07/06/04 Ibacus Networks Announces $16 Million in Contracts in Yemen and Qatar
TORONTO--(BUSINESS WIRE)--July 6, 2004--Ibacus Networks Inc., (www.ibacus.com) a wholly-owned subsidiary of KIWI Network Solutions, Inc., (KWNS - news) (http://www.kwnsmobile.com/) and ICE9 Technologies Canada Inc. and Teltek Canada Inc., acting in a partnership announced today that they have completed two individual $8 million contracts totaling $16 million to supply broadband platform, devices and applications for initial deployment in Sana'a, Yemen and Doha, Qatar. The customers in the respective countries are Adnan Oilfield Services on behalf of Yemen International Telecommunications and Qatari-Industrial on behalf of Qatar Telecommunications. See customers' URL: www.qatari-industrial.com
John Rinella, President of Ibacus, stated that, "An additional $3.6 million will enable Ibacus to more rapidly convert our technology and applications for use in both Yemen and Qatar. Subsequently, the contract provides for a national rollout of our devices and applications in each of these countries."
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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