DataPower USA Inc. Enters Into Joint Venture With Omnico International Trading Corp.; New Company to Provide Telecommunications Services in Brazil.LOS ANGELES--(BUSINESS WIRE)--March 29, 1999--Brian Harris, chairman of DataPower USA Inc., Monday announced that DataPower has signed a joint-venture agreement with Omnico International Trading Corp. to provide telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. in Brazil. Further to the agreement, DataPower and Omnico International will form a new Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. to be named TeleSol Inc. The company will provide a range of telecommunication services of several kinds within Brazil, and to and from Brazil, pursuant to licenses granted by the government of Brazil, as well as operations in Brazil that do not require government sanction. Omnico International, which has been in the telecommunications business in Brazil for the past 15 years, will assign and transfer its Brazilian assets to the venture and assume management responsibility. DataPower will provide a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. for $7 million for its interest in the company, and will pay the purchase note out of the proceeds of a public offering, pursuant to a registration statement of Form SB-1 to be filed shortly by DataPower with the U.S. Securities and Exchange Commission for $10 million of DataPower USA's common shares. Further to the DataPower news release of Feb. 2, 1999, concerning a share-exchange agreement entered into between two of its shareholders and International Semiconductor Inc. (ISC (1) (Internet Systems Consortium, Redwood City, CA www.isc.org) An organization founded by Paul Vixie, Carl Malamud and Rick Adams in 1994 and later sponsored by UUNET and other Internet companies. ), a company listed on the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). EBB (ISSMD), which, when completed, will make DataPower USA a 59.4 percent-owned subsidiary of ISC, Harris advised that that transaction is still moving forward but as of this date has not been completed. This 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. " as defined under the federal securities laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) a failure to close the share exchange; (ii) delays in the development of new technology and the transition to new products; (iii) other one-time events and other important factors disclosed previously and from time to time in International Semiconductor Corp.'s filings with the U.S. Securities and Exchange Commission. |
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