LOS ANGELES, May 28, 2004 (PRIMEZONE) -- Broadspot Worldwide Wireless, Inc. (Pink Sheets:BWWWF) today announced that it has entered into a Letter of Intent ("Agreement") with Galaxy Holdings, Inc. ("Galaxy") a privately held Internet technology company located in South Bend, Indiana. The Agreement calls for BWWWF to acquire certain assets including the dialup Internet access subscriber accounts of Galaxy, operated under the brand CyberLink International ("CyberLink").
Final terms of the Agreement are subject to the satisfactory outcome of due diligence conducted by both BWWWF and Galaxy of each other's material representations as well as approval by each Company's respective Board of Directors. In addition, the contemplated closing of the transaction is contingent upon receipt of funds generated through a private placement financing involving third-party investors.
Galaxy, through its CyberlLink brand, provides broadband Internet connectivity to a diverse variety of customers using a combination of wireless and wireline technologies. The Company offers its services throughout the South Bend And Elkhart areas with additional points of presence in Ft. Wayne, Central and Southern Indiana.
Nyhl Henson, President and CEO of Broadspot stated that, "This acquisition is the first logical step toward full implementation of Broadspot's national business expansion plans to acquire independent ISPs and deploy Fixed Wireless Broadband Internet access. We are pleased with this opportunity that we believe will enhance shareholder value and capital raising alternatives. We see this as a positive step toward the fulfillment of BWWWF's long-term business vision and growth."
Rudy Yakym, President and CEO of Galaxy Holdings, Inc. stated, "This business combination will allow us to take advantage of the opportunity to grow our Fixed Wireless customer base in the greater South Bend and Elkhart, Indiana areas."
Mr. Yakym explained that because our systems scale quite easily, "We are uniquely poised to export our Wireless Broadband to businesses, municipalities, other governmental entities, and consumers throughout the Midwest."
The primary focus of BWWWF's operation is to identify, develop and participate in the operation of emerging companies through the establishment of a network of partner companies. BWWWF intends to provide development and technical services to its partners as well as provide additional resources which may include, but will not be limited to, financial and operational management support and regular and customary consulting services as may be required.
Safe Harbor
This release includes forward-looking Statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.