AIT Wireless, Inc. Closes on Oil Property.LAKELAND, Fla. -- AIT Wireless, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Pink Sheets: ATWL - News), one of the leading providers of telecom systems has acquired a major oil property. Just over a week after announcing board authorization to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. into the lucrative oil industry, AIT today finalized See finalization. the acquisition of a nearly 1500-acre track of prime West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. oil property. The history on this property and all the geological studies validate To prove something to be sound or logical. Also to certify conformance to a standard. Contrast with "verify," which means to prove something to be correct. For example, data entry validity checking determines whether the data make sense (numbers fall within a range, numeric data major reserves of both oil and gas. In addition to the oil potential, this region has proven to be a great supplier of gas reserves that is quite economical to bring to market, especially with its proximity to the large east coast metropolitan areas such as Washington, D.C. "We have begun discussions with drillers, and look forward to getting into a production mode at the earliest. Also we are looking at several other oil properties that have very interesting profiles," commented Ernest Phillips, President, AIT. "We have made a very serious commitment to this strategic direction, and this purchase is a demonstration of that commitment." He added. This purchase was structured primarily as a stock transaction, and will substantially enhance AIT's overall asset base This press release may contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These include, but are not limited to, statements regarding the Company's plans, intentions and expectations. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Such statements are inherently subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from those expected or implied by the forward-looking statements. These factors include general economic and business conditions nationally, internationally and in the regions and countries in which we operate; demographic changes; technology changes; increased competition; changes in business strategy or development plans; our high leverage and our ability to access capital markets; our ability to attract and retain qualified personnel; existing governmental regulations. Given these factors, investor and analysts should not place undue reliance on forward-looking statements. |
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