Cyber Digital, Inc. Details $71.6 Million Contract Awards and Firm Commitments.Business and High Tech Editors NEW YORK--(BUSINESS WIRE)--Dec. 3, 2001 Cyber Digital to Sell 38,500 Lines of its Wireless and Fiber Optic Telephone Exchanges to Nigeria Cyber Digital, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CYBD), a leading manufacturer and software developer of wireless and landline digital voice and Internet systems, announced today the details of its $71.6 million contract awards and firm commitments to supply 38,500 lines of Cyber Digital's wireless and fiber optic telephone exchanges to various entities in Nigeria. Over the past year, Cyber Digital has achieved tremendous success in the Nigerian telecommunications market. Cyber Digital has received the following contract awards and commitments from federal and local state governments as well as a private telephone operator:
$26 million contract award from NITEL, a federal government
entity. Payments terms are 15% cash-in-advance and 85% paid
through an irrevocable letter of credit.
$11.6 million contract award from 2 Systems Technologies,
Ltd., a private telephone operator. Payment terms are $1.6
million cash-in-advance and $10 million paid through an
irrevocable letter of credit from the U.S. EXIM Bank.
$34 million firm commitments from three state run telephone
operating companies. These commitments are expected to
culminate into contract awards before December 31, 2001.
Payments terms will be 50% cash-in-advance and 50% paid
through an irrevocable letter of credit.
A significant portion of cash-in-advance payments are for consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" such as initial feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. , network planning, site surveys, engineering etc. During the last nine months Cyber Digital has provided such consulting services to these entities for which it has already incurred expenses and hence, a portion of these payments will be immediately recognized as revenue. About Cyber Digital, Inc. Cyber Digital, Inc., is a leading manufacturer and software developer of advanced digital voice switching systems Switching systems (communications) The assemblies of switching and control devices provided so that any station in a communications system may be connected as desired with any other station. for network operators worldwide. Cyber Digital is also a leading developer and provider of an array of ultra-high performance Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (IP) infrastructure software and systems such as routers, gateways, firewalls and servers for next-generation local-loop digital broadband and virtual private network (VPN (Virtual Private Network) A private network that is configured within a public network (a carrier's network or the Internet) in order to take advantage of the economies of scale and management facilities of large networks. ) applications. This press release contains 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. , pursuant to the "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. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially. The risks and uncertainties are detailed from time to time in Cyber Digital's SEC reports and filings. Cyber Digital, Inc. is profiled in The Stock Advisor Newsletter and featured on The Stock Advisor website. Additional information may be obtained by sending email to cybd@cyberdigitalinc.com, or visiting www.cyberdigitalinc.com or www.thestockadvisor.com . |
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