06/29/04 KIWI Announces New Management Team and Subsidiary
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--June 29, 2004--KIWI Network Solutions, Inc., (KWNS - news) , kwnsmobile.com, announced that Mr. Diego Roca of Old Bridge, New Jersey, has been named Chairman and CEO of KIWI Network Solutions Inc. Mr. Roca is a senior telecom executive with 12 years of public and private telecom company operations and management experience. Bradley R. Wilson has resigned as Chairman and CEO of the Company and no longer sits on the board of directors. DER Funding, Inc., an entity controlled by Mr. Roca, has acquired the shares of Series A Preferred Stock formerly held by Mr. Wilson.
The Company also announced today that it is creating an independent, wholly-owned operating subsidiary called Ibacus Networks Inc. ("Ibacus"). Ibacus will consolidate various technologies, processes, agreements and relationships of KIWI
KIWI also announced the appointment of John Rinella as President of the Ibacus and Director of KIWI. Mr. Rinella was the Chief Financial Officer of an international Internet technologies and marketing company based in Toronto, Canada. Prior to that position Mr. Rinella was with CIBC in Toronto.
This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the words "can," "anticipates," 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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