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UPPI
Upland Properties, Inc. and Phoenix Diversified Communications, Inc. Announce the Execution of a Definitive Operating Agreement for High Speed Wireless Internet in East Bay of San Francisco
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SAN FRANCISCO, CALIFORNIA--(Canadian Corp News, JUNE 18, 1998)--On June
16, 1998 Upland Properties, Inc. and Phoenix Diversified
Communications, Inc. executed a definitive Operating Agreement for
provision of high speed wireless Internet service in the Contra Costa
and Southern and Eastern Alameda Counties in the East Bay of San
Francisco. Upland and Phoenix formed a Limited Liability Company
called CNE Contra Costa, LLC to operate the services.
Under the terms of the Operating Agreement, Upland will retain its full
interests in the MMDS Channel License and sub-lease the same to the
LLC. In addition, the LLC will lease the equipment owned by Upland
from the Company on a three year to own arrangement. Phoenix
Diversified will contribute, and be responsible for, all working
capital as well as a non-exclusive license to the "Cybernet Express"
trade name. Upland will receive, in addition to lease payments on the
equipment, monthly distributions equal to 8 percent of the gross
revenues as well as at least yearly distribution of 40 percent of the
net profits.
The "footprint" served by the Company's transmitter on Mt. Diablo
covers most of the rapidly growing interior East Bay of the San
Francisco region. Encompassing up-scale residential areas as well as
numerous businesses, including a substantial number of high-tech
operations spilling over from the nearby Silicon Valley, the service
area offers prime demographics for the high speed Internet service
which the LLC will offer. The site on Mt. Diablo, which will transmit
Internet connections to the LLC's customers and their special
antennae, provides one of the prime "line of sight" locations in the
nation.
"We believe this agreement is a 'win-win' situation for both
companies", stated Douglas P. Haffer, President of Upland. "Phoenix
Diversified brings the hands-on experience of its President Andy
Nestor and an experienced sales and marketing force second to none in
the wireless Internet field while Upland provides the necessary
spectrum required to bring the high speed service to the customer
base." Mr. Haffer indicated further that negotiations are continuing
for similar agreements with Phoenix Diversified, for the other
spectrum Upland owns including San Marcos/San Diego, California and
South Bend, Indiana.
CNE Contra Costa, LLC will begin beta operations later this month. Soon
thereafter, it will promote seminars in the service area to
demonstrate the remarkably high speed service - with download times
some one thousand times faster than by 56.6 baud modem - to its target
audience. Revenue-generating service should commence in July 1998.
As noted before, Phoenix Diversified's President, Andy Nestor, is
highly experienced in the field of wireless Internet. He has over
thirty-four years experience in business management consulting,
general management, senior marketing and sales, and engineering in
high-tech companies, including Internet related businesses. He has
spent much of the past several years consulting on the installation
and marketing of wireless Internet systems in various locations within
the United States, including New York City, Atlanta, Houston and Las
Vegas.
Barry Bison, who is a member of the Executive Management Committee of
Phoenix Diversified, is the owner of CRC, a network/telecommunications
distribution and support company. CRC is a business partner of
Phoenix Diversified, providing direct sales, network products and
support to the areas being served by the LLC. Additional members of
the management team of Phoenix who will be working with the CNE Contra
Costa, LLC will be announced shortly.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Upland Properties, Inc. Douglas P. Haffer President (415) 956-9190
(415) 391-3199 (FAX)
INDUSTRY: CPR SUBJECT: BFC
OTC Bulletin Board SYMBOL: UPPI
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