ST. AUGUSTINE, Fla., Sept. 18, 2012 /PRNewswire/ -- O2 Secure Wireless, Inc. (Pink Sheets: OTOW) is pleased to announce that a Memorandum of Understanding (MOU) has been signed that outlines both parties' intention to collaborate on the continued and expanded delivery of wireless broadband services within South America.
The MOU enables O2 Secure Wireless 60 days to evaluate and complete the Due Diligence process. Providing the due diligence processes returns positive data that is then appropriately evaluated and confirmed, O2 Secure Wireless would be taking a controlling interest in the operating cable company. The immediate company goal would be to expand current services, which includes include the immediate provisioning of Internet and home phone and an IPTV platform through an already well-established provider of these services. Mobile services utilizing the branded corporate phone will also be offered to complete the package. A final agreement is expected to be signed in December, 2012 following a thorough legal review the company legal resources.
"We welcome this opportunity to collaborate with this company and thereby expand our product offering and geographic coverage in the promising international market for Cable, Internet, and Telephone Service. By working with a company that is fully operational. This company not only has an established reputation and strong existing consumer base, it has forward-thinking management and up-to-date core infrastructure services. We are confident that the new arrangement will bring significant benefits for both parties and ultimately establish a solid presence in the territory for us," states Val Kazia, CEO of O2 Secure Wireless. "We are not releasing the name of the company that we are in negotiations with in order to respect Non-Disclosure agreements related to the due diligence process. Upon completion of the review, full disclosure will be provided by the appropriate means to close on the transaction."
In other company news, the review of the branded O2 mobile phones is continuing. We have successfully enabled and tested the device on the top four carriers by exchanging the SIM card within the device. This proves that the portability of the device is assured. CEO, Val Kazia is utilizing this phone exclusively for all company business and is extremely excited about its prospects to the worldwide consumer. This prototype smartphone is as good as any phone I have ever purchased or used and when the final product is delivered with our recommendations, the phone line will be competitive with any smartphone on the market. The product line is still expected to be available during late Q4, 2012.
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://www.o2securewireless.com or contact Investor Relations at: 855-222-0211
SOURCE O2 Secure Wireless, Inc.