Chadmoore Wireless clarifies Air-Net acquisition announcement; Chadmoore & Air-Net will only transfer Virgin Islands & Puerto Rico licenses to NEWCO.

LAS VEGAS--(BUSINESS WIRE)--Oct. 10, 1995--Chadmoore Wireless Group Inc. (NASDAQBB:MOOR), a Specialized Mobile Radio (SMR) operator, today announced that it will only transfer all of its management agreements and licenses in the Virgin Islands and Puerto Rico to the newly-formed subsidiary NEWCO, which will be a joint venture with Uni-Net Inc., a global telecommunications company.

Chadmoore also noted that Air-Net similarly has agreed to transfer all of the pending licenses filed by its principals/associates for those same areas to NEWCO.

On October 5th, Chadmoore announced a letter of intent to acquire 100% of the outstanding stock of Air-Net Inc., a subsidiary of Uni-Net Inc. in a transaction valued at approximately $2 million. The transaction will exchange 437,143 shares of Chadmoore's restricted common stock for all of Air-Net's issued and outstanding stock.

Air-Net currently controls and manages licenses representing over 300 channels. The majority of the licenses fall within the existing footprint of Chadmoore's current operating area. These licenses will add significantly to the channel density in specific markets, adding further potential to serve additional customers in those areas.

Chadmoore further noted that it will contribute regulatory expertise, design, engineering, and construction management to NEWCO and that Uni-Net will provide the financing for the construction of the facilities and the day-to-day management for the eventual operations.

The letter of intent is subject to approval from the Boards of Directors of Air-Net and Chadmoore and subject to regulatory approval as needed. The transaction is expected to close on or before November 15, 1995.

CONTACT: Chadmoore Wireless Group Inc.

David Chadwick, 702/891-5255

or

H.L. Lanzet Inc.

Herbert L. Lanzet, 212/687-0061