CISCO, Texas, Nov. 2 /PRNewswire/ -- Black Giant Oil Company,
(OTC Bulletin Board: BGOC) Symbol "BGOC" is pleased to announce the signing of
an Agreement in Principle and Letter of Understanding on November 1, 1999 with
BroadCom Wireless Communications Corporation, an Oklahoma private company.
This Agreement represents a shift in the corporate mission of Black Giant from
an energy-orientation to a hi-tech Internet and Communications focus. The
Agreement provides for BroadCom to assign, transfer and convey the following
projects for common stock of BGOC subject to the Company completing its due
diligence and substantiate the working capital or the arrangement of funds:
-- 50% of an Oklahoma based Wireless Internet Company with existing
master agreements and contracts to service up to 50 key cities
throughout the Continental United States providing high speed Wireless
facilities for voice, Internet and data transfer for both business and
residential customers. BroadCom has negotiated funding arrangements
for the initial urban site, to be followed by major equity funding in
order to capitalize the installation in additional cities.
-- 40% of an operating Oklahoma Cellular Telephone and Electronic Pager
Company. The company currently operates three retail locations in
Oklahoma and has plans to expand into other cities in Kansas, Texas
and New Mexico.
-- A 33.33% participation in a two-year contract with Global Access (BWI)
Ltd. to provide debit card based international long distance between
the United States and Mexico, in exchange for two Harris Switches to
Global Access and its customer, Itell.
-- 50% leasehold interest in approximately 4,300 acres in Kentucky which
includes 50% working interest in nine (9) recently drilled gas wells
located on this acreage.
-- Black Giant plans to transfer the existing oil and gas assets to be
transferred out to a wholly owned subsidiary to be later distributed
to its shareholders.
Formal agreements are being prepared between Black Giant and BroadCom
et al to make effective these conveyances. Black Giant will continue to
monitor BroadCom in formalizing the contracts as Black Giant continues its due
diligence on these projects.
Initial plans calls for Ivan Webb to remain as President of Black Giant
until January 31, 2000, during the transition phase from an energy company to
a communication company. Mr. Webb will be active in the energy subsidiary
company created by Black Giant for its oil and gas interests.
Management is pleased with the current plans of moving Black Giant into a
new exciting business arena and looks forward to giving more definitive and
descriptive updates on each of the above projects as they each come into the
Company.
This News Release includes forward-looking statements that involved risks
and uncertainties. The forward-looking statements in this release are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reformed Act of 1995. Actual results may differ materially, due to a variety
of factors including, without limitation, the Company's ability to produce and
market products and/or services and other risks detailed from to time to time
in the Company's reports filed with the Securities Exchange Commission.
For additional information, contact Ivan Webb at 254-442-3968 or fax
254-442-3843.
SOURCE Black Giant Oil Company
-0- 11/02/1999
/CONTACT: Ivan Webb of Black Giant Oil Company, 254-442-3968, or fax,
254-442-3843/ |
