FT. LAUDERDALE, Fla., Jan. 6, 2004 (PRIMEZONE) -- Koala International Wireless Inc. (OTCBB:KIWIE) ("KIWI"), www.kiwimobile.com, announced today that it is diligently working on its Fiscal 2003 10-KSB and expects to file it within the next two weeks. The reason for the delay in the filing stems from the acquisition of NoWire Telecom Inc.'s assets, www.nowiretelecom.com, and KIWI's auditors' confirmation of related audit data for the 10K.
Bradley Wilson, Koala's Chairman, commented, "Our accounting firm and our SEC legal council are working together in finalizing our recent filing which should be filed within the next 10 days."
He also added, "We have made great strides over the last three months of operation. We have moved into our new corporate offices located at 2929 East Commercial Boulevard, Suite 610, Ft. Lauderdale, Florida and we have signed a financing agreement with an Institutional Investor for the manufacturing and roll out of our hand held devices."
KIWI is perfecting an International Mobile Virtual Network Operator (IMVNO) platform to allow the delivery of voice, video, audio, data and Short Messaging over multiple networks. Concurrent with the IMVNO development, KIWI is pursuing the development of applicable devices to serve the network subscribers. The IMVNO infrastructure of KIWI is designed to offer infinite applications over multiple protocols safely, securely and on demand.
This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the words "can," "anticipates," and similar expressions identify certain forward-looking statements. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes. The material should be read in conjunction with the Company's current annual and quarterly reports filed with the SEC, which contain discussions of currently known factors that could significantly impact the Company's future expectations.