CAMPBELL, Calif., Feb 17, 2004 /PRNewswire-FirstCall via COMTEX/ -- Reality Wireless Networks (OTC Bulletin Board: RWNT), a wireless broadband services provider announced today that it had received a total of $500,000.00 in preferred equity financing from two institutional sources in the past 30 days. This financing combined with a previously announced financing of $200,000.00 provided capital to Reality Wireless Networks enabling them to upgrade the Campbell installation with high end equipment purchased from WaveIP, to fund its joint venture operations with I-Element, and to pay down certain liabilities as were required prior to the merger. Reality Wireless Networks and I-Element expect to complete their merger within 30 days. I-Element of Marina Del Ray, California is a privately held national communications services provider which is currently earning annual revenues of approximately $7,000,000 and earning approximately $500,000 in operating income.

Following the completed merger, I-Element intends to roll out the Reality Wireless solution in the Los Angeles, San Diego, Las Vegas, Phoenix, Atlanta, Miami, and Dallas markets in the coming 18 months.

About Reality Wireless Networks (http://www.realitywirelessnetworks.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.

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. and or I-Element (collectively, referred to as "Reality," "we," "I-Element," "ICC Internet," "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.

To sign up for the Company newsletter please visit www.RealityWirelessNetworks.com web site.

SOURCE Reality Wireless Networks

Mike Long of Reality Wireless Networks, +1-281-565-5983
http://www.realitywirelessnetworks.com

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Originally posted by Randy803:
Please take a look at this one, RWNT, Good news out today, Volume UP and Oversold. Look at the candlestick and she "looks" primed for a move any day now. Ill keep this thread updated as I do DD.

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