O2 Secure Wireless, Inc. Enters Into Agreement to Acquire Fifty Percent of a Well Established Financial Institution in the Domin
August 23 2010 - 9:45AM
O2 Secure Wireless, Inc. (Pink Sheets:OTOW) announces that the
Company's subsidiary, Earthcom Service Inc. has signed an agreement
to acquire 50% equity interest in a 30-year-old Dominican Republic
Financial Institution, and is scheduled to close early September
2010.
This agreement is exceptionally advantageous for the company,
since it will not only provide an additional source of revenue, but
will also provide the company's customers with a convenient method
for payment of communications services. The opportunity will
primarily allow the company to simplify the payment process for its
wireless, cellular, cable, residential phone and internet service
clients by using a prepaid MasterCard/Debit Card product for
customer payments, while simultaneously providing a new bank branch
location wherever an Earthcom retail storefront is created, whereas
the bank's credit card merchant processing system will utilize
Earthcom's wireless infrastructure for processing transactions.
Currently, the merchant card processing services
industry is dominated by two providers and with exceptionally
high processing rates, while the MasterCard prepaid Debit card
product is still a virtually unknown system in the
Dominican Republic market. The existing cellular market is mostly
all prepaid, which requires the customer to purchase minutes on a
calling card or at a store, then enter the card information onto
the phone before calling, whereby using a prepaid MasterCard the
customer will no longer be required to purchase a card, but can
instantly add minutes electronically with the MasterCard Debit
Card. This type of payment will be unique to the Company, and
therefore will attract customers since each customer will be issued
a prepaid MasterCard/Debit Card for payment when they sign up for
wireless services. The Card may also be used for purchases of goods
and services at any location worldwide where MasterCard is
accepted, including ATM machines for cash withdraws.
In addition, wherever Earthcom has established service coverage,
the bank can offer wireless merchant processing services which will
give the bank a strong advantage over its competitors due to its
wireless infrastructure. In a market where expensive hardline wired
communication is the only alternative option, the Company is in a
phenomenal position to not only separate itself from the
competitors by way of mobility and flexibility, but also by
bringing a product and service to market that will surpass the
current providers in simplicity, efficiency, and value.
Earthcom anticipates that there will be a high demand for the
Company's services in light of the continually improving package
and payment options. Earthcom believes that this move is supremely
favorable in its strategy to gain market share by initially
penetrating the cellular sector, in a market of approximately 8.6
million potential current cell phone users, then introducing other
services, such as cable, internet, and home telephone, as its
coverage area expands.
Earthcom Service Inc. recently announced that the company
currently has assets in the Dominican Republic and is securing
ground locations for the sites where the wireless facilities will
be placed in order to provide coverage.
Val Kazia, President of the Company, stated: "This acquisition
of a significant portion of this financial institution will
contribute greatly in our endeavors to modernize the cellular
sector of the Dominican Republic's communications industry. With
the robust versatility of our technology, now along with a
simplified payment method, we are slated to offer a superior and
cost effective solution, while offering a convenient debit payment
system. Moreover, with the Company's acquired position in this
bank, it is expected that the company will have opened an entirely
new source of long term revenues for the company. With respect to
depositors and banking regulations, we have withheld the name of
the financial institution until the closing has been
completed."
Safe Harbor
Act: This release may contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E the Securities Exchange Act of
1934, as amended and such forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. "Forward-looking statements"
describe future expectations, plans, results, or strategies and are
generally preceded by words such as "may," "future," "plan" or
"planned," "will" or "should," "expected," "anticipates," "draft,"
"eventually" or "projected." You are cautioned that such statements
are subject to a multitude of risks and uncertainties that could
cause future circumstances, events, or results to differ materially
from those projected in the forward-looking statements, including
the risks that actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors, and other risks identified in a company's annual
report.
Contact: For more information visit our
website at http://earthcomservice.com Or call:
Weston Investment Advisors (954) 435-4967
CONTACT: Weston Investment Advisors
(954) 435-4967
http://earthcomservice.com
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