OKLAHOMA CITY, May 11, 2000 (PRIMEZONE)-- AARO Broadband Wireless Communications, Inc. (OTCBB:AARO), a subsidiary of AAROW Environmental Group, Inc. today announced the dismissal of legal proceedings related to the merger between AAROW Environmental and Global Wireless Technologies, Inc.
Under the terms of the agreement the ownership of Utica Publishing, Inc., previously a subsidiary of AAROW Environmental, was returned to one of its previous owners. Additionally, the claimants acknowledged that the accusations of management misconduct made in the suit were without merit.
AARO Broadband Wireless Vice President Mike Erhart was pleased with the outcome.
"I'm glad we were able to get this behind us so quickly. I think much of what happened here was a case of simple misunderstanding. While Utica Publishing will no longer be a member of the AARO family, we wish them the best of luck," he said.
The suit was filed shortly after the May 1, 2000 merger between Arkansas Corporation AAROW Environmental Group, Inc. and Global Wireless Technologies, Inc., an Oklahoma City wireless technology provider. As a result of the merger, the company, now headquartered in Oklahoma City, will focus its effort on providing high-speed fixed wireless Internet, networking and application services.
About AARO
AARO Broadband Wireless Communications, Inc. provides wireless connectivity up to 100 MBps. AARO New World services such as unified communications, IP telephony and videoconferencing services are delivered via a highly secure, carrier-class IP network.
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This document includes forward-looking statements, made under the Safe Harbors Provision of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are generally identifiable by the use of words such as ``believe,'' ``expect,'' ``intend,'' and other words of similar nature. These statements are based on management's current expectations, estimates and projections that are subject to risk and uncertainties, including, but not limited to success of negotiations, availability of financing, political currency, regulatory, competitive and technological developments. Consequently, actual results could differ materially from those forward-looking statements. AAROW Environmental Group, Inc. does not undertake, and specifically disclaims any obligations to update forward-looking statements, which speak only as of the date made.
(AARO Broadband Wireless Communications, Inc., a subsidiary of AAROW Environmental Group, Inc.)