Broadspot Worldwide Wireless Signs Letter of Intent to Acquire the Dialup Internet Access Business of Galaxy Holdings, Inc.Business Editors LOS ANGELES--(BUSINESS WIRE)--June 1, 2004 Broadspot Worldwide Wireless, Inc. (Pink Sheets: BWWWF) today announced that it has entered into a Letter of Intent ("Agreement") with Galaxy Holdings, Inc. ("Galaxy") a privately held Internet technology company located in South Bend, Indiana This article is about the city in Indiana, US. For other uses of the name South Bend, see South Bend (disambiguation). South Bend is a city in St. Joseph County, Indiana, United States. . The Agreement calls for BWWWF to acquire certain assets including the dialup Internet access See how to access the Internet. subscriber accounts of Galaxy, operated under the brand CyberLink International ("CyberLink"). Final terms of the Agreement are subject to the satisfactory outcome of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. conducted by both BWWWF and Galaxy of each other's material representations as well as approval by each Company's respective Board of Directors. In addition, the contemplated closing of the transaction is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent receipt of funds generated through a private placement financing involving third party investors. Galaxy, through its CyberLink brand, provides broadband Internet See broadband. connectivity to a diverse variety of customers using a combination of wireless and wireline technologies. The Company offers its services throughout the South Bend South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. And Elkhart areas with additional points of presence in Ft. Wayne, Central and Southern Indiana Southern Indiana, in the United States, is notable because it is culturally distinct from the rest of the state. The area's geography has led to a blend of Northern and Southern culture that is not found in the rest of Indiana. . Nyhl Henson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Broadspot stated that, "This acquisition is the first logical step toward full implementation of Broadspot's national business expansion plans to acquire independent ISPs and deploy Fixed Wireless Broadband Internet access. We are pleased with this opportunity that we believe will enhance shareholder value and capital raising alternatives. We see this as a positive step toward the fulfillment of BWWWF's long term business vision and growth." Rudy Yakym, President and CEO of Galaxy Holdings, Inc. stated, "This business combination will allow us to take advantage the opportunity to grow our Fixed Wireless customer base in the greater South Bend and Elkhart, Indiana areas." Mr. Yakym explained that because our systems scale quite easily, " We are uniquely poised to export our Wireless Broadband to businesses, municipalities, other governmental entities, and consumers throughout the Midwest." The primary focus of BWWWF's operation is to identify, develop and participate in the operation of emerging companies through the establishment of a network of partner companies. BWWWF intends to provide development and technical services to its partners as well as provide additional resources which may include, but will not be limited to, financial and operational management support and regular and customary consulting services as may be required. 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. 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. |
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