REALITY WIRELESS NETWORKS (U-RWNT) - News Release
Reality Wireless Networks Retires 40 Million Shares to Treasury
CAMPBELL, Calif., Aug. 20 /PRNewswire-FirstCall/ -- Reality Wireless Networks, Inc. (BULLETIN BOARD: RWNT.OB) (the "Company" or "Reality Wireless") announced today that it has arranged the immediate retirement of 40 million issued and outstanding common shares. Victor Romero, President and member of the Board of Directors, stated that, "the share retirement represented a significant step in moving the Company forward on behalf of its shareholders in its preparation for merger with privately held ICC Internet." Reality Wireless announced its intention to merge with ICC Internet Company on August 1st. ICC Internet Company is a next generation communications services and systems provider for businesses in major metro areas of northern and southern California and Dallas, Chicago, New York, Houston, Austin, San Antonio, Atlanta, Las Vegas and Phoenix with current monthly revenues of $525,000 and monthly EBITDA of $60,000 with a projected annual run rate of $6,000,000 revenues and $700,000 EBITDA. Following the common share retirement, the Company will have 52,729,897 shares outstanding, a reduction of 43% of the current outstanding float.
About Reality Wireless Networks ( realitynetworks.com )
Reality Wireless Networks offers broadband wireless services through hybrid networks including fixed wireless, 802.11, and fiber to markets either underserved or not served by DSL and cable modem technologies. Currently operational in California, the company has targeted markets including residential, SOHO, and multi-unit apartment complexes across the country. At the corporate level, Reality Wireless Networks is actively pursuing an acquisition growth strategy. For more information, please contact: Company Reporter Inc., Mike Long, 281-870-0225
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Reality Wireless Networks, Inc. (collectively, referred to as "Reality," "we," "us," "our," and/or the "company"), or developments in the company's industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the company's limited operating history, lengthy sales cycles, the company's dependence upon a relative concentration of customers, competition, product development risks and risks of technological change, dependence on selected vertical markets and third-party relationships and suppliers, and other risks and uncertainties.
Reality Wireless Networks, Inc.
CONTACT: Mike Long of Company Reporter Inc., +1-281-870-0225, for
Reality Wireless Networks, Inc.
Web site: realitywirelessnetworks.com |
