NEWS RELEASE.....WAVC signs $33mm distribution contract with Russian Tele Company Elkatel ZAO, of Moskow...
July 8, 1997
WAVERIDER and MAJOR WIRELESS COMMUNICATIONS SIGN A US$33,000,000 DISTRIBUTION CONTRACT WITH RUSSIAN TELECOMMUNICATIONS COMPANY
PRESS RELEASE FOR IMMEDIATE RELEASE _____________________________________________________________________________
Vancouver, BC, WaveRider Communications Inc. (Nasdaq BB:WAVC) Major Wireless Communications Inc., a wholly owned subsidiary of WaveRider Communications Inc., announced today the signing of a US$33,625,000 distribution contract with Elkatel ZAO of Moscow, Russia, a major telecommunications service and products company. The contract covers an initial term of 24-months for the distribution of the Major Wireless "Last Mile Solution", a communication technology utilizing spread-spectrum modems as a cost-effective, reliable alternative to Telco-provided local loops and dedicated lines.
In May, Major Wireless signed a long-term manufacturing supply agreement with C-MAC Electronic Systems Inc., a subsidiary of the publicly listed C-MAC Industries Inc. of Sherbrooke, PQ. C-MAC owns 15 plants located throughout Canada, the US, the UK, France, and China, and will provide full turn-key manufacturing and distribution services for the Major Wireless "Last Mile Solution."
Major Wireless has negotiated with C-MAC for the credit facilities to allow the latter to manufacture and finance Major Wireless "Last Mile Solution" products for Elkatel ZAO's exclusive distribution rights. The rights include the region formerly known as the Soviet Union, Poland, the Czech Republic, Slovakia, Bulgaria, and Romania.
"This is a significant contract for us," says Major Wireless' CEO Stephen Grant, "and an important step towards meeting our prospective goal of bringing this technology to the world."
The WaveRider Wireless system constitutes a major development in Internet technology that will revolutionize the way in which the Internet is accessed. The system enables Internet Service Providers to offer wireless Internet access at speeds of 40.9 kbps up to 512 kbps instantly without changing hardware or software. The contract with Elkatel ZAO coincides with the Major Wireless advance marketing to Internet Service Providers across Canada.
Major Wireless Communications Inc. is a Canadian company specializing in the development of the "Last Mile Solution." With the advent of the Internet as well as competition in the local exchange telephone markets globally, the WaveRider technology comes at a time when such a product is in demand world wide.
WaveRider Communications Inc. trades on the NASDAQ Bulletin Board as WAVC-BB |
