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XsunX Starts 2014 With New Commercial Solar Systems Sales
Company Focused on Building Sales and Brand Recognition in the Southern California Region
Marketwired
XsunX, Inc. 6 hours ago
ALISO VIEJO, CA--(Marketwired - Jan 28, 2014) - XsunX, Inc. (OTCQB: XSNX), a renewable energy technology, systems, and services company, today announced additional sales of commercial solar system design and installations in Southern California, and continuing momentum heading into what the Company sees as a productive 2014.
With a first year goal of reaching 1 MW per month in commercial PV installations, the Company sees unparalleled opportunities in the Southern California region towards achieving that goal.
"Our marketing efforts have attracted a large and diverse set of clients, and we are putting in long hours to keep up with project quote demand. We are also seeing tremendous diversity in project types and sizing requirements. It's not uncommon to see one client with a high monthly electric bill that requires nearly 2,000 PV modules without enough open space to service all of their needs, and another client with enough room to easily service their needs," stated XsunX CEO, Tom Djokovich.
The Company anticipated that a large number of the projects they would review and provide quotes for would require creative thinking to squeeze as much potential solar electric production as possible onto each site. Mr. Djokovich continued, "Obviously we like the ease of simple projects that can provide the most aggressive returns for our customers, but with management's extensive design and building experience we are finding our ability to differentiate ourselves as an advantage on certain projects that require specialty applications or even new structures."
Adding to the Company's competitive position, they have established factory direct pricing for the major PV system components, and can offer zero down financing to clients. "We are aggressively executing our business plans, building our brand recognition in the region, and offering diverse solutions to meet our clients' needs," concluded Mr. Djokovich.
About XsunX
XsunX focuses on providing solar energy solutions that provide the greatest bottom-line financial benefits. The Company's background and experience spans virtually all aspects of solar including technology assessment, design, and development. We have a deep passion for solar and have worked to pioneer new technologies and solar business solutions focused at making solar an affordable energy option. For more information, please visit the Company's website at www.xsunx.com.
Safe Harbor Statement
Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein, are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Contact:
Company
Tom Djokovich
President and CEO
949-330-8060
info@xsunx.com
Watching Xsnx for a while IMO time has come for revenue to start flowing seems to be heading in the right direction if the pipeline can be filled XSNX will have a turn around. GLTA
X$$$$NX With a first year goal of reaching 1 MW per month in commercial PV installations, the Company sees unparalleled opportunities in the Southern California region towards achieving that goal.
This NEWS is a HUGE DEAL folks
http://www.polec.com.mx/
About
Activity
Team
Followers 5
Why We Started This Company
To solve problems of the Construction Industry with national technology patentable, sustainable, low-cost and scalable. Polec is a Company developed in CIEBT_IPN (Centro de Incubación de Empresas de Base Tecnológica del Instituto Politécnico Nacional) with 5 years of investigation in the field. 2 brands, 2 National pending patents and 1 PCT.
What Sets Us Apart
Experienced Team Management Growing Market Intellectual Property Continuing Technological Development Good Profit Margin
Our Keys To Success
A different Formula against Direct Competition. Polec against cement, lime, enzymes, Chlorides, asphalts and resins, not only stabilize, provide a higher cohesion in gravel mix, allow to native soils to be used in roads improving quality and load resistance, reduce or eliminates transportation costs. Easy to apply. Environmental friendly. Market in USA for Unpaved Roads (Dirt Roads) 42.6 billion USD / Segment 4.0 Billions USD for 2013 FY.
Our Accomplishments
Pyme Award 2012 for the best High Tech Company Incubated 5th National Green Company in Cleantech Challenge 2012 International Proyect Selected by REDEMPRENDIA for the III Forum of Investors in Madrid España 2012. Company Selected by FUMEC/TECHBA to participate in Boot Camp 2013 and Investor Ronde in Austin,Texas 2013.
on my scott trader live it's no longer there did anyone saw it
1 MIL TRADE WENT FROM 0.001 TO 2.00
vela @ 2.00 on my board ??????
extra ,extra read all about it 'ACCORDING TO 236T568' ctle is scamming Fintegra wake up please and smell the coffee
Fintegra has committed to invest up to US $2,000,000 with the intention of launching a manufacturing facility to produce 400,000 liters per month, and a marketing and sales development team.
The newly formed company, Nano Coatings Technology Corp., will cooperatively then identify and develop the markets for novel nano coatings products that may generate new revenue from marketing products, including but not limited to: insecticides coatings
"Our new anti-insect paint can be applied on almost every interior and exterior surface - from houses to farms, offices and government buildings, to transportation facilities and vehicles, through to health clinics and hospitals," states Dr. Castano, Chief Innovations Officer at Nano Labs. "It kills pests that can carry disease or parasites upon contact,
The newly formed company, Nano Coatings Technology Corp., will cooperatively then identify and develop the markets for novel nano coatings products that may generate new revenue from marketing products, including but not limited to: insecticides coatings
Why Did FSIS Close a Foster Farms Plant for Cockroaches But Not Salmonella?
By Lydia Zuraw | January 10, 2014
On Wednesday, the U.S. Department of Agriculture suspended poultry processing at a Foster Farms plant in Livingston, CA, due to an infestation of cockroaches. Since then, some people have expressed confusion about why the agency closed the plant for pests but not months ago during an outbreak of multidrug-resistant Salmonella that sickened at least 416 people.
The answer is that the USDA Food Safety and Inspection Service can only suspend inspections – effectively shutting down a plant – if products have been adulterated. Because pests carry filth and bacteria, leading to “insanitary conditions,” they are considered an adulterant. But, based on how courts have interpreted the definition of ”adulteration” in the Poultry Products Inspection Act, Salmonella is not.
U.S. Representatives Rosa DeLauro (D-CT) and Louise Slaughter (D-NY) released a statement regarding the suspension, calling the move “long overdue” in reference to the Salmonella outbreak linked to Foster Farms.
“Earlier action by USDA could have saved many families the heartache of seeing their loved ones suffer,” read the statement.
An agency source told Food Safety News that although some have argued the number of illnesses would have justified action, the law would not have supported it solely because of Salmonella contamination.
“The agency is unable to make regulations accomplish goals that the underlying law prohibits us from doing,” the source said. “The statutory criteria and the court decisions that dictate FSIS’ authority on Salmonella cannot be simply overturned through regulatory action or approving a petition.”
Many argue that FSIS needs to have the authority to shut down plants due to Salmonella contamination, but the agency says this power would have to come from Congress rather than internally.
Addressing this assertion, DeLauro and Slaughter said that they are “exploring options to ensure [USDA has] clear authority to do so, instead of hoping they find filth before they can shut down a plant they already know is a problem.”
© Food Safety News
More Headlines from Food Policy & Law »
Tags: cockroaches, Foster Farms, FSIS, Louise Slaughter, Rosa DeLauro, Salmonella, USDA
bulls are running vela$$$$$$$$$$$$OOOOOOOON
all clear folks fasten your seatbelts
charts says blue skies
vela is showing bullish signs hang on folks
believe me I'm very diversified in my holdings but this is one hot sector along with China emerging markets with 4g roll out.
VN Tech$$$$$$ooon Plug,Fcel,Bldp all going through the roof I'm in that entire sector 2014 is the year
green and greed that's the game always nobody is here on vela because they're in love.
Fcel stands on it's own sector rally is helpful but long term it's a sure winner 2014 from here on we can expect a steady climb
Debates creates emotions markets move on them fear and greed are the principle emotions logic goes out the door and investors wind up often giving into losing sight of why they bought into a stock be it for long re or for a quick profit
Debates
Read post #4358 Do your DD
Don't look at the tree see the forest my friend
Hiring for new business Of china Mobile data services$$$$
Hmmmm news coming soooon VelaTel purchased CMMobile on March 1, 2013, as part of its global expansion. “CMMobile’s unique and proven multi-number cell phone service fits perfectly into our global telecom strategy.
China Mobile, the country's largest telecom operator, has selected 17 companies as partners for a government pilot program on telecom resale business expected to be launched soon, a source close to the situation says.
The partners can participate in a pilot program for telecoms resales by acting as mobile virtual network operators (MVNOs).
China Mobile may have more MVNO partners because it is larger.
China Mobile also chose partners that focus on a specific industry and corporate services in order to supplement its business
could this play into china mobile choice of a partner with vela?
HMMMMMM.VelaTel has entered into a Business Agreement with Aerostrong Company Limited to provide telecommunications services to Aerostrong and its affiliates and customers. Aerostrong is a subsidiary of China Aerospace Science and Technology Group (CASC), a state-owned company in the People’s Republic of China (PRC). CASC is the main contractor for the PRC’s space program. CASC’s subsidiaries also design and manufacture high-end civilian products including machinery, chemicals, communications equipment, transportation equipment, computers, medical care products and environmental protection equipment.
CASC has more than 120,000 employees distributed among eight R&D and production complexes and approximately 20 other subsidiaries and affiliated enterprises. Its asset value exceeds $20 billion, its annual revenue $10 billion and its annual profit $1 billion. For further information about CASC, please visit www.spacechina.com.
VelaTel has entered into a Business Agreement with New Generation Special Network Communication Technology Co., Ltd. (NGSN) in the People’s Republic of China (PRC). NGSN is a state owned company responsible for agriculture and transportation industries in China. The service company has entered into an exclusive services contract with NGSN to deliver the information services and also deploy and operate a 4G wireless broadband access network. The 4G network will employ TD-LTE technology using equipment already commercially available and manufactured by VelaTel’s strategic partner ZTE Corporation.
VelaTel will finance and the joint venture will own the infrastructure equipment. The operating company will distribute its services to consumers, wireless carriers, enterprises, automobile manufacturers, and original equipment manufacturers. In subsequent phases, the network will be expanded to other regions in China, and the services it offers will be expanded to include wireless broadband access. For further information please visit www.newgsn.com.cn/en/index.php.
Develop our new business of China dual sim card and mobile data service
Promote China Dual sim and data service to corporate customers
http://hk.jobsdb.com/HK/en/Search/FindJobs?JSRV=1&Key=%22China+Motion+Telecom+%28HK%29+Limited%22&KeyOpt=COMPLEX&SearchFields=Companies&JSSRC=SRLSC
CORRECTED TO READ - "Acquires Hong Kong MVNO China Motion Telecom"... INSTEAD OF... "To Acquire Motion Telecom (HK) Limited"... IN THE HEADLINE. VelaTel Global Communications Inc announced that it is paying HKD45 million (approximately USD5.8 million) to acquire 100% of the capital stock of China Motion Telecom (HK) Limited.
Vela owns the whole thing lock stock and barrel.
Seems some on the board never read this correction
China Mobile Said to Choose Partners for Telecom Resales
Giant chooses 17 partners to resell its services, source says, as government pilot program nears launch
By staff reporter Qin Min
SHARE:
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a
(Beijing) – China Mobile, the country's largest telecom operator, has selected 17 companies as partners for a government pilot program on telecom resale business expected to be launched soon, a source close to the situation says.
"(The list of) 17 partners has been preliminarily decided, including some companies also selected by China Telecom and China Unicom," the source said.
The list still needs to be reviewed by the Ministry of Industry and Information Technology, which is organizing the pilot program. China Mobile has not made an official announcement on its choices.
The partners can participate in a pilot program for telecoms resales by acting as mobile virtual network operators (MVNOs). The program would allow private companies that do not own wireless networks or facilities to resell wholesale services, such as wireless call time, they buy from telecom carriers to other companies or individual users.
China Telecom and China Unicom reportedly selected more than a dozen partners for a pilot program, including retailers and Internet companies such as Gome Electrical Appliances, Suning Appliance Co., Jingdong Mall and Alibaba Group.
Gong Bin, general manager of consulting firm Beijing Both Future Consulting Co., said that compared to China Telecom and China Unicom, China Mobile may have more MVNO partners because it is larger.
Gong said that in addition to major retailers, China Mobile also chose partners that focus on a specific industry and corporate services in order to supplement its business while differentiating itself from China Telecom and China Unicom.
Calls to launch the telecom resale business started in 2004. The involvement of MVNOs in the telecoms industry would give it more diversity and provide customers with more choices than those offered by the Big Three telecoms firms, experts say.
Analysts predict that the resale market will have annual revenue of at least 20 billion yuan, which is why many private companies are keen to get involved.
Another source close to the pilot program said none of the selected partners has completed preparations for launching MVNO services. "Everyone is still waiting for the MIIT's final policy and detailed terms, and then they will start construction," the source said.
However, he said the MIIT has required that services be launched before May
!vela as you recall is ready
CM Mobile is hiring hmmm.
China’s Ministry of Industry and Information Technology (MIIT) moved to open up service-level competition in the country’s mobile market with the award of 11 MVNO licences.
The new entrants have been approved to offer resell services using bandwidth from the country’s three incumbents as part of a two-year trial, which was first announced in January 2013.
The most high profile winner is Alibaba whose Net.cn subsidiary received a licence, as has e-commerce rival Jingdong and mobile phone retailer D.Phone.
Other winners include Telling Telecommunication Holding, Beijing Bewinner Communications, Lianlian.com and Huangxiang Telecom.
The approval documents issued to the new licensees include rules for how the new market will be supervised, as well as covering service charges and quality, consumer rights and information protection.
The first services could be available within a few months. For instance, Yi Jiangnan, Telling’s vice manager, said the company would launch a service in May 2014, according to China News Agency
News Soooon your wait will be over...Luo knows what he's doing look at zte soon vela will turn around.
In China alone there are estimated to be more than 1 million BTS requiring back up power, with over 100,000 additional BTS projected to come on line each year. By leveraging VelaTel’s relationships and networks, we expect that VN Tech will capture a significant share of this enormous market. Accordingly, increasing our stake in VN Tech from 51% to 75% was a no-brainer, and enables us to consolidate more revenue on VelaTel’s books.”
CO-Founder of ZTE and Chairman of VN Tech, Luo Hongye, added, “During my days at ZTE it had become apparent that green energy was one of the next big opportunities for growing revenue and cutting costs. This was the reason I started VN Tech, and why we’re so excited about delivering our fuel cell systems to the entire telecommunications industry.”
China to build out the largest bts for 2014
They took their time bldp and vela's vn tech looking good to take hold in emerging market for telecom back up fuel cell
Ballard To Trial Clean Energy Fuel Cell Backup Power Systems In China Mobile Network
05 Jun 2012
Dantherm telecoms
Ballard Power Systems has announced an operational trial plan for its fuel cell backup power systems in the China Mobile telecommunications network. Successful trial activity is expected to lead to commercial deployments of Ballard systems in the China Mobile network.
China Mobile provides mobile voice and multimedia services through its nationwide telecommunications network. The Company’s 670 million subscribers represent the largest customer base of any mobile provider and represent approximately 70% of the Mainland China market, the largest mobile telecommunications market in the world.
A total of 50 DBX2000 backup power systems are being delivered by Dantherm Power, Ballard’s backup power company, for deployment at 30 network sites for trials beginning in June and expected to run for several months. Installation in various locations throughout China – including Beijing, Shanghai, Shenzhen and Xinjiang – as well as custom integration and local technical support will be provided by Azure Hydrogen Energy Science and Technology Corporation (Azure), Ballard’s partner in China.
Azure has received formal agreement for the trials, which will focus on adaptability and durability of the fuel cell system as a widespread replacement for existing lead acid batteries located at outdoor telecom base station sites within the China Mobile network.
China Mobile put a formal corporate sustainability program in place a number of years ago, began issuing Corporate Sustainability Reports in 2007 and is currently the only company from Mainland China represented in the Dow Jones Sustainability Indexes. The Company is actively developing and deploying environmentally friendly, low-carbon solutions including this initiative involving fuel cell backup power products.
Source: Ballard Power Systems
Image: Dan Carter, taken at WHEC 2012
- See more at: http://www.fuelcelltoday.com/news-events/news-archive/2012/june/ballard-to-trial-clean-energy-fuel-cell-backup-power-systems-in-china-mobile-network#sthash.GXxu8hu0.dpuf
2014 year of fcel hydrogen fuel cell time has come Vela, bldp,plug, qtww all rising
Hydrogen fuel cell market has taken off for 2014 qtww, fcel, plug, bldp vn tech for vela
Approval granted
Successful completion
now deals soon to be announced.
China is one of the world’s fastest growing economies. In April 2012 it was announced that China’s Ministry of Industry and Information Technology had granted approval of VelaTel subsidiary VN Technologies’ fuel cells for use in Chinese BTS. Since the announcement the company has successfully completed trials for China Mobile and China Telecom. The market potential here is vast: China Mobile is the largest mobile operator in the world with 650 million subscribers and China Telecom is the country’s largest fixed-line phone company with over 200 million subscribers. - See more at: http://www.fuelcelltoday.com/analysis/analyst-views/2013/13-06-05-why-fuel-cells-for-telecoms-backup-is-a-good-call#sthash.IYifXDMs.p7vFtUSI.dpuf
http://www.fuelcelltoday.com/media/1889744/fct_review_2013.pdf
The final player in this market, FuelCell Energy (FCE), is also probably the most successful to
date, and this momentum continued through 2012 and into 2013. The company has increased its
production capacity in the USA whilst at the same time entering into an agreement with its Korean
partner, POSCO Energy, for it to manufacture full fuel cell systems in Korea from 2014. Thus far
POSCO has taken delivery of fuel cell kits from FCE and has added the necessary balance of
plant in order to install full systems; this deal will open up new Asian markets for FCE and provide
valuable licencing revenue in the future. As a continuation
of its existing partnership with POSCO, FCE announced
its biggest order to date in November 2012, for 121.8 MW
of fuel cell kits; this is also the largest single order in the
history of the fuel cell industry. Shipments were expected
to begin in May 2013 after completion of deliveries under
previous orders.
The use of FCE’s fuel cells in power plants in Korea is
now being replicated in its domestic market, the USA.
Ground was broken in April 2013 on a 14.9 MW fuel cell
power station situated in Bridgeport, Connecticut. Once
complete, this installation will be the largest fuel cell power
station in North America.
Outside of Korea and the USA a small number of deployments are underway in Europe through its
German subsidiary, FuelCell Energy Solutions (FCES), and another in Canada. London’s Walkie-
Talkie building on Fenchurch Street will be powered by a 300 kW fuel cell to provide electricity, hot
water and air conditioning via adsorption chillers. German construction company BAM Deutschland
is installing 300 kW at a federal research facility and, early in 2013, FCES entered into a tenyear
service agreement with electric utility Elektrizitaetswerke Zurich to maintain an existing FCE
installation operational in the country since 2010. In Canada, FCE is installing a fuel cell at a landfill
site to run on gas produced at the site. Successful demonstration in this application could lead to
further deployments at landfill sites, providing valuable electricity and heat and utilising gas that is
often otherwise flared, providing no revenue.
Asia, and in particular China, represents a huge potential market for fuel cell technology as mobile
phone adoption increases at an exponential rate. Here a number of companies, including VN
Technologies, ReliOn, FutureE and Ballard, are involved in trials with major telecommunications
providers. Trials in the USA eventually led to large-scale customer orders and it is hoped that the
same will happen in China, home to two of the three largest mobile network providers in the world,
China Mobile and China Telecom, both of whom are trialling fuel cells.
In March 2013 Ballard received an investment of $2 million (£1.3 million) from its Chinese partner
Azure in its Dantherm Power subsidiary, which acts as a development centre for Ballard’s telecoms
backup fuel cell systems. Through this deal Azure has bought a 10% stake in Dantherm and plans to
assist Ballard with entering the Chinese market; the companies are both working on backup power
trials for China Mobile
$$$$Huge News SOOOON $$$$
Status
~ China’s Ministry of Industry and Information Technology grants approval of VN Tech’s hydrogen fuel cells for use in telecommunications base stations
~ China Mobile and China Telecom approve VN Tech to conduct trial test sites in Heilongjiang/Harbin (China Mobile), Guangzhou and Beijing (China Telecom)
~ VelaTel has completed its initial round of test trials commissioned by China Mobile Limited
~ China Mobile has submitted a comprehensive report of the test trial results to key ministries of China’s Central Government
~ China Telecom Corporation has also commissioned VN Tech to construct trial test sites in Beijing on its behalf
China: 350,000 Lte Base Stations
Planned for 2014;
How does this impact VelaTel’s 75% owned communications tower fuel cell maker VN Tech?
Since VelaTel’s VN Tech mobile tower fuel cell is
a) The ONLY one approved by both ZTE and the Chinese Ministry of Industry & Information (MIIT)
b) Fully tested and approved by China Mobile and approved as a Communications Industry standard
c) VN Tech is a PRC domiciled subsidiary of VELA
d) MIIT has “requested” that critical base transmission towers (BTSs) have off-grid power back-up without traditional short lived battery back-up…
…It is logical to assume VELA subsidiary VN Tech SHOULD see significant purchase orders from this giant deployment. China Mobile network will be the largest 4G LTE network yet seen -- the operator has more than 700 million existing customers on 2G and 3G networks.
Investors Use “Vie ”
to Structure Telecom Investments.
mobile services will further allow internet content
providers to supply faster and more innovative services
to internet users which will in turn attract more
internet users and commerce via the mobile internet
platform in China. Consequently, foreign investors
are increasingly active in the VATS sector in China.
Internet content provider services cover internet
information services, e-mail service, bulletin board
service and the like. Internet content provider
services supplied for profits are classified as a VATS
and are subject the VATS permit requirement and
foreign ownership restriction, although, as discussed
above, the VIE structure has been commonly used
by foreign investors in relation to the VATS sector.
Conclusion
The Chinese telecommunications industry is one
of the fastest developing markets in the world.
Due to restrictions on foreign investments in the
Chinese telecommunications industry, foreign
investors have adopted the VIE structure to
pursue business opportunities despite the legal
risks associated with such VIE structure.
LTE services are being developed by China Mobile
in China, although it is expected that the full
scale of investments in the LTE service will not
be effectuated until China Mobile, China Telecom
and China Unicom have captured satisfactory
investment returns in relation to 3G services. Given
that LTE will likely be classified as a BTS, it will be
difficult for foreign investors to penetrate into the
Chinese LTE service. However, LTE services are
expected to further nurture the development of
the VATS, particularly in the mobile internet sector
in which foreign investors have actively pursued
business opportunities through the VIE structure.
Jun Wei
Partner, Beijing
T +86 10 6582 9501
jun.wei@hoganlovells.com
“Given that LTE will likely
be classified as a BTS, it will be
difficult for foreign investors
to penetrate into the Chinese
LTE service”
$$$vela 2014 will be huge$$$ Mr. Luo, as a leader in the telecom and green energy fields in China, was instrumental in bringing VelaTel and Ironridge together in this transaction."
as CEO of our VN Tech division and a co-founder of ZTE Corporation.
SAN DIEGO, Dec. 17, 2012 (GLOBE NEWSWIRE) -- VelaTel Global Communications (OTCQB:VELA), a leader in deploying and operating wireless broadband and telecommunication networks worldwide, announced today that it is has closed a $12 million stock purchase agreement with Ironridge Technology Co., an institutional investor in the telecommunications sector.
Proceeds will be used to fund VelaTel's acquisition of China Motion Telecom (HK) Limited. Ironridge is today initiating payment of $600,000 for the initial 10% down payment called for under VelaTel's agreement to acquire 100% of the equity interest of China Motion. VelaTel projects that the remaining proceeds of Ironridge's equity funding will be sufficient for VelaTel to:
Pay the remaining balance to acquire China Motion.
Complete deployment and launch of VelaTel's wireless broadband networks in Croatia and Montenegro.
Other strategic purposes on projects under development.
The acquisition of China Motion furthers several of VelaTel's long term strategic goals:
China Motion's access to wholesale voice and data services using the wireless network resources of incumbent carriers allows VelaTel to deploy its projects in mainland China at a fraction of the capital expenditures originally budgeted.
China Motion's experience and personnel in sales and marketing, customer service and billing solutions provides a platform to serve VelaTel's wireless broadband networks worldwide.
The acquisition creates tremendous synergies with VelaTel's Europe based subsidiary Zapna, which also focusses on long distance and roaming solutions that cater particularly to the frequent international traveler.
"I am very impressed with the operational experience of China Motion," commented Ironridge managing director John Kirkland. "We are grateful for the opportunity to facilitate VelaTel's acquisition of the leading mobile virtual network operator in Hong Kong, and the synergies it can create for VelaTel in mainland China, South America and Europe."
Under the Ironridge funding contract, VelaTel will sell Ironridge preferred shares valued at $10,000 per share, which are convertible into VelaTel's publicly traded Series A Common Stock at a fixed conversion price of $0.20 per share. Funding is subject to customary equity conditions and Ironridge is entitled to non-cumulative dividends and an embedded derivative liability upon early redemption or conversion as defined in the contract. VelaTel also agreed to file a customary registration statement to allow resale of the shares upon conversion.
"We are very grateful to Ironridge for the continued support they have shown VelaTel," stated VelaTel's President Colin Tay. "Ironridge recently completed payment of more than $1.3 million to our most important vendors under their liability for equity (LIFE) program. They have now broadened their support by not only increasing the size of their investment, but structuring it in a manner that allows us flexibility to use the proceeds wherever they are needed most. We also appreciate the efforts of Mr. Luo Hongye, our lead partner in China as CEO of our VN Tech division and a co-founder of ZTE Corporation. Mr. Luo, as a leader in the telecom and green energy fields in China, was instrumental in bringing VelaTel and Ironridge together in this transaction."
About VelaTel Global Communications, Inc.
VelaTel acquires spectrum assets through acquisition or joint venture relationships, and provides capital, engineering, architectural and construction services related to the build-out of wireless broadband telecommunications networks, which it then operates by offering services attractive to residential, enterprise and government subscribers. VelaTel currently focuses on emerging markets where internet penetration rate is low relative to the capacity of incumbent operators to provide comparable cutting edge services, and/or where the entry cost to acquire spectrum is low relative to projected subscribers. VelaTel currently has project operations in People's Republic of China, Croatia, Montenegro and Peru. Additional target markets include countries in Latin America, the Caribbean, Southeast Asia and Eastern Europe. VelaTel's administrative headquarters are in Carlsbad, California. For more information, please visit www.velatel.com.