SAN JOSE, Calif., Sept. 19, 2002 (PRIMEZONE) -- Reality Wireless Networks, Inc. (OTCBB:RWNT) today announced that Joseph Gunnar & Co, the New York City-based investment bank, will join Ferris Baker Watts (FBW) as co-advisors to the company. Joseph Gunnar & Co's expertise with micro-cap and small cap company development issues, focused on new and emerging technologies in particular, makes them a very important addition to the RWNT Investment Banking team.
Joseph Gunnar & Co, LLC will provide ongoing assistance to the Company in developing and calibrating its financial models, structures and acquisition strategies. From time to time they will assist with product and market data that will enable management and prospective investors to understand the potential impact of various financing and business strategies on shareholder value.
Founder Ricardo Ramirez stated: "In the face of difficult capital markets, their addition to the team will be a major contribution to our overall long-term success. They share the view that in the absence of capital markets support, MMDS (Multi-Channel, Multipoint Distribution Services) has faded while the enterprise roots of 802.11 has continued to gain market share and adoption giving WiFi (Wireless Fidelity) an economic advantage that is beginning to appear unassailable."
Stephan Stein, Managing Director of Joseph Gunnar & Co, LLC, remarked that: "It is well understood that the need for reasonably priced, yet profitable, residential and commercial broadband services is growing rapidly. Going forward, we expect fixed wireless broadband to play an increasingly important role in how demand for high speed Internet is met. Reality Wireless Networks is poised to play a major role in meeting that demand."
About Reality Wireless Networks: (http://www.realitywirelessnetworks.com).
Reality Wireless Networks offers broadband wireless services through hybrid networks including fixed wireless, 802.11 and fiber to markets either under-served or not served by DSL and Cable modem technologies. Currently operational in California, the Company has targeted the residential, SOHO and multi-tenant unit markets. For more information please contact: ir@realitywirelessnetworks.com.
Note Regarding Forward-Looking Statements:
Certain statements in this press release constitute forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Reality Wireless Networks, Inc. (collectively, referred to as "Reality," "we," "us," "our," and/or the "Company"), or developments in the Company's industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the Company's limited operating history, lengthy sales cycles, the Company's dependence upon a relative concentration of customers, competition, product development risks and risks of technological change, dependence on selected vertical markets and third-party marketing relationships and suppliers, the Company's ability to protect its intellectual property rights and other risks and uncertainties.