07/01/04 Ibacus Networks Announces $8 Million Contract with Teltek Canada
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 1, 2004--Ibacus Networks Inc., a wholly-owned subsidiary of KIWI Network Solutions, Inc., (KWNS - news) (http://www.kwnsmobile.com/) and ICE9 Technologies Canada Inc. announced today that they have signed an $8 million contract with Teltek Canada Inc. to supply broadband platform, devices and applications for deployment in Riyadh, Saudi Arabia. Teltek is awaiting final approvals to operate with a national telecom carrier and ISP which are expected within the next 60 days.
John Rinella, President of Ibacus, stated that "We will initially receive $1.8 million to convert our technology and applications for use in Riyadh. Subsequently, the contract provides for a national Saudi rollout of our devices and applications."
Ibacus Networks Inc. is a developer of proprietary and third party devices and peripherals that are enabled to deliver 2-Way voice, video, audio, data and short messaging over Non-Line of Site broadband Internet Protocols, Multiple Cellular Networks, Short Messaging, 802.11B/G and other networks. The technologies and hardware are compatible with all major cellular carriers, ISPs and virtual network companies.
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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