Advanced Wireless Systems Files 10-QSB
SANTA ROSA, Calif., Dec. 14 /PRNewswire/ -- Advanced Wireless Systems (OTC Bulletin Board: AWSS - news) today filed its 10-QSB for the third quarter ending September 30, 2000.
Advanced Wireless completed two acquisitions in the third quarter. The acquisition of Digital Wireless during August vastly expanded the Company's wireless spectrum position in the southeast with the acquisition of Multi-channel, Multi-port Distribution System (MMDS) spectrum in Baton Rouge and Shreveport, Louisiana, Clarksville, Tennessee, and Reading, Pennsylvania. This acquisition was in line with the Company's strategy to acquire broadband spectrum in smaller metropolitan markets.
On September 12th, the Company acquired Daybreak Auto Recovery, an auto repossession company operating in Northern California. Daybreak has capacity to generate $175,000 of revenue quarterly. Subsequent to the acquisition of Daybreak Auto Recovery, the company entered into a letter of intent on November 28 to acquire the RAP Group, a company that acquires and sells repossessed automobiles with access to approximately 140 credit unions. The RAP Group posted revenue of $5.5 million during the first 9 months of 2000.
Advanced Wireless Systems' net loss for the nine months ending September 30 was $1.016 million. Mr. Tom Howard, Advanced Wireless' president commented, ``The acquisition of automotive companies will swiftly move the Company forward to profitability on an operating basis. Our success at acquiring MMDS spectrum in smaller metropolitan markets will ultimately generate substantial value for our shareholders.''
Advanced Wireless has been in the business of acquiring Multi-channel, Multi-port Distribution System (MMDS) spectrum primarily used and targeted for high-speed, broadband, wireless internet service. Many in the industry refer to this as a ``last mile'' internet connection. MMDS wireless transmission does not face the constraints of cable lines or last mile switching stations when delivering high-speed internet connections to users.
This news release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-QSB for the quarter ended September 30, 2000 and the annual report on Form 10-KSB for the year ended December 31, 1999.
SOURCE: Advanced Wireless Systems
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy) |
