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Arabian Recab for Trading Co., Reality Wireless Networks' Merger Partner, Announces Major Quarry Acquisition
GIG HARBOR, Wash., Sep 06, 2005 (BUSINESS WIRE) -- Arabian Recab for Trading Co. ("Recab International"), the merger partner of Reality Wireless Networks, Inc. (OTCBB:RWNW) ("Reality") announced that its mining division ("ARCO-MINE") has acquired a business that operates one of Saudi Arabia's major granite quarries. Recab International anticipates generating $7 million of annual revenue from this acquisition. The quarry acquired has one of the most internationally sought after quality and color of granite called "Najran Brown." This type of granite is only available from Saudi Arabia and there is a perpetual shortage internationally of this quality leading to high selling price and one of the best returns in the business.
Recab International plans to increase the present production rate of this quarry threefold to over 10,000 cubic meters per annum, which will reduce the per unit production cost and increase the profitability. The current export price of the Granite is about $700 per cubic meter (with current costs of approximately $250 per cubic meter). Demand for the granite comes primarily from Italy and China.
Recab International anticipates a $3.3 million profit to be generated from producing 10,000 cubic meters over a twelve month period.
Factory
ARCO-MINE has also acquired a marble and granite cutting and polishing factory in Jeddah, Saudi Arabia. This factory currently has a capacity of producing 2,000 square meters of granite and marble. It is expected that within a period of 6 months this capacity will be expanded to 6,000 square meters.
The end product of this factory, which is "Fabricated Granite and Marble" (polished and cut to size slabs and tiles), is exported mainly to the Unites States and Canadian building market. The local market for slabs and tiles in the Arabian Gulf area is also very strong due to the construction boom in the Middle East.
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.
NOTE: Information contained in this press release, other than historical information, should be considered forward-looking in nature and is subject to various risks or uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the operating results, performance or financial condition are the company's ability to achieve and manage growth; the company's ability to successfully identify suitable acquisition candidates, complete acquisitions or integrate the acquired business into its operations; the company's ability to attract and retain qualified personnel; the company's ability to secure necessary financing; potential litigation by shareholders and/or former or current advisors against the company; the company's success in securing third-party commitments, production agreements and/or licensing contracts; the company's ability to comply with federal, state and local government regulations and/or unforeseen changes in federal or and government regulation; and the company's ability to develop new services; and other factors discussed in Reality's filings with the Securities and Exchange Commission.
For further information, please contact Steve Careaga at 253-853-3632, or send correspondence to 4916 Point Fosdick Dr., Suite 102, Gig Harbor, WA 98335.
SOURCE: Reality Wireless Networks, Inc.
CONTACT: Reality Wireless Networks, Inc. Steve Careaga, 253-853-3632
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Natty, I believe it will pop on merger news speculation. I expect we will have a chance to sell between 004 and 01, depending on the momo of the run. JMHO.
-------------------- Flip stocks. Never invest in them. Take your profits. All is my opinion. Do your own DD.
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TA wise we have a lovely head and shoulders bottom in place, sto are headed up, as is the lower BB. I believe this week is the week it finally pops good and hard. JMO.
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