August 04, 2015 6:47 PM
Gridline Update (per broker's release)
Over the last several months Gridline line has made significant progress on it’s Equatorial Guinea project. In May, Gridline announced the joint venture agreement to deploy telecommunications and broadband throughout the country of Equatorial Guinea. Since May Gridline has been working with Equatorial Guinea to establish the Joint Venture, Gridline Africa. The formation of the joint venture is now complete, and the funding of Gridline Africa is now being completed. The government of Equatorial Guinea is providing Gridline Africa with a Sovereign Guarantee. The Sovereign Guarantee allows Gridline Africa to seek funding from international banks who specialize in funding these types of projects. The guarantee provides the banking institutions a level of confidence that their money is secure. HSBC is the bank Gridline Africa is working with and they will be providing the funding for the entire project. This funding is similar to construction financing that many of us are familiar with, but this is permanent financing. Terry Dillon, CEO of Gridline will return to Equatorial Guinea on August 17 to collect the last documents and have some sort of formal presentation of the project to the public.
Below is a press release from Gridline announcing the Joint Venture Agreement with Equatorial Guinea. It has been a long time coming, but finally it is done.
GridlineXstreme Enters into Joint Venture Agreement with The Republic of Equatorial Guinea to Build and Operate High-speed, Broadband Communications Network PR Newswire
FRISCO, Texas, May 4, 2015
FRISCO, Texas, May 4, 2015 /PRNewswire/ -- The Republic of Equatorial Guinea (EG), the wealthiest country in Africa on a per capita basis, has entered into a joint venture agreement with GridlineXstreme (GXI), a wholly owned subsidiary of Gridline Communications to implement a high speed, broadband communications network in Equatorial Guinea. After several years of working together to research needs and solutions, EG and GXI have settled on a program that should significantly improve the national communications infrastructure and dramatically fuel the development of current and future economic growth in a variety of market segments, consistent with EG's adopted "Horizon 2020 program."Equatorial Guinea has very significant natural resources and has outlined its goals to broaden its economic base through its Horizon 2020 plan.
The joint venture (JV), Gridline Africa, will be 50% equally owned by both EG and GXI (the Parties). Gridline Africa, an Equatorial Guinea Corporation, will own and operate the broadband communications network including "datacenters, network infrastructure, high speed broadband and other communications services. The agreement states the Parties will "quickly negotiate and enter into the definitive JV in a professional and timely fashion."
Further, the agreement states that, separate from the JV, GXI will provide technical support, training and implementation as necessary to the existing communications companies currently in operation. GXI has already identified the first level of system improvements and upgrades required to improve EG's existing communications infrastructure.
This project will further GXI's reach with the current Cheshire County U.K. project, being executed in partnership with Exstreme Networks Limited "ENL." Gridline is in the final stages of completing an acquisition of ENL.
Gridline President, CEO, Terry Dillon, stated; "While it has been a long path to get here, I am very pleased that we have begun making significant progress for our shareholders/stakeholders. I thank them for the extensive support and patience on this journey. We will continue to vigorously pursue other project opportunities that have been presented to us around the world."
About Gridline Communications Holdings
Gridline Communications Holdings, Inc. is a U.S. based corporation focused on Broadband Communications network deployment using proven Broadband over Power Line (BPL) and other appropriate communications technologies, coupled with proprietary Intellectual Properties, to provide high speed Broadband connectivity and a variety of market driven applications such as VoIP telephony, security, streaming video, telemedicine, and long distance learning. Additional information may be found by visiting its website at www.mygridline.com.
Forward-Looking Statements:
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
Contact: GridlineXstreme, Inc.
Terry Dillon, President, CEO
+(1) 214-446-1005
To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/gridlinexstreme-enters-into-joint-venture-agreement-with-the-republic-of-equatorial-guinea-to-build-and-operate-high-speed-broadband-communications-network-300076976.html
SOURCE GridlineXstreme |
