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JUPITER Global Holdings, Corp. Signs Letter of Intent to Acquire $3.2 Million in Wireless Telecom21 February 2005
JUPITER Global Holdings, Corp. ("JUPITER" or the "Company") (OTC BB: JPHC) announced today it has signed a Letter of Intent agreement to acquire approximately $3.2 Million wireless telecom assets from Global Bancorp Inc. ("Global") to support and expand our joint VOXBOX initiative (http://www.myvoxbox.com/).
Edwin Kwong, CFO of JUPITER, stated: "Acquiring assets is a key goal for the Company, not only do the assets we plan to acquire have the ability to produce strong income streams but we feel these assets and others we are looking at will help to form a solid basis for increasing shareholder value."
These wireless assets consist of wireless communication towers and back up systems that can be configured to cover a city with a core population base of up to 1.5 Million, such as Vancouver, Phoenix or Seattle. Global has had an independent valuation and the assets have a replacement cost of approximately $3.2M USD dollars.
The key to this acquisition is that with this wireless infrastructure, VOXBOX can activate an enterprise level VoIP solution, with mobile applications. These quality wireless assets will enable VOXBOX to penetrate the small and medium business market and multi-density residential buildings. This service offering could not only double or triple VOXBOX's revenue potential but also increase VOXBOX's appeal as a possible future takeover target by a VoIP competitor.
The acquisition is subject to final negotiations and JUPITER conducting an audit of the assets. Other terms of the acquisition will not be announced until the acquisition has been finalized. The acquisition is planned to be paid for through a combination of stock and cash. The Company is currently negotiating with several funding sources to provide the financing to secure these assets.
Ray Hawkins, CEO of JUPITER, commented: "The Company is excited with how these assets will benefit the VOXBOX business plan. This wireless network will form part of our strategy to deploy Mobile VoIP services in the future which will be in high demand as the VoIP industry matures. We are working towards obtaining the required financing and completing this acquisition as early as possible in the upcoming weeks."
Global's CEO and the CEO of VOXBOX, Ray Prescott, stated: "Upon Closing, Global's plan is to retain a management contract with JUPITER to maintain and operate the wireless network. Our arrangement with JUPITER is planned to include an option for JUPITER and VOXBOX to use Global's resources to 1) assemble further wireless infrastructure in 5 other major Canadian cities that represent a replacement cost of up to $20.0M and 2) to secure other wireless infrastructure in the United States as VOXBOX advances to a more established operational and growth level."
Ray Hawkins, CEO of JUPITER, in closing stated: "This development regarding VOXBOX is another key step JUPITER is making for its long-term plan of acquiring bonified assets and building of revenues and earnings. We are committed to our new course of development and with assets such as these, increased shareholder value is planned to be one of the benefits. We look forward to finalizing the terms and executing a closing. More positive events are to come for the Company and we look forward to the execution of other in development deals."
About VOXBOX
VOXBOX (http://www.myvoxbox.com/) is an exciting new service in the multi billion-dollar VoIP market. The Company owns 50% of the VOXBOX service and expects VOXBOX to be a quality contributor for its 2005 growth plans.
VOXBOX allows you to make telephone calls using the Internet. When placing a VoIP call using a phone with a VOXBOX adapter, you'll hear a dial tone and dial just as you always have. Voice Over IP converts the voice signal from your telephone into a digital signal that travels over the Internet then converts it back at the other end so you can speak to anyone with a regular phone number.
Voice over Internet Protocol (VoIP), is a technology that allows you to make telephone calls using a broadband Internet connection instead of a regular (or analog) phone line. Further information on how VoIP works can be found at www.fcc.gov/VoIP/.
About JUPITER Global Holdings, Corp.
JUPITER Global Holdings, Corp. is a holding company with interests and developments in a diverse number of growing industries such as the VoIP telecom industry, promotional marketing industry and entertainment industry. JUPITER plans to achieve a leadership position through the building of a synergistic network of innovative, profitable and global businesses.
Statements contained herein that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. JUPITER Global Holdings Corp. intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements are based on current assumptions but involve known and unknown risks and uncertainties that may cause JUPITER Global Holdings Corp. actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in JUPITER Global Holdings Corp. applicable public filings on record with the Securities and Exchange Commission which can be viewed at its website at http://www.sec.gov.
Please visit our website: www.jupiterglobal.net
For more information please contact:
Jupiter Global Shareholder Services
Phone: 1.800.963.6532
Email Address: jphc@4fls.com
Source: Market Wire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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