04/15/03 Koala Announces Closing of a Letter of Intent with Omeldonia.com
TORONTO--(BUSINESS WIRE)--April 15, 2003--Koala International Wireless, Inc. ("Koala" or the "Company") (KIWI - news) announced today the closing of a Letter of Intent to distribute its proprietary wireless communicator through Egypt and the Middle East with Omeldonia.com, an independent gateway, distributor and content aggregator based in Cairo, Egypt to provide value added services for the wireless market in Egypt and the Middle East (www.omeldonia.com).
Omeldonia.com's ("Client") responsibilities will be to: actively participate and launch promotional activities to potential users of the Koala services and proprietary products; promote project related Koala services and products on all communications media relationships held by the Client; provide all rights, tools, information or services to Koala that will be required to set up and operate Koala's services and products in Arabic countries. In addition Omeldonia.com will add the Koala services and product offering to in-place advertising and promotional partners of Omeldonia.com. (Omeldonia.com's customer base includes Mobinil, Arabia.com and Orascom); and finally, to distribute Koala services and its proprietary products in multiple retail sales outlets in the region.
Miguel Caron, President of Koala, said: "The Middle East is a rapidly expanding wireless services market. It encompasses a large population of technology savvy subscribers with a large appetite for new wireless technology and services. The Middle Eastern Carrier market, using advanced western telecom partners, has invested heavily in state of the art GSM wireless infrastructure. This infrastructure provides Koala and Omeldonia.com with a scalable platform to actively promote, distribute and administer current and future applications and services directly to the market. Omeldonia.com is a recognized leader in its services category and Omeldonia.com's cultural understanding of the region make it an ideal distributor relationship and services aggregator for Koala."
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," "upon," "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.
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