Rim Semiconductor Company (fka RSMI)

[WHP03]

On the surface this certainly looks and smells like some sort of scam.... and when I look up the symbol in Yahoo it only comes up CLYW.pk??? say what? A $500MM deal (sure) and the stock is at $2? Just had a 1:20 reverse too. They're tagging onto the Wi-Fi movement. Today's PR from this outfit has them claiming DSL is practically obsolete... hardly. Spoke - what do you make of this?

Emerging Wi-Fi Leader Calypso Wireless Announces Its Plans For Nasdaq Listing
Wednesday May 7, 1:18 pm ET


MIAMI LAKES, Fla.--(BUSINESS WIRE)--May 7, 2003--Calypso Wireless Inc. (OTC:CLYW - News), the premier broadband wireless device and technology manufacturer that is making the cellular real-time video phones of the future today, announced today that it intends to file an application to become listed on the Nasdaq Market by the end of 2003. An SEC certified auditing firm is currently in the process of auditing the company's financial statements. Upon completion, Calypso plans to immediately start the process leading to an application to become listed on the Nasdaq Market. The company is currently trading over-the-counter under the ticker symbol CLYW.
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Calypso Wireless is the company behind the world's only mobile real-time video phone capable of seamlessly switching back and forth between the cellular networks and the new Wi-Fi networks. Calypso's sleek new C1250i cellular video phone is the first and only mobile phone capable of using Wi-Fi to connect users to the Internet at blazing broadband speeds of 11,000 KB per second, enabling movie-quality, real-time video conferencing. This speed is up to 200 times faster than connection speeds currently available from some U.S. wireless carriers, including AT&T Wireless (NYSE:AWE - News) and Sprint PCS (NYSE:PCS - News).

"We believe we already meet most financial requirements for initial listing on the Nasdaq Market. Our audited financials should confirm this. We will make them public as soon as they become available," says Carlos Mendoza, president and chief executive officer of Calypso Wireless.

Calypso Wireless is also in the process of upgrading its corporate governance program going above and beyond the requirements of the Sarbanes-Oxley Act.

Calypso startled the telecommunications world in February when it announced that it had signed a $500 million contract to deliver mobile phones and network systems to China Telecom (NYSE:CHA - News). China Telecom customers will actually be able to utilize a new set of high value-added services such as two-way real time videoconferencing at the speed of 30 frames per second or wireless Internet access up to 50 times faster than cable broadband users have been accustomed to in the U.S.

Wi-Fi is expected to be one of the hottest growth areas in the technology sector and in the telecommunications industry over the next few years. The number of cellular phones, PDAs and laptops equipped for Wi-Fi is increasing rapidly as well. The number of wireless network hardware units in the U.S. has grown from less that one million units in 2001 to approximately eight million units in 2002 and is expected to reach over 60 million units in 2005 (In-Stat MDR).

The number of Wi-Fi hot spots (points where users can connect to the Internet without wires) is exploding. Many companies are creating them to attract tech savvy consumers to their facilities. For example, Starbucks (Nasdaq:SBUX - News) already has 2,000 hot spots and McDonalds (NYSE:MCD - News) should have 300 by the end of the year. When a Calypso video phone user enters one of these establishments the user will have access to the Internet via these Wi-Fi hot spots. The number of commercial hot spots will jump from an estimated 9,700 this year to nearly 50,000 by 2006 (IDC). The number of users actually paying to access this growing number of hot spots is expected to grow to 5.5 million by 2006 (Allied Business Intelligence).

Calypso Wireless currently has the only real-time video mobile phone in the world that is capable of seamlessly switching back and forth between the cellular network and the new Wi-Fi networks. Calypso's sleek new C1250i video phone is the first and only mobile phone capable of using Wi-Fi to connect users to the Internet at blazing broadband speeds of 11,000 KB per second, enabling movie-quality, real-time video conferencing.

Last week Calypso Wireless announced that it had signed an investment banking agreement with D.E. Wine Investments, which will assist Calypso Wireless with the raising of capital through the placement of its debt, equity, or other securities with individual, financial and/or strategic investors.

Calypso Wireless Inc., (CLYW) is an innovator and global leader in bringing broadband media to wireless handheld devices and cellular phones. Its ASNAP(TM) technology solves problems inherent to seamless roaming between networks allowing the acceleration of the deployment of high bandwidth mobile handsets, PDAs, portable personal computers, notebooks and new emerging wireless form factors.

Calypso Wireless Inc. is headquartered in South Florida. For more information about Calypso Wireless and its products and services, please visit the company's Web site at http://www.calypsowireless.com.

This release is intended as a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to (i) The ability to provide technology in the future, (ii) Unexpected changes in the technology market, (iii) The success of the Company's expansion and sales and marketing strategies (iv) Competition within the Data Synchronization market (v) The ability of the Company to continue to finance its long-term strategy and expansion (vi) The ability of the Company to motivate and retain the services of its key personnel and hire additional qualified personnel to meet evolving staffing needs.



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Contact:
Calypso Wireless Inc.
Xavier Sarria, 305/828-3418
[e-mail]
or
D.E. Wine Investments Inc.
Michael Stakes, 281/586-9640
[e-mail]
www.dewine.com