Citizens Capital Corp., Far Reach Technologies, Inc. Agree to Web Broadcast, Hosting & Wireless Joint Venture.
DALLAS--(BUSINESS WIRE)--June 19, 2000
Citizens Capital Corp. (OTC BB:CAAP) announced today that it has agreed to enter into a web broadcasting, hosting and wireless delivery joint venture with Ormond Beach, Florida based Far Reach Technologies, Inc.
The joint venture company, Citi Host Broadcasting, Inc., shall be engaged in providing the following services: 1) live & on demand video broadcasting; 2) private pay per view video broadcasting; 3) audio broadcasting; 4) web site, database design & hosting; 5) electronic commerce solutions w/online payment processing capabilities and 6) high speed, wireless delivery services.
Under terms of the joint venture agreement, Far Reach Technologies shall receive 1.5 million shares of Citizens Capital Corp. stock and a 20% equity interest in Citi Host Broadcasting, Inc. in exchange for contributing video & audio broadcasting services; web site, database design & hosting services; electronic commerce & online payment processing services; wireless delivery services; equipment construction, fixes, upgrades and general advisory services to Citi Host Broadcasting, Inc. In exchange for an 80% equity interest in Citi Host Broadcasting, Inc., Citizens Capital Corp. shall issue and contribute to Citi Host Broadcasting, Inc. initial capitalization of $5 million in Citizens Capital Corp. stock; overall business development, sales & strategic planning; project management and sales staffing.
"This is a strategic opportunity which will allow us to be an active participant in the new frontier of business products and services created by the internet age. With the convergence of the personal computer with television and radio, we thought it paramount to establish a video and audio platform which provides us with global broadcasting capabilities."
Hawkins added: "As the transmission of video, multi media rich content and large data files over the internet becomes more prevalent, it will be necessary to provide delivery systems which will allow optimal reception of this content by the end user. Given the cost, lack of flexibility, high barriers of implementation and installation related to the various high speed delivery systems such as satellite, dsl and cable modems, we believe that high speed, wireless delivery systems will have a bright future. As such, we are extremely pleased with the platform and opportunity that the Citi Host Broadcasting, Inc. joint venture presents for us to begin providing wireless delivery services."
"We will continue to actively seek those acquisition and joint venture opportunities which we believe will increase aggregate shareholder value," Hawkins concluded.
About Far Reach Technologies, Inc.
Far Reach Technologies, Inc., through its Realacom and Wireless Data Systems Network division and affiliate respectively are engaged in providing video & audio broadcasting; web site, database design & hosting; electronic commerce solutions and wireless delivery services in both North America and Asia. Its clients include Aurora Books, Daytona SpeedWeeks, Mini Madness, Ship Shape TV, Wm. F. Puckett, Inc., Wicks Unlimited, Daytona Spring Break, American Small Business Association, Deltona Optical, Seacoast Electronics TV, Laminar Flow Systems, LaStone Therapy, Cyber Lessons.
About Citizens Capital Corp.
Citizens Capital Corp. is a development stage, acquisition oriented holding company that intends to engage in the development and/or acquisition of businesses across several sectors and, through the application of well defined management strategies, to enhance shareholder value for Citizens Capital Corp. shareholders.
For further information contact Billy D. Hawkins at 972/960-2643 or visit the company's corporate website at: www.citizenscap.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Citizens Capital Corp. to accomplish its stated plan of business. Citizens Capital Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Citizens Capital Corp. or any other person that the objectives and plans of Citizens Capital Corp. will be achieved.
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|Date:||Jun 19, 2000|
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