor and is now stepping forward to take an active leadership role
as President, Chairman of the Board of Directors and interim CEO.
Mr. Pickett stated, "I am very enthusiastic about Telkonet's potential to
dominate the Powerline Communications commercial market with their PlugFast
family of Internet access products, which are designed to address the specific
needs of, hotels, office buildings, schools, shopping malls, and commercial
buildings. Our initial pilot installations in hotels in Georgia and North
Carolina have been hugely successful and the demand for future installations
grows stronger every day. The Company has assembled a stellar team of
engineering and technical professionals who have brought the Company to where we
are today. My goal is to do everything I can to continue the momentum and to
find the right resources to take this Company through a national product launch
and onward towards future successes".
David Grimes stated, "Over the past three years it has been my privilege to
serve the shareholders of Telkonet as Chairman of the Board of Directors. During
that period a strong foundation was cast, as we moved to build a technology that
would propel Telkonet into an industry leadership position. Now that our Company
has reached a new paradigm in its evolution, again it is my privilege, this time
to pass the Board leadership role to Mr. Ronald Pickett, whom I believe
possesses the leadership experience, foresight, and market intelligence required
to develop our Company's true potential and market value. During my continued
tenure as a member of the Board, I look forward to working with Mr. Pickett and
the other Board members for the continued success of our Company".
Telkonet's PlugFast Terminal can be used as a stand-alone solution within a
residence, or it may be used in conjunction with a PlugFast Gateway as a part of
Telkonet's solution for the commercial market. The core focus is High-Speed
Internet distribution over the electrical power lines for the commercial and
multi-dwelling residential markets. The Company has designed a suite of products
to address the needs of office buildings, hotels, schools, shopping malls, and
commercial buildings.
Telkonet's products provide connectivity over the existing electrical wiring and
do not require the costly installation of additional wiring, or major disruption
of business activity. In many situations the Telkonet system can be implemented
more quickly and less expensively than adding dedicated wiring or installing a
wireless system.
The Telkonet PlugFast family of Internet access products offers a viable and
cost effective alternative to the challenges of hardwiring and wireless LANs.
This solution set is comprised of two products, the PlugFast Gateway and the
PlugFast Terminal. The Telkonet PlugFast Gateway and Terminal are aimed at
applications such as apartments, hotels and motels, and the SME market.
Statements included in this release may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve a number of risks and uncertainties such as competitive
factors, technological development, market demand and the Company's ability to
obtain new contracts and accurately estimate net revenues due to variability in
size, scope and duration of projects, and internal issues in the sponsoring
client. Further information on potential factors that could affect the Company's
financial results, can be found in the Company's Registration Statement and in
its Reports on Forms 8-K filed with the Securities and Exchange Commission
(SEC).
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