HOUSTON, Feb. 9, 2006 (PRIMEZONE) -- Gridline Communications Holdings, Inc., a fully reporting public corporation, announced today that the company has entered into a memorandum of understanding (MOU) to purchase all of the assets of Broadband Horizons, a Texas-based company that provides Broadband via Powerline (BPL) services, as well as offers consulting and engineering support for BPL systems.
Under the terms of this MOU, Gridline will merge the entire operation of Broadband Horizons into Gridline. Gridline will also enter into employment and/or consulting agreements with the key employees of Broadband Horizons. The pending acquisition should allow Gridline to dramatically expand its influence within the BPL community, create a host of new business opportunities and enable the company to offer highly specialized BPL-related engineering and consulting services to state and federal agencies, electric power companies and municipal-owned utilities.
"We are extremely pleased to be moving forward with the planned acquisition of Broadband Horizons. By integrating this company, along with its clients and critical industry expertise, Gridline is moving quickly to establish itself as a leading player in the burgeoning BPL industry. Governments around the world are pushing initiatives to bring broadband access to their citizens and BPL is a leading candidate to help achieve these goals. Industry growth is projected to stay in the triple digits for years to come. By assembling a complete end-to-end solution package that includes top notch services offerings, coupled with diverse content and the ability to engineer BPL systems of all sizes anywhere in the world, Gridline Communications is positioning itself to take a leading roll in this rapidly growing marketplace," declares Blaize Kaduru, CEO of Gridline Communications Holdings, Inc.
About Broadband Horizons
Broadband Horizons is a Texas-based fixed wireless and BPL, broadband network company. The company develops, installs and manages customized turnkey solutions that allow communities to upgrade their existing power grid into a two-way high-speed data network -- leading to numerous community benefits including economic development, local utility efficiency and cost improvements, and the fastest Internet access for its residents and businesses. The company currently has two active contracts and three additional projects for deployment of BPL in the final stage of negotiations, including a Municipal owned utility and a Federal Agency. To learn more about Broadband Horizons, please visit: www.broadbandhorizons.com.
About Gridline Communications Corp.
Gridline Communications Holdings, Inc. is a Texas-based corporation focused on Broadband over Power Line (BPL) deployment using proven BPL technologies, coupled with proprietary intellectual properties, to provide high-speed broadband connectivity and a variety of market driven applications such as Voice over Internet Protocol (VoIP) telephony, security, streaming video, telemedicine, and long-distance learning. Gridline's products are capable of reaching over 87 percent of the world's population without investing the significant additional infrastructure capital costs typically required with telecom copper wire, radio towers, or fiber networks. Additional information can be found by visiting its Web site at www.gridlinecommunications.com.
Forward-Looking Statements:
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.