Clariti Enters Funding Agreement with Pasubio S.p.A.Business Editors/Hi-Tech Writers FORT WASHINGTON Fort Washington, military post during the American Revolution, situated on the highest point of Manhattan island, New York City, overlooking the Hudson River opposite Fort Lee, N.J. , Pa.--(BUSINESS WIRE)--July 23, 2001 Clariti Telecommunications International, Ltd. (Nasdaq:CLRI CLRI Central Leather Research Institute (India) ) announced today that it has entered into a funding agreement Funding Agreement Illiquid insurance contracts that provide guaranteed principal repayment and interest payments for a predetermined period of time. Notes: Funding agreements are marketed to mutual fund companies and municipal reinvestments. with Pasubio S.p.A. under which Pasubio will invest in Clariti a total of $500,000. Clariti has already received $250,000 from Pasubio and the remaining $250,000 is expected to be received at a later date. Further terms of the funding agreement were not disclosed. Earlier this year, Clariti and Pasubio formed a joint venture under the name "RadioNet Italia" to market the ClariCAST(TM) technology in Italy. Peter Pelullo, 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. and President of Clariti, stated: "This investment in Clariti by Pasubio further validates Pasubio's commitment to the ClariCAST(TM) technology and its potential for wireless applications around the world." About Clariti Clariti Telecommunications International, Ltd. is headquartered in Fort Washington, PA. Clariti has developed ClariCAST(TM), a patented digital technology that sends data wirelessly using the subcarrier A secondary telecommunications channel that resides within the main channel (a carrier within a carrier). A type of multiplexing, the subcarrier is a modulated carrier signal at a lower frequency that is combined with the main carrier signal running at a higher frequency. channels of existing FM radio stations. Clariti's first application using the ClariCAST(TM) technology is Clariti Wireless Voicemail. This service uses a small portable device called the Voca(TM) Wireless Voicemail Player to wirelessly receive voicemail messages. This sets the Voca(TM) Player apart from cellular phones, pagers, answering machines, and traditional voicemail systems that require the user to spend time and money calling in to retrieve their voicemail messages. About Pasubio S.p.A. Pasubio S.p.A. is an Italian-based financial holding company controlled by Marco Podini. Pasubio oversees a highly diversified portfolio of investments, including a 62% stake in Sequenza S.p.A. Sequenza is one of the largest of Italy's new breed of alternative communications companies offering integrated telecom, information technology and IP services. With its other holdings, Pasubio, through Xera S.p.A., is a 5% stakeholder stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. in the IPSE IPSE - Integrated Project Support Environment UMTS (Universal Mobile Telecommunications System) The GSM implementation of the 3G wireless phone system. Part of IMT-2000, UMTS provides service in the 2 GHz band and offers global roaming and personalized features. consortium and an investor in Hopa FinGruppo S.p.A., the holding companies of Telecom Italia Telecom Italia is formerly a partially state-owned Italian telco. It was once known as SIP, and it has the largest user base in Italy. Telecom Italia also owns shares in Telecom Argentina and Telecom Personal, fixed and cellular networks in Argentina. . Special Note Regarding Forward-Looking Statements: This press release contains certain forward-looking statements that involve risks and uncertainties, including any statements about the funding agreement between Clariti and Pasubio, deploying the ClariCAST(TM) technology in Italy, the potential market demand for Clariti's wireless products and services, and Clariti's ability to expand its wireless business into Italy. Factors that could cause or contribute to such risks and uncertainties include, but are not limited to, general economic and business conditions, changes in telecommunications regulations, changes in consumer demand for certain telecommunications products and services, Clariti's ability to deliver its wireless products and services on a cost-effective basis, market acceptance of Clariti's products and services, and various other factors beyond the control of the company. This also includes such factors as described from time to time in the SEC reports filed by Clariti Telecommunications International, Ltd. Clariti, Voca, and ClariCAST are trademarks of Clariti Telecommunications International, Ltd. Clariti Web: www.clariti.com |
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