O2 Secure Wireless, Inc. Signs Joint Venture Agreement for Wireless Tower Development
ST. AUGUSTINE, Fla., Nov. 29, 2012 /PRNewswire/ -- O2 Secure Wireless, Inc. (Pink Sheets: OTOW) is pleased to announce it has executed a joint venture (JV) agreement with a Private Investment Group from Texas. This JV will execute on a long-standing initiative to build out and develop O2 Secure Wireless tower facilities.
The JV is structured as a long-term financing partnership that places O2 Secure Wireless in the position to execute on the development of our leased wireless tower facilities and will also open the door to the acquisition of additional wireless facilities without the need to reallocate funds from existing corporate projects.
The JV agreement is structured to create an equity position for the investment group in the tower projects and, as a result, immediately increases the bottom line value of the assets for O2.
O2 is currently examining the overall project plan of this effort and is determining which tower sites to begin with and the start date thereof. Locations and timing are being weighed against ability to execute and the desire to minimize any compromise to the current capital structure. Terms of the JV agreement ensure that funds are raised and utilized according to the best interest of O2 and give O2 the full control and discretion to strategically develop the locations that will be most beneficial over the long term. The first year potential income to O2 is estimated at $2.5 million, given the current climate utilizing the proposed investment schedule.
"We are pleased to have this funding agreement to facilitate the construction of the tower sites we have already leased. It will allow the company to expand to other sites that we have not been able to secure without the proper capital structuring being in place," stated Val Kazia, CEO of O2 Secure Wireless. "In addition to this excellent news, I want to make it clear to shareholders that our stock currently has no "chill" in effect on it from the Depository Trust Company, and any information that you hear contrary to that is not accurate."
About O2 Secure Wireless: O2 Secure Wireless is currently developing numerous wireless tower facilities in the U.S. O2 Secure Wireless is also instrumental in the development of wireless broadband communication services domestically. Under a recent merger with Earthcom Service Inc., the Company is currently being structured to provide affordable flat rate pre-paid wireless services in developing countries internationally, specifically the Dominican Republic.
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For more information visit our website at http://o2securewireless.com or contact Investor Relations at: 855-222-0211
SOURCE O2 Secure Wireless, Inc.