MFMI NEWS
New Wireless Communications Network - New Facilities and Funding
Business Editors
NEW YORK--(BUSINESS WIRE)--June 10, 1999--The Board of Directors
of Media Forum International, Inc., (NASDAQ:MFMI) announced today that
following its merger with Advanced Communications Technologies, Inc. a
new US based wireless communications network company, a new
development company, Advanced Communications Technologies (Australia)
Pty Ltd. has been formed in Melbourne, Australia.
"A contract has also been completed with PricewaterhouseCoopers
Securities Ltd. in Australia, to raise first stage private equity
funding of ten million dollars Australian (A$10,000,000) to fund an
operating facility, co-located with RMIT University in Melbourne,
Australia. The facility is being established to complete production
and field testing of the first prototype SpectruCell prototype
system," said Roger May, Chief Executive Officer. "Following a
successful first funding by PricewaterhouseCoopers Securities Ltd, the
agreement provides for PWC to arrange second stage funding through an
initial public offering in Australia."
SpectruCell is a new software defined wireless network device
designed to support universal wide spectrum wireless networks.
"Cellular network providers can use it to support their wireless
communication services, like Wireless Internet and conventional mobile
telephony," May said. The SpectruCell system will be capable of
supporting all existing wireless telephony protocols (AMPS, CDMA,
TDMA, GSM) as well as future or evolving protocols (3G, IMT-2000,
IMTS). SpectruCell is ideally suited to the wireless transmission of
voice, data, video and Internet traffic on one network backbone.
Most of the "wireless Internet" applications currently being
developed address a wireless interface solution for primarily the
"last mile" or "local loop" bypass. SpectruCell is different; it
provides a generic wireless interface unit that will support an entire
network structure with wireless links between the Cells and
Central/MTSO switching, rather than the conventional land based fiber
optic links. SpectruCell will provide for the rapid deployment of both
much needed new networks, and existing network expansion.
SpectruCell is especially suitable for 'green field'
installations in countries with no land based communications
infrastructure. The World Bank announced that $40 billion dollars
would be spent by third world countries this year on communications
networks. MFI is strategically well positioned to become a major
player in this rapidly expanding market.
The foregoing contains forward-looking information within the meaning
of The Private Securities Litigation Act of 1995. Such forward-looking
statements involve certain risks and uncertainties. The actual results
may differ materially from such forward-looking statements. The
company does not undertake to publicly update or revise its
forward-looking statements even if experience or future changes make
it clear that any projected results (expressed or implied) will not be
realized.
--30--jb/ny*
CONTACT: Media Forum International, Inc.
Roger May, CEO
516/816-5777 or 212/758-0386
Fax: 212/308-1892
E-mail: globalcomtech@att.net
or
Mike Nichols
973/809-4300
Fax: 973/594-1354
KEYWORD: NEW YORK INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: INTERACTIVE/MULTIMEDIA/INTERNET
COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
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Jun-10-1999 08:33 GMT
Symbols:
US;MFMI
Source BW Business Wire |
