CORAL SPRINGS, Fla., Feb. 28, 2005 (PRIMEZONE) -- It was announced here today that Sun Network Group, Inc. (OTCBB:SNNW) (BERLIN:SWK) ("SNNW") has entered into a binding letter of intent with Aventura Networks, LLC ("Aventura") to acquire all of Aventura.
Aventura is a leading Voice Over Internet Protocol ("VOIP") telephone service provider currently conducting business primarily in the wholesale market.
Aventura's market niche concentrates on terminating telecommunications traffic in third-world countries where margins are highest. Revenues are on the rise since its 2004 launch, and the company is exploring new opportunities to further that trend. Aventura offers its customers a fully-automated platform that is assessable through a web-based interface. Its software is proprietary and delivered through state-of-the-art facilities.
Sun Network Group CEO, T. Joseph Coleman said, "Combining with Aventura is an extraordinary opportunity for SNNW and our shareholders, one that will insure our economic viability and allow us to participate in the new, large, burgeoning VOIP markets and one that will generate substantial shareholder value and deliver immediate and substantial revenues and earnings. Aventura, with its experienced management and proven business plan, is poised to rapidly become a market leader."
The letter of intent calls for SNNW to acquire 100% of Aventura in exchange for SNNW common stock. The acquisition is subject to Board of Directors and shareholder approval and the completion and execution of the final merger documents, which SNNW expects to be finalized within 30 days. The respective companies are entitled to "break up fees" in the event of termination.
Aventura Networks, LLC CEO, Craig Waltzer said, "Aventura is excited about the opportunities this merger with Sun Network Group creates. Aventura will now have the resources to more rapidly grow its business, access new capital markets and potentially acquire compatible businesses."
About Sun Network Group, Inc.
Sun Network Group, Inc. owns and operates the RadioTV Network and the Radio X Network. Sun Network Group's Radio X is a nationally syndicated radio network that it operates, in partnership with Sports Byline USA, the No. 1 sports talk radio network in the U.S. RTV is a proposed new television network that will produce and distribute TV versions of top rated radio programs.
This announcement contains forward-looking statements about Sun Network Group, Inc. that may involve risks and uncertainties. Important factors relating to the company's operations could cause actual results to differ materially from those in forward-looking statements and are further detailed in filings with the Securities and Exchange Commission available at the SEC website (http://www.sec.gov). All forward-looking statements are based on information available to Sun Network Group, Inc. on the date hereof, and Sun Network Group, Inc., assumes no obligation to update such statements.