SANTA ANA, Calif., Aug. 16, 2005 (PRIMEZONE) -- eWan 1, Inc. (Pink Sheets:EWAN) today announced a $1,000,000 funding commitment from Chicago-based Nutmeg Group, L.L.C., designated for special projects, which will begin the Company's international operations, including roll-out of its advanced WI-MAX technology in locations as widely separated as the Virgin Islands, and Mexico.
In making the announcement, William J. Kettle, eWan Chairman and Chief Executive Officer, said, "We have carefully planned our approach to the global consumer market, first deploying our advanced WI-FI proficiency in the United States, and by acquiring a leading wireless broadband company, and one of the nation's oldest cable companies, giving us a national footprint. In moving toward an international posture, we intend to capture an early and significant proportion of underserved markets in areas as yet untouched by multinational companies."
"Our investment and ongoing commitment is prompted by our optimism about the outlook for the company's technology and its ability to expand and manage its customer base," said The Nutmeg Group's Managing Director, Randall Goulding. "We believe the current valuation does not adequately reflect the enormous opportunities that exist for eWAN in both the near- and longer term."
About eWan 1, Inc.
EWAN specializes in broadband network solutions including high-speed Internet access, data, gaming, voice and video services, utilizing the most advanced network design and architecture in the industry, based on building its telecommunications network "on top" of major metropolitan fiber optic interconnection points within class 'A' carrier facilities, and by incorporating the fastest, most reliable, redundant and scalable hardware available. At present, EWAN is the only midsize ISP offering "wire-speed" networking in every device, at every access point.
Forward-Looking Statements
Certain statements in this news release may contain "forward-looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements.