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Author Topic: NEWS! LMII -Obtains a Purchase Order for up to One Million Cell Phones for GSR Mobile
mattonic
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SHES RUNNING! up 50%


Press Release Source: LMIC, Inc.


LMIC, Inc., Obtains a Purchase Order for up to One Million Cell Phones for GSR Mobile
Wednesday January 26, 12:08 pm ET

BELTSVILLE, Md.--(BUSINESS WIRE)--Jan. 26, 2005--LMIC (OTCBB:LMII - News), an automated electronics manufacturing services company, announced here today that it has entered into an agreement that could result in LMIC providing up to one million GSM cell phones for GSR Mobile, a prepaid cell phone provider in the United States. Under the agreement, Aldeburgh LLC, a technology distribution company, has agreed to exclusively use LMIC to supply GSR Mobile with up to 1.0 million standard black and white and color flip cell phones and accessories over a two-year period. If all 1.0 million units are produced and sold over the two-year period, total revenues to LMIC are expected to be approximately $50.0 million. On January 21, 2005, Aldeburgh entered into a distribution agreement with GSR Mobile for the cell phones and accessories, which agreement contemplates the use of LMIC as manufacturer and may be assigned by Aldeburgh to LMIC.
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GSR Mobile has agreed to purchase approximately 200,000 flip phones by May 15, 2005, which together with related accessories to be delivered would represents approximately $12.4 million of revenues to LMIC. The agreement also provides that GSR Mobile will furnish an irrevocable transferable letter of credit for the March 2005 shipments and additional letters of credit 60 days prior to any additional scheduled shipments of products.

Under the agreement between LMIC and Aldeburgh, LMIC will supply all of the telephones ordered by GSR Mobile at the same unit price charged by Aldeburgh to GSR Mobile. Although LMIC and Aldeburgh believe that it will purchase the entire estimated order, GSR Mobile is not obligated to purchase the entire 1,000,000 units that it believes it will be able to resell over the life of the agreement.

In consideration for its obtaining the agreement with GSR Mobile, upon receipt of the initial production order for approximately 200,000 flip phones and accessories, LMIC has agreed to pay Aldeburgh up to $300,000, plus 200,000 shares of LMIC common stock. A maximum of 800,000 additional shares of LMIC common stock will be paid to Aldeburgh based on the volume of business and revenues actually received by LMIC under the GSR Mobile agreement.

Kwok Li, the Chairman and Chief Executive Officer of LMIC was instrumental in obtaining the order for LMIC. Mr. Li owns a 1.1% interest in the equity of Aldeburgh's parent company, Aldeburgh Ltd., located in London, England.

GSR Mobile is a prepaid cellular services provider in the US. Expecting significant growth and desiring to improve data and voice services to their subscribers, GSR Mobile has selected GSM as their current expansion platform. Aldeburgh and LMIC have been working together to assist GSR Mobile in network and switching designs. This technical consultation led to the agreement to provide one million GSM handsets for voice and data applications over two years.

"Aldeburgh enjoys working with GSR Mobile to build a world class service for Data and Internet customers." said Karen Sander, Vice President of Aldeburgh. "Teaming with LMIC gives us the added ability to manufacture handsets to GSR specifications that will set GSR apart from their competitors."

"LMIC is pleased to be part of this team," said Luis Negrete, President of LMIC. "Our experience working with the Phraselator (a handheld translator used by the US Military in the Middle East) gave us excellent experience in manufacturing handheld consumer devices. Our superior quality and state-of-the-art automated line makes it ideal for LMIC to manufacture handsets for voice and data applications. GSR will benefit from the competitive price and quality work available with LMIC."

About LMIC, Inc. (www.lmicinc.com)

LMIC is an ISO 9001-2000 facility that provides integrated design, manufacturing and post-production services to small- and mid-sized electronic original equipment manufacturers (OEMs). The company operates an 85,000 square foot, state-of-the-art manufacturing facility in Beltsville, MD. The company's customers include networking, telecommunications, defense electronics, industrial controls, and medical technology organizations, both private and public.

The company also offers a unique and integrated information management system, which enables advanced product tracking and quality control to LMIC's customers. LMIC is certified as a Minority Business Entity by the Maryland/DC Minority Supplier Development Council, which facilitates government contracting and subcontracting activities.

About GSR Mobile (www.gsrmobile.com)

GSR Mobile is a privately owned prepaid cellular phone service provider in the US, using the Sprint nation-wide PCS network. GSR Mobile is rapidly expanding to provide enhanced voice and data services over a GSM network.

About Aldeburgh LLC (www.aldeburgh-ltd.com)

Founded in 2004, Aldeburgh is a worldwide distribution company, sourcing and developing new technologies relating to technology and telecommunications. Operating in the United States, Aldeburgh is in the process of establishing offices in the United Kingdom and India.

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding LMIC, Inc. and its subsidiaries' and affiliates' (collectively, the "Company) expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. Such forward-looking statements are inherently uncertain, and readers must recognize that actual results may differ materially from the Company's expectations. The Company does not undertake a duty to update such forward-looking statements. Factors that may cause actual results to differ materially from those in the forward-looking statements include the Company's ability to fund its operations, the Company's ability to obtain waivers of existing defaults under its debt documents, actions of the Company's competitors, and changes in general economic conditions. Many of these factors are outside of the Company's control.

Posts: 143 | From: Sunnyvale, CA | Registered: Aug 2004  |  IP: Logged | Report this post to a Moderator
mattonic
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77.14%

anyone have L2's?

Posts: 143 | From: Sunnyvale, CA | Registered: Aug 2004  |  IP: Logged | Report this post to a Moderator
TheBundo
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I sure wish I'd have decided to take the ride today. I had just cash out of a lot of stock to buy more GTEL when the news came. The stock was still down, and I could have bought in at .31.

Coulda doubled up on this one today

Posts: 277 | From: San Jose, CA USA | Registered: Dec 2004  |  IP: Logged | Report this post to a Moderator
   

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