WSI INTERACTIVE CORP has filed a Form 8-K (Current Report) with the United
States Securities and Exchange Commission.
Click on the following hyperlink to view this filing:
freeedgar.com
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. - 3 -
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. |
