VANCOUVER, June 1 /CNW-PRN/ - Petra Resource Corp. (``Petra'') has
announced that it has entered into an arm's-length Agreement (``Agreement'')
with the shareholders of Ariel Wireless Technologies Inc. (``Ariel'') to
acquire all of the issued shares of Ariel in exchange for 6,000,000 shares of
Petra. The shares issued in the transaction will be subject to applicable
Canadian Venture Exchange (``CDNX'') requirements and, upon completion, Ariel
will become a wholly-owned subsidiary of Petra. WSi Interactive Corporation
holds a 40% interest in Ariel and on completion of the proposed transaction
shall be issued 2,400,000 shares of Petra. In addition, Theo Sanidas, WSi's
President, shall become a director of Petra on closing.
Ariel's principal asset is a worldwide, non-exclusive, Original Equipment
Manufacturing (OEM) Agreement with a leading European provider of wired and
wireless communications hardware and software products. These provide
solutions to the so-called ``last mile'' distribution challenge of connecting
the main high-speed fiber-optic trunk lines that form the backbone of the
Internet superhighway with the various networks and individuals that are the
end-users. Upon completion of the Agreement Petra will manufacture these
devices, under its own brand name and logo, for worldwide distribution.
Ariel's wireless products include a variety of broadband, fixed
point-to-point and point to multi-point, microwave radio transceivers capable
of full synchronous duplex operation. These products work at higher speeds and
are considerably less expensive than other similar devices currently available
in the marketplace. Transmission is over the unlicensed 2.400 - 2.483 GHz
public broadband frequency range, covering line-of-sight distances of up to 20
kilometres at T1 equivalent speeds of 1.5 Mbps (megabits per second), and
speeds of up to 33 Mbps over shorter distances, depending on customer
requirements and budget. Modular design characteristics allow for fully
scalable wireless connections to be established between different
communication protocols and networks. Broadband wireless solutions are
particularly attractive in established markets where conventional high-speed
fiber-optic alternatives are prohibitively expensive due to physical
inaccessibility or uneconomic demographics, as well as in developing countries
that lack the local infrastructure to interface with the high speed Internet
backbone. Additionally, Internet Service Providers, VOIP (Voice Over Internet
Protocol) long distance telephone service providers, data transfer services
and network systems integrators worldwide are a rapidly expanding market.
In the wired environment, Ariel's universal bridges, switches and
multiplexors combined together in a single machine are capable of linking
fixed voice, data and video networks with each other and with the internet
backbone. These can also be coupled with microwave radio transceivers to
achieve a totally integrated high-speed wireless Internet solution.
The acquisition of an equity interest in Ariel, which will now become an
equity interest in Petra, is part of WSi's broader strategy of developing
partnerships with emerging Telecommunications companies as a complement to its
own broadband, rich media, and convergence initiatives.
The Business of WSi
WSi Interactive Corporation is an innovative business development and
marketing firm whose objective is to capitalize on content and infrastructure
opportunities on the Internet. WSi builds, manages and markets online
businesses in the financial, e-tail and e-commerce, entertainment, and
e-advertising sectors.
WSi focuses on early-stage companies where it can add significant value
to the investment through a network of relationships and strategic alliances,
using its experience to help Internet companies to build traffic, develop
brands, and capitalize on a variety of revenue streams.
To receive information on WSi by e-mail or fax, please forward your
Internet address / fax No. to info(at)ws-i.com / fax: 1-877-499-5806.
To fax your request please complete the following
NAME: ______________________________________________
COMPANY: ______________________________________________
E-MAIL: ______________________________________________
PHONE No.: ______________________________________________
FAX No.: ______________________________________________
Send by: E-mail or fax: yes / no. Or: e-mail only: yes / no
Investor Relations Toll Free: Tel: 1-888-388-4636
Website: www.ws-i.com
ON BEHALF OF THE COMPANY
``Theo Sanidas''
Theo Sanidas, President
This news release may contain forward-looking statements that involve
risks and uncertainties, including the impact of competitive products and
pricing and general economic conditions as they affect the Company's clients.
Actual results and developments may therefore differ materially from those
described in this release. No regulatory authority has reviewed nor accepted
any responsibility for the adequacy or accuracy of the contents of this
release.
SOURCE WSi Interactive Corporation
-0- 6/1/2000
/CONTACT: Theo Sanidas, President, Tel: 888-388-4636, Fax: 877-499-5806/
(WIZ. WIZZF)
CO: WSi Interactive Corporation
ST: British Columbia
IN: MLM
SU:
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