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REVA, Inc. Signs Letter of Intent to Acquire Multimedia Technology Group

2004-03-03 20:01 ET - News Release

ROANOKE, Texas -- (Business Wire) -- March 3, 2004

REVA, Inc. (OTCBB:RVIA) announced today that it has
signed a letter of intent to acquire Multimedia Technology Group
(MMITG), a Texas-based company specializing in video and audio
compression solutions. REVA, Inc. is a publicly traded company trading
on the OTC Bulletin Board with the symbol RVIA.
Based upon preliminary negotiations, REVA intends to acquire MMITG
for cash, restricted stock and other considerations. Pursuant to the
letter of intent, MMITG would become a technical division of REVA,
Inc., to develop and manufacture a continuing stream of products to
attempt to enhance the offerings of its wireless Internet services.
MMITG specializes in wavelet image compression, progressive tunneling,
non-uniform compression, and Lightning Strike Binary Compression.
MMITG would be relocated to REVA's corporate headquarters in Roanoke,
Texas.
With its proprietary wavelet compression system and its Lightening
Strike software, MMITG solves the issue of massive bandwidth
consumption by streaming 300:1 compressed video at 18 - 24 frames per
second. This would enable REVA to offer video-on-demand products to
its current wireless customer base.
In addition, MMITG has developed the Digital Video Recorder (DVR),
an observational digital recorder that combines the newest
technologies to provide the latest in video storage, quality and
images per second. This unit would be used primarily with REVA's
existing core technologies for home and business security systems and
home health monitoring systems to be offered through REVA's wireless
infrastructure.
REVA began shifting its focus to the wireless Internet market in
2003, with its intended acquisition of BOLD Communications and
subsequent acquisition of Regional Wireless Networks. "With this
acquisition we continue to fulfill the technology objectives that will
build our revenue base," commented James E. Ontiveros, CEO and
President of REVA, Inc. "MMITG would complete our technology portfolio
and provide us a unique marketing position to appeal to customer needs
and provide solutions not currently offered by our competitors."
Paul Fisher, Ph.D., is owner and founder of MMITG. Dr. Fisher,
recently named CTO for REVA, is author of four books on compression
technology and winner of the R.J. Reynolds Distinguished Professor of
Computer Science Award at Winston-Salem University, where he is
currently on staff. Dr. Fisher has produced over sixty publications on
wavelet and compression technologies.
Dr. Fisher works with an international research staff and brings
these scientists into the REVA fold. Staff members include Ming Wei,
Ph.D., working with Lightning Strike technology and Hong Yang Chao,
Ph.D., specializing in wavelet technology and new product
implementation.
This transaction is subject to:

1. Completion of a definitive agreement and final terms.

2. Financing being arranged totaling approximately $100,000.

3. Audits of MMITG

4. Non-compete and employment agreements

5. Patents/technology due diligence.

CURRENT BUSINESS INFORMATION: REVA Inc. historically is a
developer and manufacturer of Video Compression, Security &
Surveillance, and TeleHealth systems. The Company provides wireless
Internet services and designs and manufactures technology and products
for the video communication market. The Company's remote video
communication products can transmit (via compression) video, audio,
and data over various communication media at speeds that far exceed
those of its competitors.
Safe Harbor Act Notice: This release may contain forward-looking
statements that involve risks and uncertainties, including without
limitation, acceptance of the company's products, increased levels of
competition, product and technological changes, the company's
dependence upon financing and third-party suppliers, and other risks
detailed from time to time.
Contacts:

REVA, Inc.
Marian Folds, 866-491-8385
[e-mail]
http://www.reva.tv