09/05/02 Koala Announces Definitive Letter of Agreement to Acquire NoWire Telecom, Inc.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 5, 2002--Koala International Wireless, Inc. ("Koala")(KIWI - news) announced today a definitive agreement to acquire 100% of the shares of NoWire Telecom, Inc. ("NoWire") in a voluntary share exchange for 6,000,000 shares of Koala's common stock.
Upon closing, Miguel Caron, President and CEO of NoWire, will assume the role of Executive Vice President of Global Network Development and Services for Koala and will be responsible for global market development and sales generation. Mr. Caron will also join Koala's Board of Directors.
NoWire is an International Mobile Virtual Network Operator (IMVNO) incorporated in Cairo, Egypt, with corporate headquarters in Montreal, Quebec. The Company has secured virtual carrier agreements with more than 125 international telephone and data carriers to enable the delivery of premium data and Short Messaging content and services to their customers. The principals of NoWire have successfully developed and operated a number of International Short Messaging and data networks.
NoWire provides a turnkey technology platform that enables the delivery of Short Messaging and/or voice and data services to telecom carriers that lack the infrastructure necessary to provide these services on a local and international basis. Short Messaging enables the transmission of small amounts of data to (and from) PDA's and cell phones, such as text messaging and the delivery of custom ring tones, graphics and compelling content. Short Messaging is undergoing tremendous growth as an inexpensive and convenient form of communication over wireless networks. NoWire has aggregated a substantial amount of Short Messaging content and services that can be delivered to its customers.
Christine Cerisse, Chairman and Director of Koala, said: "The acquisition of NoWire Telecom, Inc. will provide a significant boost to the development of Koala's IMVNO platform. NoWire's existing market presence, as well as their experience in Short Messaging and IMVNO development and management, will provide Koala with the capability and expertise needed to market and deliver its services to a broad base of domestic and international customers."
Mr. Caron said: "NoWire and its shareholders are very pleased to be joining the Koala team in its pursuit of an International Mobile Virtual Network. With the addition of NoWire's global carrier and distribution network relationships, Koala is well positioned to begin generating revenues from Short Messaging and data services as part of its current business strategy."
About Koala: Koala is developing an International Mobile Virtual Network Operator (IMVNO) platform to allow the delivery of voice, data and Short Messaging over multiple networks. Concurrent with the IMVNO development, Koala is pursuing the development of applicable devices to serve the network subscribers. The IMVNO strategy will enable subscribers to access the Internet, play and store MP3, utilize existing applications including calendaring, contact management systems, email and Short Messaging and additional functionality, some not currently available in the marketplace.
This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the words "will," "pursuit," "develop(ment)" and similar expressions identify certain forward-looking statements. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes. The material should be read in conjunction with the Company's current annual and quarterly reports filed with the SEC, which contain discussions of currently known factors that could significantly impact the Company's future expectations.
investor.news.com |
