*COMPANY PRESS RELEASE from the web site*
DataPower USA, Inc. Enters into Joint Venture Agreement with Omnico International Trading Corporation.
New Company to provide Telecommunications Services in Brazil
LOS ANGELES-- (BUSINESS WIRE)—March 29, 1999-- Brian Harris, Chairman of DataPower USA, Inc., announced today that DataPower has signed a Joint Venture Agreement with Omnico International Trading Corporation to provide Telecommunications Services in Brazil.
Further to the agreement, DataPower and Omnico International will form a new Nevada Corporation to be named TeleSol Inc. The company will provide a range of telecommunication services of several kinds within Brazil, and to and from Brazil, pursuant to licenses granted by the Government of Brazil as well as operations in Brazil that do not require government sanction.
Omnico International, who has been in the telecommunications business in Brazil for the past 15 years, will assign and transfer it's Brazilian Assets to the venture and assume management responsibility. DataPower will provide a Promissory Note for $7 million for it's interest in the company, and will pay the purchase note out of the proceeds of a public offering, pursuant to a registration statement of Form SB-1 to be shortly filed by DataPower with the US Securities and Exchange Commission for $10 million of DataPower's common shares.
Further to the DataPower Press Release of February 2nd, 1999 concerning a share exchange agreement entered into between two of its shareholders and International Semiconductor, Inc., a company listed on the NASD-OTC-EBB (ISSMD) which when completed will make DataPower a 59.4% owned Subsidiary of ISC, Mr. Harris advises that transaction is still moving forward, but as of this date, has not been completed.
This release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially form those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) a failure to close the share exchange; (ii) delays in the development of new technology and the transition to new products; (iii) other one-time events and other important factors disclosed previously and from time to time in International Semiconductor Corporations filings with the U.S. Securities Exchange Commission.
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