New Wireless Communications Network - New Facilities and Funding
NEW YORK, Jun 10, 1999 (BUSINESS WIRE via COMTEX) -- 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 inAustralia."
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.
Copyright (C) 1999 Business Wire. All rights reserved.
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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 |
