New Press release finally.
OTCBB: RCABE). On May 15, 2006 Reality Wireless Networks, Inc. (the "Company") completed its initial restructuring and changed its name to "Recab International, Inc.," pursuant to its merger with Arabian Recab for Trading Co. ("Arabian Recab"), initially announced in August 2005. Under the merger, Arabian Recab, a Saudi Arabia-based company, became a wholly owned subsidiary of the Company. This name change is intended to reflect Recab International's new business and anticipated expansion into broader international markets.
Arabian Recab (and its predecessor organization) is a 25 year old Saudi Arabian company focused primarily on the transportation industry, building materials supply and public works construction. For the year ended December 31, 2005, Arabian Recab generated revenues of 55,248,000 Saudi Riyal (approximately $14,733,604 million USD) and held assets worth approximately 126,470,300 Saudi Riyal (approximately $33,727,217 USD).
Arabian Recab's Saudi Arabia-based operations include the following:
-- Transportation & Logistics; -- Private Transportation (Buses); -- Auto & Equipment; and -- Building Materials.
The Transportation and Logistics division owns and operates nearly 300 tractor-heads (and similar equipment). Arabian Recab has significant contracts with major firms such as SABIC, HADDID, SAFOLA and others to carry goods within Saudi Arabia and throughout the Gulf.
The Private Transportation division operates approximately 250 buses in Riyadh, Jeddah and Dammam (as well as other locations) under contract for the transportation of students, teachers, defense personnel and government employees.
The Auto & Equipment division imports and sells commercial vehicles from Mercedes Benz (among others), as well as commercial and passenger vehicles manufactured by Toyota, Mitsubishi, Hyundai and Volkswagen. Arabian Recab sells through showroom facilities in Riyadh, Jeddah and Dammam.
Recab International intends to strengthen its position in the building materials supply, construction and public works industries through acquisitions involving infrastructure reconstruction and related technology companies.
Steve Careaga, CEO of the Company, stated that, "We are pleased to have completed the transition of the business to Recab International and corporate restructuring and look forward to integrating several business and investment opportunities in the United Sates and Saudi Arabia."