Press Release Source: Reality Wireless Networks Inc.
Reality Wireless Networks, Inc. Receives Financing Commitment Thursday January 20, 9:00 am ET
GIG HARBOR, Wash., Jan. 20 /PRNewswire-FirstCall/ -- Reality Wireless Networks Inc. (OTC Bulletin Board: RWLN - News), announced today that it has received a near term financing commitment from an institutional source for up to $1.0 million. The financing is structured as a staged equity investment of 4-6 trenches dependent upon Reality Wireless meeting certain performance targets. Reality Wireless Networks, Inc. will use the proceeds of this financing to fund production efforts with its merger partner, GENESIS ELECTRONICS INC. As previously announced, GENESIS ELECTRONICS with its production partners has, through its proprietary technology and ongoing R & D and extensive market research, developed a mobile power product for consumer hand held electronic devices. This unique product combines on-board battery power and solar charging to provide significant additional power to the user's mobile phone and other consumer hand held devices. This merger is expected to be completed within 60 days. ADVERTISEMENT
Jerry Bessa, CEO of GENESIS, commented, "Reality's management continue to show that they can perform for us and are part of the team. The mobile phone and hand held device market we target remains robust and our product is positioned well for millions of users who frequently experience the loss of power with mobile devices!"
The CEO of Reality Wireless Networks Inc., Steve Careaga, noted, "This commitment comes on the heels of positive news from our merger partner and its near term product availability. We believe that GENESIS will truly be tomorrow's leading mobile power solution provider."
About Reality Wireless Networks Inc.
Reality Wireless Networks, Inc., a publicly-traded Nevada corporation, previously offered 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. Reality has shifted focus to seek growth opportunities in the wireless marketplace and related product industries.
More information about Reality Wireless Networks, Inc,. can be found at http://www.sec.gov .
NOTE: This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) our limited operating history; (2) our ability to pay down existing debt; (3) our ability to retain the professional advisors necessary to guide us through our corporate restructuring; (4) the risks inherent in the investigation, involvement and acquisition of a new business opportunity; (5) unforeseen costs and expenses; (6) potential litigation with our shareholders and/or former or current investors; (7) the Company's ability to comply with federal, state and local government regulations; and (8) other factors over which we have little or no control.
-------------------------------------------------------------------------------- Source: Reality Wireless Networks Inc.
Posted by MamboTrader on :
float is only 5 mil. - wow - could run for days
Posted by will on :
This was RWNT before the R/S. They teased with PR's about securing financing for a year, then BAM! R/S. With a float of 5M no fear of that happening, gonna check for S8.
Posted by Waveslider on :
got in at .0043 happy so far!!! lol
Posted by Poot Poot on :
ASK is thinning!!!
Posted by will on :
Current Capital Change: shs decreased by 1 for 100 split Ex-Date: Record Date: Pay Date: 2004-10-04