SANTA ANA, Calif., Dec. 1, 2004 (PRIMEZONE) -- eWAN 1, Inc. (Pink Sheets:EWAN), has signed a Memo of Understanding with Metor Finance, a Westminster, California-based financier, under which Metor will place $1,000,000 in escrow for eWAN for the acquisition of a data facility, which may or may not be The Quimby Building, located adjacent to One Wilshire, in downtown Los Angeles.
William J. Kettle, eWAN CEO, said, "We are looking at other data center properties in addition to the Quimby location and are, in fact, currently in negotiations with several. With eWAN rapidly expanding its broadband and wireless services, and ramping up manufacture of its DMC family of Advance Triple Play Set Top boxes to meet a growing order base, the Company requires additional office and data location space."
The Triple Play Digital Media Center is a new generation of media system, combining the functions of set top box, personal computer, home audio, media storage, DVD player, residential gateway, personal video recorder and telephone in a single, easy to use, platform. The Triple play allows for voice, video and data.
eWAN recently revealed that Los Angeles-based Vocom International Telecommunications, Inc. (VTI), is providing bridge funding to the Company of $2,000,000, which will be utilized to roll out eWan's WiMax, Hybrid WiFi/WiMax wireless network to the entire Los Angeles basin, including Los Angeles, Orange, Riverside, and San Bernardino counties, more than one thousand square miles.
About eWan 1, Inc.
eWan 1, Inc. achieved a technology breakthrough in the "set top box" market by being the first to develop and bring to market a next generation platform that delivers both "triple play" (the combination of voice, video and data) in a single device, and also supports the new video encoding standard from Microsoft -- Windows Media Player 9. EWAN specializes in broadband network solutions including high-speed Internet access, data, gaming, voice and video services, EWAN utilizes 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.