Cyber Digital Inc. Receives Acceptance of $21 Million Proposal to Sell Wireless Telephone Exchanges.Business Editors, High Tech Writers NEW YORK--(BUSINESS WIRE)--June 25, 2001 Cyber Digital to Sell its Wireless Exchanges in Three Additional States of Nigeria Nigeria is currently divided into 36 states and one federal capital territory. The states are further divided into 774 Local Government Areas Before and after independence in 1960, Nigeria was a federation of three Regions: Northern, Western, and Eastern. 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 fixed wireless Digital Central Office Telephone Exchanges announced today that it has received approval of its proposals to sell its digital wireless telephone exchanges in three additional states of Nigeria for an aggregate sum of $21 million. In this quarter, Cyber Digital has gained acceptance to sell its digital wireless exchanges for a total of $56 million in eight states of Nigeria. This strengthens Cyber Digital's position to become the dominant supplier of digital wireless exchanges in this captive market where there is virtually no telecommunications infrastructure. In each state, Cyber Digital will sell its wireless local and regional exchanges to the newly formed state run telephone operating entities over the next ten years beginning current fiscal year. Payment terms for these sales are 50% cash-in-advance and the remaining balance paid through an irrevocable confirmed letter of credit Confirmed Letter of Credit A letter of credit which a bank other than the bank that opened it agrees to honor as though they had themselves issued it. This additional confirmation is in addition to the obligation of the bank which issued the letter of credit. . Cyber Digital expects to earn $0.52 per share for current fiscal year, however the positive impact on net earnings from these eight states for current fiscal year have not yet been estimated. To date, there are only 400,000 telephone lines in Nigeria with a population of over 120 million. Although being the sixth largest oil producing nation, it has one of the lowest telephone densities in the world. Its political and economic leaders have recognized the importance of telecommunications as it pertains to Information Technology and economic development. Since Cyber Digital's affordable wireless voice and Internet systems enable developing countries to easily and rapidly deploy such services to consumers within months rather than years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Nigerian leaders have selected Cyber Digital as their ideal telecommunications supplier. 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 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, 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. has been profiled in The Stock Advisor Newsletter and is featured on The Stock Advisor website. Additional information about Cyber Digital, Inc. may be obtained by sending email to cybd@cyberdigitalinc.com, or visiting www.cyberdigitalinc.com or www.thestockadvisor.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion