MIAMI, Aug. 25, 2004 (PRIMEZONE) -- Stockwire.com Releases its Movers and Shakers List: Grayling Wireless (Pink Sheets:GRYW), Nextel Communications (Nasdaq:NXTL), Altera Corp. (Nasdaq:ALTR), Ebay Inc. (Nasdaq:EBAY)
Today, Grayling Wireless USA Inc. (Pink Sheets:GRYW) reported that, pursuant to the offer announced by GRYW on August 10th 2004, the shareholders of Virtual Wave Group Inc. ("VWG") have entered into share exchange agreements which will, upon closing, result in GRYW acquiring 100% of VWG.
GRYW has already assumed operational responsibility for the sales and marketing, project management and financial administration of VWG. VWG is a private Canadian technology marketing company with worldwide exclusivity to license and market intellectual property and other rights currently held or to be developed by Virtual Wave Inc. ("VWI"). VWI is a private Canadian research and development leader in the field of Global Positioning System ("GPS") and communication technology.
VWG has a master contract with an African insurance brokerage to install and monitor 9,600 vehicle-tracking devices over the next year. The tracking units will be monitored and serviced by VWG under 60-month end-user contracts that, in the aggregate, represent approximate revenue of $16,000,000 USD and approximate gross operating profit of $11,000,000 USD with respect to the tracking units to be installed during the initial one-year term of the master contract. The parties intend to extend the master contract, ultimately encompassing 48,000 fleet and private vehicle installations over the next five years. VWG has completed arrangements for all of the in-country operational elements required to commence servicing the initial master contract. The company expects to announce the commencement of VWG's African contract revenues in the very near future.
GRYW will exploit the very significant economic opportunities represented by its acquisition of VWG, focusing initially on providing a stable foundation for growth from the company's African initiatives followed quickly by an aggressive commercial roll-out of VWG products and services in North and South America.
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