More news from the Company who will use AMD in their settop boxes.
Tuesday September 26, 8:50 am Eastern Time
Press Release
Eagle Wireless and ClearWorks.net Team Captures $60 Million Contract for
Residential/Business Park Community of the Future
``Victory Lakes Provides Major Contract for Eagle Wireless/ClearWorks.net Merger
Partners''
LEAGUE CITY, Texas--(BUSINESS WIRE)--Sept. 26, 2000-- Eagle Wireless
International, Inc. (AMEX: EAG - news), announced today that the Company has signed
an agreement in conjunction with its merger partner, ClearWorks.net (AMEX: CLW -
news), to provide a complete package of bundled digital services and advanced
multimedia products to Victory Lakes (residential) and Victory Ranch (commercial), a
529-acre residential/business park community being developed by Appaloosa Land
Co., twenty miles south of the Houston, Texas. According to Eagle Wireless President
and CEO, Dr. H. Dean Cubley, Eagle and merger partner ClearWorks.net will install
cutting-edge communications technology in the new community's high-end homes that
range from $150,000 to more than $1 million, as well as provide advanced broadband
services to over one million square feet of business park facilities located in Victory
Ranch. The Victory Lakes residential community is already under construction and the
first homes are expected to be completed as early as January 2001.
Dr. Cubley noted, ``Over the twenty-year life of the contract, this initial program is
expected to generate more than $60 million in recurring revenues alone for the
soon-to-be-merged Eagle Wireless/ClearWorks.net. But, more importantly, it's the
blueprint that will allow our new company to aggressively pursue and capture a
significant share of a vast emerging market for new and retrofit broadband products
and services. Our proprietary technology will provide the most technologically advanced
communities anywhere and pave the way to the future of broadband.''
Michael McClere, CEO of ClearWorks.net, stated, ``The combination of products and
services being provided to Victory Lakes and Victory Ranch, as well as other projects
already under contract to Eagle Wireless/ClearWorks.net, is a perfect example of how
the two companies complement each other and illustrates how our company will
approach new business similar to Victory Lakes and Victory Ranch once our merger is
formally approved. ClearWorks.net is a leading provider of Fiber-to-the-Home (FTTH)
for neighborhoods and businesses and will bring to this project our Bundled Digital
Services (BDSSM) which include high-speed Internet connectivity, dial-tone for both
local and long distance, digital multi-channel video, on-demand video rental, security
services, a community Intranet and other digital services. When the new Victory Lakes
homeowners move into their homes, they'll have the most technologically advanced
broadband products and services available anywhere in the country. Likewise, the
commercial customers of Victory Ranch will find they have bandwidth capabilities and
services normally only available to a few of the very largest telecom companies.
ClearWorks.net already has a metropolitan fiber-based network; now we'll extend that
to include a fiber connection to the Victory Lakes and Victory Ranch development.''
Victor Botrie, President of Appaloosa Land Co., said, ``I'm extremely pleased to have
Eagle Wireless and its new merger partner ClearWorks.net as the provider of
broadband products and services for Victory Lakes and Victory Ranch. The technology
package that Eagle Wireless/ClearWorks.net brings to Victory Lakes and Victory
Ranch is the most exciting advancement for new home and commercial applications
I've been able to find anywhere in the country. It only seems natural that an upscale
community that's in the shadow of the NASA Johnson Space Center should have the
opportunity to provide both homeowners and business owners the very best technology
has to offer. Victory Lakes and Victory Ranch is the model residential and business
community of the future and will set the high standards that every home and office
facility in the world will demand in the future. I'm looking forward to developing this
high-tech community for the League City area and we're already working with Eagle
Wireless/ClearWorks.net to implement the first phases of this project.''
Dr. Cubley noted, ``Eagle subsidiary AtlanticPacific will add to the ClearWorks.net
residential expertise by bringing their data, cable and fiber installation and project
management services capabilities to the mix in support of the more than one million
square feet of commercial space in Victory Ranch. Victory Ranch represents a very
significant amount of commercial space to which cable and fiber optic broadband
connectivity must be provided. A recent article in the Houston Chronicle compared the
Victory Ranch commercial space to that of a 40-story downtown skyscraper and noted
that it represented the largest new commercial development that the area has seen in
some time.''
In addition to providing broadband connectivity to the commercial space, Bundled
Digital Services (BDS) will also be provided to extend the recurring revenue model of
the new company to include commercial as well as residential revenue. It's also
anticipated that certain wireless services will be provided locally to the Victory Lakes
and Victory Ranch community to complement the wired broadband connectivity of every
home and office and allow residents to have the freedom to extend their connectivity to
the on-site restaurants, community center, adjacent recreational complex, on-site
medical center, and adjacent golf course.
``And, to complete the package,'' added Cubley, ``Eagle subsidiary
BroadbandMagic will install at least one of its Convergence Set-Top Boxes
(CSTB) in every new home. These multi-functional convergence appliances will
function as control points and hosts for most of the high-tech services that will be
provided. They will also act as portals for local Bluetooth wireless connectivity in the
homes.''
It is expected that Eagle Wireless will file a registration statement on SEC Form S-4
and Eagle Wireless and ClearWorks.net will file a joint proxy statement/prospectus with
the SEC in connection with the transaction, and that Eagle Wireless and
ClearWorks.net will mail a joint proxy statement/prospectus to stockholders of Eagle
Wireless and ClearWorks.net containing information about the transaction. Investors
and security holders of both Eagle Wireless and ClearWorks.net are strongly urged to
read the definitive joint proxy statement/prospectus regarding the proposed merger
contained in the Form S-4 because it will contain important information about the
transaction. Investors and security holders may obtain a free copy of the definitive joint
proxy statement/prospectus when it becomes available and other documents filed by
Eagle Wireless and ClearWorks.net with the SEC at the SEC's web site at
www.sec.gov. The definitive joint proxy statement/prospectus and these other
documents may also be obtained from Eagle Wireless and ClearWorks.net.
Eagle Wireless and ClearWorks.net, and their executive officers and directors, may be
deemed to be participants in the solicitation of proxies from the stockholders of Eagle
Wireless and ClearWorks.net, respectively with respect to the transactions
contemplated by the merger agreement. Information regarding Eagle Wireless' officers
and directors is included in the Form SB-2 filed by Eagle Wireless with the SEC on July
14, 2000. This document is available free of charge at the SEC's web site at
www.sec.gov and from Eagle Wireless on request. Information regarding
ClearWorks.net's officers and directors is included in ClearWorks.net's amended Form
10-KSB filed with the SEC on July 3, 2000. This document is available free of charge at
the SEC's web site at www.sec.gov and from ClearWorks.net on request.
ClearWorks.net is one of the leading providers of Fiber-to-the-Home (FTTH), often
referred to as ``the last mile'' solution, for neighborhoods and businesses utilizing the
company's Bundled Digital Services (BDSSM) which include high-speed Internet
connectivity, dial-tone, digital multi-channel video, on-demand video rental, a community
Intranet and other digital services. For more information on ClearWorks.net, please visit
the company's website at www.clearworks.net.
Eagle Wireless International, Inc., and its subsidiaries are leading suppliers of
broadband wired and wireless equipment and services for the Internet, multimedia
set-top box, one- and two-way wireless messaging, specialized mobile radio, remote
data acquisition and meter reading, and integrated wired and wireless convergence
product markets. The company is headquartered in League City, Texas, south of
Houston, near the NASA Johnson Space Center. Further news updates on Eagle, its
products and services are available at www.eglw.com, www.broadbandmagic.com,
www.atlanticpacific.net, www.etoolz.com, and www.otcfn.com/eglw.
Forward-looking statements in this release are made pursuant to the ``safe harbor''
provisions of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements involve risks and uncertainties,
including, without limitation, continued acceptance of the Company's products,
increased levels of competition, new products and technological changes, the
Company's dependence upon third-party suppliers, intellectual property rights, and
other risks detailed from time to time in the Company's periodic reports filed with the
Securities and Exchange Commission. |
