MIAMI LAKES, Fla., Dec. 11, 2003 (PRIMEZONE) -- Calypso Wireless, Inc. (Other OTC:CLYW), announced today it has filed an application to become listed on the OTC Bulletin Board. The company also announced it started generating sales revenues in the third quarter of 2003.
The OTC Bulletin Board(r) (OTCBB) is a regulated quotation service that displays real-time quotes, last-sale prices, and volume information on over-the-counter (OTC) equity securities. OTCBB securities include national, regional, and foreign equity issues, warrants, units, American Depositary Receipts (ADRs), and Direct Participation Programs (DPPs). Securities quoted on the OTCBB are required to report their current financial information to the SEC to meet eligibility requirements. Calypso Wireless became fully reporting by filing its Form 10K with the SEC on July 2nd, 2003.
"Our ultimate goal is to become listed on Nasdaq. Our most recent quarterly report indicates that our total assets now exceed $11.4 million. We have also recently reached a major milestone in our operations -- revenues. At this point, we have every reason to believe that 2004 will represent a major breakthrough for Calypso Wireless. We are in negotiations with major network carriers and have signed several agreements to conduct additional field trials, which should result in procurement orders," says David Davila, president and chief executive officer of Calypso Wireless, Inc.
Furthermore, Calypso Wireless intends to announce its expanded and revised business model in January. The new model should substantially decrease the company's needs for capital while simultaneously boosting its revenues and profitability.
Last month, Calypso Wireless announced that it is in negotiations with one of the largest cable companies in the U.S. to license and purchase Calypso's ASNAP(tm) technology and related products to the cable company. Calypso Wireless has proprietary technology that seamlessly switches back and forth between cellular (GSM/GPRS or CDMA) networks and Wi-Fi wireless local area networks (WLAN) utilizing the 802.11 standard without losing connectivity. This makes Calypso's technology a natural fit for cable companies such as Time-Warner (NYSE:TWX), Comcast (Nasdaq:CMCSA) and Charter Communications (Nasdaq:CHTR).
About Calypso Wireless, Inc.
Calypso Wireless is the company behind the world's only mobile real-time video cellular phone capable of seamlessly switching back and forth between the cellular networks and the new Wi-Fi networks. Calypso's sleek new C1250i cellular video phone is the first and only mobile phone capable of using Wi-Fi to connect users to the Internet at blazing broadband speeds of 11,000 Kbps per second (11Mbps), enabling movie-quality, real-time video conferencing. This speed is up to 200 times faster than connection speeds currently available from some U.S. wireless carriers. Calypso Wireless is a publicly traded company. Its common stock trades under the ticker symbol CLYW.
Calypso Wireless Inc. is headquartered in Miami Lakes, FL. For more information about Calypso Wireless and its products and services, please visit the company's Web site at http://www.calypsowireless.com.
This release is intended as a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to (i) The ability to provide technology in the future, (ii) Unexpected changes in the technology market, (iii) The success of the Company's expansion and sales and marketing strategies (iv) Competition within the Data Synchronization market (v) The ability of the Company to continue to finance its long-term strategy and expansion (vi) The ability of the Company to motivate and retain the services of its key personnel and hire additional qualified personnel to meet evolving staffing needs.
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