Today's MFMI News
Tuesday June 22, 9:17 am Eastern Time
Company Press Release
Media Forum International, Inc. Announces
PriceWaterhouseCoopers Securities Funding - New
Wireless Network
NEW YORK--(BUSINESS WIRE)--June 22, 1999--The Board of Directors of Media Forum International, Inc., (OTC
BB:MFMI - news) announced today that following its merger with Advanced Communications Technologies, Inc. a US based
wireless communications network company, a new development company, Advanced Communications Technologies (Australia)
Pty Ltd. has been formed and is located at 350 Queen Street, 20th Floor, Melbourne, Australia 3000.
''A funding 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 that is presently being
co-located with a branch of the Computer Systems Engineering Division of RMIT University in Melbourne, Australia.
Completion of the build-out of the facility will be completed by June 30th, 1999. The facility is being established to complete
production and field testing of the first prototype SpectruCell system,'' said Roger May, Chief Executive Officer. ''Following the
completion of 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.''
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 Office/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 a new software defined wireless network device designed to support universal wide spectrum wireless networks. It
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.
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.
Some of the content of this Press Release was originally distributed on June 10th, 1999.
Contact:
Media Forum International, Inc.
Roger May, 516/816-5777 or 212/758-0386 (CEO)
Fax: 212/308-1892
globalcomtech@att.net |
