LOS ANGELES, May 13, 2004 (PRIMEZONE) -- IVI Communications, Inc. ("IVI") today announced that it has acquired 76% of the capital stock of Broadspot Worldwide Wireless, Inc. (Pink Sheets:BWWWF) a publicly traded Canadian corporation. IVI, incorporated in Nevada, is a reporting company under the Exchange Act but not yet a publicly traded company.
The transaction involves an exchange of 9 million shares of newly issued IVI restricted common stock in exchange for 23 million shares of outstanding BWWWF restricted common stock. BWWWF has relocated its corporate offices from Toronto, Canada to Los Angeles California. In addition, IVI's management team, Nyhl Henson, President and CEO, and Charlie Roodenburg, COO, have been appointed as the new officers and directors of BWWWF and have assumed operating and financial control of the public company.
IVI's business plan calls for the acquisition and consolidation of independent locally branded ISP (Internet Service Provider) operations and their customers in tier III markets throughout the U.S. as well as the rollout and launch of a nationally branded fixed wireless broadband product in each of these markets.
The primary focus of BWWWF's operation is to identify, develop and participate in the operation(s) of emerging companies through the establishment of a network of partner companies.
Nyhl Henson stated, "This transaction affords us an additional currency as well as a unique methodology to implement our overall business strategy and increase shareholder value for both companies. We expect, as partners with a public company, to be able to more readily access public capital to accomplish our goal to benefit from significant growth opportunities in today's market."
Safe Harbor
This release includes forward-looking Statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.