LAS VEGAS, March 26, 2012 /PRNewswire/ -- Avondale Resources Corp. (OTC Markets ANDL.PK). ANDL is pleased to announce its commitment to finalize acquisition of Falcon Nano, Inc., a private company organized under the laws of Nevada, in exchange for a majority of ANDL shares and financing arrangements for $2 million USD. After the completion of due diligence by both parties, a definitive binding agreement will be entered into.
The binding agreement to be provided by R.J. Wiggins and Mike Moore will allow ANDL and Falcon Nano to commercialize patent pending technology that transmits wireless data 8 times faster on any platform. This technology has applications for cellular, Wi-Fi, microwaves, satellites, and more. ANDL and Falcon Nano are pursuing the development of an OEM arrangement with "Silicon Valley" and various cable and telecommunication organizations.
Industry experts estimate an increase in demand for wireless traffic of 25 times by the year 2015. Management of ANDL believes that with the global wireless device and transmission market in the billions of units, a small percentage of market penetration via a modest OEM/Royalty arrangement may net ANDL/Falcon Nano plus or minus $1billion per year conservatively.
The principals of Falcon Nano bring a first class industry pedigree to the venture, and are responsible for the founding and sale of WAH3 as well as currently consulting to government agencies.
This venture was brought to ANDL by Directors of the Canadian company VICA Energy Ltd. R.J. Wiggins a Director of VICA Energy Ltd. states, "Our associates immediately recognized transmitting data 8 times faster could save just under 90% of the electricity used to transmit said data at current rates (not withstanding additional savings due to the related reduction in the use of light, heat and air conditioning). In addition to the increase in productivity and cost savings associated with the technology, the mitigation to the environment when compared to electricity use prior to the commercialization of the internet and wireless devices, may be considerable."
This news release contains forward-looking statements from Avondale Resources Corp. (the "Company"), which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions about the future. Forward-looking statements contained in this news release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those anticipated. No assurances can be given that any of the events anticipated by the forward looking statements will occur or, if they do occur, what benefit the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) rapid changes in the customer support marketplace, (ii) cost and market acceptance of the Company's new and existing services, (iii) the level of individual customer commitments, (iv) competitive service offerings and pricing, and general economic circumstances. Forward-looking statements are based on management's beliefs and opinions at the time the statements are made and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change or to update the reasons why the actual results differed from those projected in the forward-looking statements. We seek safe harbour.
SOURCE Avondale Resources Corp.