LAKELAND, Fla., July 7, 2005 (PRIMEZONE) -- AIT Wireless, Inc. (Pink Sheets:ATWL), announced today the closing of its purchase of a 26% interest in a major natural gas field in a joint venture associated with the national government of Romania.
This acquisition is in a producing natural gas field in this Eastern European country supplying gas for both domestic consumption and export sales in the region. The production history and natural gas reserve data is well documented and goes back more than a decade. Records indicate that tens of millions of cubic feet of natural gas have been successfully extracted and sold from the area's producing fields. AIT's acquired interest in the field is 26% and would provide on-going cash flow from the field's current natural gas production.
"It has significant oil and natural gas reserves with current revenue streams. This project may also afford us the opportunity to expand our Telecom business. The government of Romania has embarked on a major initiative to upgrade its overall infrastructure, including the telecommunications infrastructure," commented Ernest Phillips, President, AIT Wireless, Inc. "This is a part of Romania's overall effort to privatize what were formerly nationalized holdings, and was ultimately approved by the national congress. We are very pleased with the results of the transaction," he added.
In conjunction with an optimization plan on the current wells, AIT expects to be involved with bringing additional gas reserves into production through additional drilling.
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