07/28/03 Koala Announces Letter of Intent to Acquire 3D Environment Technology, Inc.
TORONTO--(BUSINESS WIRE)--July 28, 2003--Koala International Wireless, Inc. (KIWI - news) , a leader in the development of web-based, wireless network applications and wireless device development, announced today that it has entered into a Letter of Intent to acquire 100% of the shares of 3D Environment Technology, Inc., of Nevada, in a voluntary share exchange for three million shares of common stock issued by Koala.
The transaction has been approved by a majority of each company's Board of Directors.
About 3D Environment Technology, Inc.
3D has created a wireless gateway solution that allows for database, network and client agnostic high-speed delivery of data. Developed with cutting edge Linux software development tools, the 3D technology enables custom application interfaces to access enterprise and other data using mobile devices. The use of the 3D Server Engine technology has eliminated the need to focus on either a synchronization-based architecture or a browser-based architecture.
Dan Goldman, President and CEO of 3D Environment Technology, Inc., remarked: "3D is very excited about the integration of its capabilities into Koala's wireless technology. 3D is uniquely positioned to ensure functional integration of the Koala Network and devices currently being developed by Koala. We will be able to deliver rich data at faster speeds than any competitor via our OEM 3D Viewer on a number of devices. The combined skills and experience of our companies, together, offer a grand opportunity to integrate content within the Koala Network that meets the needs of the new Koala."
Bradley Wilson, Chairman of Koala, adds: "The agreement to acquire 3D provides Koala with another ground-breaking advantage in the Virtual Private Wireless Network and Personal Wireless Communications markets. We are delighted to include this vertically integrated company to our family of customers and partners."
About Koala: Koala is developing an International Mobile Virtual Network Operator (IMVNO) platform to allow the delivery of voice, data and Short Messaging over multiple networks. Concurrent with the IMVNO development, Koala is pursuing the development of applicable devices to serve the network subscribers. The IMVNO strategy will enable subscribers to access the Internet, play and store MP3, utilize existing applications including calendaring, contact management systems, email and Short Messaging and additional functionality, some not currently available in the marketplace.
This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the words "can," "anticipates," and similar expressions identify certain forward-looking statements. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes. The material should be read in conjunction with the Company's current annual and quarterly reports filed with the SEC, which contain discussions of currently known factors that could significantly impact the Company's future expectations.
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