VILW news:
VillageWorld.com Sub-Contract to Upgrade Saudi Air Base Approved By US Air
Force; Initial $4 Million
Contract to Provide Secure Network Systems Already Underway
Business Editors
BOHEMIA, N.Y.--(BUSINESS WIRE)--Oct. 23, 2001--VillageWorld.com,
Inc. (OTC BB: VILW), a provider of secure network solutions to
military, commercial and defense industry contractors, today announced
that its multi-year, multi-million dollar sub-contract with ATTI
International Development to implement a local and wide area network
(LAN/WAN) solution for Royal Saudi Air Force (RSAF) bases had been
approved by the US Air Force. Work on the contract to upgrade the
first RSAF base, valued at four million dollars, is already underway.
VillageWorld.com expects to upgrade a total of 14 Royal Saudi Air
Force military bases, with the contract for each base valued at
approximately $4-8 million, for a total of approximately $80 million.
Recurring annual maintenance fee income is expected to equal
approximately 20% of the contract price.
Payments for the work are scheduled to precede working capital
outlays, making the project self-funding. This allows the Company to
properly stage resources to ensure a timely and successful
installation.
VILW President Peter Keenan stated, "Speed, accuracy, reliability
and security are the benchmarks of today's military communication and
data network needs. Our designs and implementation plans satisfy these
needs better than that of our competitors. Given the events that are
unfolding in the Middle East, there is a renewed sense of urgency to
implement upgrades quickly and efficiently. VILW is prepared to get
underway and get these systems installed ASAP."
Mr Keenan concluded, "We are pleased to have been selected to
provide these vital systems to the RSAF. We expect to leverage our
success in Saudi Arabia to provide similar services to armed forces
throughout the world."
About VillageWorld.com
VillageWorld.com designs, supplies, implements, operates and
maintains advanced secure high-speed data networks for universities,
school systems, the military and business including all related
hardware, software and network facilities. The Company also provides
Internet/Intranet messaging and security products and chat room,
shopping cart, advertising, web hosting and co-location software and
services. The Company is a reseller for Cisco Systems (CSCO), Lucent
Technologies (LU), Nortel Networks (NT), Sun Microsystems (SUNW), Fore
Systems and others in the Network Integration business.
This press release contains forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those set forth in the forward-looking
statements. These risks and uncertainties are described in the
Company's filings with the SEC.
--30--sds/ny*
CONTACT: VillageWorld.com, Inc.
Investor: Peter Keenan, 631/218-0700
invest@villageworld.com
www.villageworld.com
KEYWORD: NEW YORK SAUDI ARABIA INTERNATIONAL AFRICA/MIDDLE EAST
INDUSTRY KEYWORD: AEROSPACE/DEFENSE COMPUTERS/ELECTRONICS
INTERNET NETWORKING
SOURCE: VillageWorld.com, Inc.
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Oct-23-2001 12:21 GMT
Symbols:
US;VILW
Source BW Business Wire
Categories:
MST/R/US/NY MST/R/SA MST/R/AFR MST/I/ARO MST/I/NET MST/I/CMT |
