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TUESDAY, MAY 10, 2005 10:13 AM - BusinessWire
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ANCHORAGE, Alaska & GIG HARBOR, Wash., May 10, 2005 (BUSINESS WIRE) -- Reality Wireless Networks, Inc. (RWLN) and PeopleMatter, Inc. jointly announced that they have entered into a letter of intent proposing a merger whereby Reality would issue approximately 92% of its shares of common stock for all the issued and outstanding shares of common stock of PeopleMatter. PeopleMatter is a privately held company that has developed and markets web-based software to Fortune 1000 clientele that measures, analyzes, and models multiple aspects of workforce contribution and engagement in order to improve organizational performance and reduce both operating cost and litigation risk.
PeopleMatter are pioneers in the transformation from "opinion based" to "information based" leadership. PeopleMatter serves customers in technology, healthcare, government, biotechnology and recreation industries.
Steve Careaga, CEO of Reality, stated that, "I am very pleased to have found a merger candidate with a solid business for Reality. After careful consideration, the board of directors felt that PeopleMatter was the best option for Reality. PeopleMatter has the proprietary rights to software with significant market potential, existing clients in industry and government, and an experienced leadership team. We have a valuable reporting company, and PeopleMatter is looking for a public vehicle from which it can operate its business and grow their company."
David Laurence, Chairman and CEO of PeopleMatter, added, "By joining forces with Reality, we hope to expand our current business of providing customers with market leading solutions that help them create and sustain high performance organizations. I believe the combined entities and the financial resources of a publicly traded company will offer us an opportunity to build a larger and more profitable company that serves corporate enterprises, small businesses, and governmental organizations in an exceptional fashion. We believe this is an ideal strategic move to leverage and expand our business model."
The companies intend that following the closing of the transaction, Reality will change its name to PeopleMatter, Inc., David Laurence will serve as Chairman and CEO.
The proposed transaction is subject to customary closing conditions, including approval from Reality's and PeopleMatters's stockholders.
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 ir@realitynetworks.com
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