Broadband Completes Reorganization Process with Estimated Book Value of Approximately 15 Cents Per Share.Business Editors/High-Tech Writers ADAIRSVILLE, Ga.--(BUSINESS WIRE)--Feb. 25, 2004 Broadband Wireless See wireless broadband. International Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB : BBAN BBAN Basic Bank Account Number BBAN Bulgarian Business Angels Network ) announced today through its new board of directors that the proceeding under Chapter 11 has been completed. The company emerges from the reorganization process with an asset base of over $31 million. Based on the number of shares issued (206,000,000), the company's book value is currently estimated at approximately $0.15 per share. "The ability to make this announcement marks today as an important and exciting day for Broadband Wireless. The completion of our reorganization was the last significant piece of our strategy to position the Company for future success," stated Paul R. Harris, Broadband's Chief Executive Officer. Harris continued, "No one should underestimate the scope of the task and the tremendous progress we've made in completing the reorganization. Combining it with the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of unprofitable operations has helped us to significantly increase shareholder value. I want to thank our customers, suppliers, employees and shareholders. With their continued support, we firmly believe that Broadband Wireless is well positioned for major future growth." About Broadband Wireless International Corporation Broadband Wireless International Corporation is becoming a diversified diversified (di·verˑ·s holdings company and is moving into a wide variety of investments that are intended to generate positive cash flow for the corporation and dividends for the shareholders. The company currently holds interests in the timber and music industries. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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. This release contains 'forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward looking statements. Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. |
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