Reality Wireless Networks Executes Definitive Merger Agreement With $29 Million Diversified Trading Company
By BusinessWire Last Update: 7/28/2005 10:00:10 AM Data provided by
GIG HARBOR, Wash., Jul 28, 2005 (BUSINESS WIRE) -- Reality Wireless Networks, Inc. (RWNW) ("Reality") announced that on July 21, 2005 it entered into a definitive merger agreement with Arabian Recab For Trading Co. ("Recab International"). Recab International (and its predecessor organization) is a 25 year old Saudi Arabian company focused primarily on the transportation industry. For the year ended December 31, 2004, Recab International generated more than 111,750,000 Saudi Riyal (approximately $29 million USD).
Recab International operates four primary divisions:
-- Auto & Equipment
-- Transportation & Logistics
-- Private Transportation (Buses)
-- Building Materials & Concrete Products
The Auto & Equipment division imports and sells commercial vehicles from Mercedes Benz (among others), as well as commercial and passenger vehicles manufactured by Toyota, Mitsubishi, Hyundai and Volkswagen. Recab International sells through showroom facilities in Riyadh, Jeddah and Dammam. This division also supplies equipment to fleet owners and private dealers for auto maintenance.
The Transportation and Logistics division (Road Freight, International Freight Forwarding, Bulk Shipments) owns and operates nearly 300 tractor units (and similar equipment). Recab International has significant contracts with major firms such as SABIC, which is a leading global petrochemical company, HADDID, SAFOLA and others to carry goods within Saudi Arabia and throughout the Gulf. Additionally, Recab International has contracts with sole agents of Toyota, Nissan, Mitsubishi and others to transport new vehicles throughout Saudi Arabia and to and from other Arab nations.
The Private Transportation division operates approximately 250 buses (US School type) in Riyadh, Jeddah and Dammam (as well as other locations) under contract for the transportation of students, teachers, defense personnel and government employees.
The Building Materials & Concrete Products division operates concrete ready-mix facilities, cement block making, stone and granite crushing and polishing plants in Jeddah and Mecca.
The merger agreement provides that all of the shares of common stock of Recab International issued and outstanding at the time the merger becomes effective under applicable state law (the "Effective Time"), will be converted into common stock of Registrant such that the current holders of Arabian Recab common stock will hold 98% of all shares of Reality's common stock outstanding immediately after the closing of this merger transaction.
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. More information about Reality Wireless Networks Inc. can be found at www.sec.gov.
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I am hitting myself in the head right now...I got in at .0009 a few days ago and I got out a little earlier than these posts at .0013. I could've easily doubled up, but I didn't see an news or any sign. Do you guys think this'll be another nnc? Should I buy in again at around .0019?
Oh, and where do you guys get your news from, lol?
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An excellent strong close today. We should see a ton of activity in this stock tomorrow with a gapup at open. I got in this morning, when I noticed it on the top 10 most traded stocks.
-------------------- Experience is something you don't get until just after you need it.
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Hi Vlad! I'm still in, seems like pressure is building up again. .0027 currently. This is going to be a terrific day for this stock. Great volume.
-------------------- Experience is something you don't get until just after you need it.
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