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GIG HARBOR, Wash., Mar 10, 2005 (BUSINESS WIRE) -- Reality Wireless Networks Inc. ("Reality")(OTCBB:RWLN), announced today that it has received a near-term financing commitment from a previous institutional investor for an additional $500,000. The primary use of the proceeds will fund working capital and pay down certain liabilities and financial commitments.
The terms were approved by Reality Wireless' Board of Directors as were the use of proceeds. The Board believes that satisfying certain of the Reality's obligations to its merger with GENESIS ELECTRONICS will help bridge a budget gap needed to accelerate the post merger operations and revenues.
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. Our goal is to maximize shareholder value and, given our weekly improvements, this bridge commitment by a current investor shows that we are moving forward."
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. Reality Wireless Networks Inc.
SOURCE: Reality Wireless Networks Inc.
Posts: 9 | From: Washington | Registered: Feb 2005
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I'm no stock pro but that's something you have to decide. If your happy with the profit get out. Otherwise wait to see if the buys keep coming in.
-------------------- "Watch the pennies and the dollars will take care of themselves." Posts: 280 | From: CT | Registered: Oct 2004
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I bought in at .0022 Previously, the company provided high speed internet access to rural markets, but over time the company did not make many sales and was loosing money and so the price started a downward spiral. The company realized that they had to do something and ended up acquiring Genesis Electronics that produces hand held solar battery chargers. They have already had a nice buy order and have attracted investment money. I have not done an indepth evaluation of the company insiders, but it looks like they are trying to turn the company around. Of course they will have to continue to generate buy orders, and that will depend on the price of their hand held chargers, if they are too expensive, they won't sell, and if the price is too low the company won't make money. So it is still an iffy situation, but I wanted to position myself early with at least an initial share of stock, because when the uncertainty is lower, (with increasing sales etc.) the price of the stock will be much higher. I invested enough so that it will be meaningful if the stock goes up, but not so much that it will hurt me financially if the stock goes bust.
Posts: 580 | Registered: Oct 2003
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I own 50k shares bought at a higher price but it will shoot back up. This is one that i been holding for a long time and think I will continue to hold till we hit another year high. something to sit on for a while if you have the cash
Posts: 210 | Registered: Feb 2005
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somethings up with this 7 million shares traded today anyone know? keep an eye out up 40% already could pop real nicely
Posts: 210 | Registered: Feb 2005
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