Reality Wireless Networks Announces Plan to Acquire Premier Software Developer.ANCHORAGE, Alaska & GIG HARBOR, Wash. -- Reality Wireless Networks, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : RWLN) and PeopleMatter, Inc. jointly announced that they have entered into a letter of intent proposing a merger whereby Reality would issue approximately 92% of its shares of common stock for all the issued and outstanding shares of common stock of PeopleMatter. PeopleMatter is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that has developed and markets web-based software to Fortune 1000 clientele that measures, analyzes, and models multiple aspects of workforce contribution and engagement in order to improve organizational performance Organizational performance comprises the actual output or results of an organization as measured against its intended outputs (or goals and objectives). Specialists in many fields are concerned with organizational performance including strategic planners, operations, and reduce both operating cost and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risk. PeopleMatter are pioneers in the transformation from "opinion based" to "information based" leadership. PeopleMatter serves customers in technology, healthcare, government, biotechnology and recreation industries. Steve Careaga, 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. of Reality, stated that, "I am very pleased to have found a merger candidate with a solid business for Reality. After careful consideration, the board of directors felt that PeopleMatter was the best option for Reality. PeopleMatter has the proprietary rights to software with significant market potential, existing clients in industry and government, and an experienced leadership team. We have a valuable reporting company, and PeopleMatter is looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a public vehicle from which it can operate its business and grow their company." David Laurence, Chairman and CEO of PeopleMatter, added, "By joining forces with Reality, we hope to expand our current business of providing customers with market leading solutions that help them create and sustain high performance organizations. I believe the combined entities and the financial resources of a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. will offer us an opportunity to build a larger and more profitable company that serves corporate enterprises, small businesses, and governmental organizations in an exceptional fashion. We believe this is an ideal strategic move to leverage and expand our business model." The companies intend that following the closing of the transaction, Reality will change its name to PeopleMatter, Inc., David Laurence will serve as Chairman and CEO. The proposed transaction is subject to customary closing conditions, including approval from Reality's and PeopleMatters's stockholders. ABOUT REALITY WIRELESS NETWORKS INC. Reality Wireless Networks, Inc., a publicly-traded 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. , previously offered broadband wireless See wireless broadband. services through hybrid networks including fixed wireless, 802.11, and fiber to markets either underserved or not served by DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary and cable modem cable modem Modem used to convert analog data signals to digital form and vise versa, for transmission or receipt over cable television lines, especially for connecting to the Internet. technologies. Reality has shifted focus to seek growth opportunities in the wireless marketplace and related product industries ir@realitynetworks.com More information about Reality Wireless Networks Inc. can be found at www.sec.gov. NOTE: Information contained in this press release, other than historical information, should be considered forward-looking in nature and is subject to various risks or uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the operating results, performance or financial condition are the company's ability to achieve and manage growth; the company's ability to successfully identify suitable acquisition candidates, complete acquisitions or integrate the acquired business into its operations; the company's ability to attract and retain qualified personnel; the company's ability to develop new services; and other factors discussed in Reality's filings with the Securities and Exchange Commission. For further information, please contact Steve Careaga at 253-853-3632, or send correspondence to 4906 Point Fosdick Dr., Suite 102, Gig Harbor, WA 98335 |
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