MEME Agrees to Establish Wireless Internet Service Provider in Caracas, Venezuela
PR Newswire - May 27, 1998 06:14
BATON ROUGE, La., May 27 /PRNewswire/ -- Media Entertainment, Inc. (MEI) (OTC Bulletin Board: MEME) announced today that it has
entered into a non-binding letter of intent to establish a joint venture to develop and operate a wireless Internet Service Provider (ISP) in Caracas, Venezuela. The Venezuela joint venture is to be with Sanswire.net, an Atlanta, Ga. Internet company. It is expected that a definitive joint venture agreement will be negotiated during the next month. Preliminary terms were not disclosed. Once the definitive joint venture agreement is executed, MEI expects that the Caracas wireless ISP will commence full-scale operations by the end of September 1998.
"This opportunity to expand skysurfin'.net overseas presents a fantastic starting point for our planned international operations," said Mr. David Loflin, President of MEI.
In a written statement, Mr. Michael K. Molen, President of Sanswire.net, stated, "We are extremely excited about the potential in this [Caracas] market and look forward to working with [MEI]."
MEI's proprietary wireless Internet system operates within a broadcast
signal in the 900 or 2400 MHZ band using two-way modems [internal or
external] outfitted with an antenna. Thus, the system has no reliance on hard wire to transfer data, making the local telephone company no longer necessary for Internet access.
In addition to MEI's efforts to exploit its proprietary wireless Internet system, the company continues to pursue potential customers for its proprietary Wireless DataLink System, which is designed as a
less-maintenance- intensive alternative to traditional hard-wire data
transmission systems.
To visit MEI on the Internet, just surf to ww.media-entertainment.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties,including, without limitation, the ability of MEI to accomplish its stated plan of business. Although MEI believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and, therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the orward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by MEI or any
other person that the objectives and plans of MEI will be achieved.
For further information on Media Entertainment, Inc., please contact
Raymond L. Bary, The NIBAR Group, Inc., at (415) 439-4587; Information can also be obtained at www.stockwire.com.
SOURCE Media Entertainment, Inc.
CONTACT: Raymond L. Bary, President of The NIBAR Group,
415-439-4857,
for Media Entertainment/
/Web site: media-entertainment.com
stockwire.com / |
