MediaG3 Philippines Market Deployment on Schedule
On Wednesday March 25, 2009, 12:43 pm EDT
Buzz up! Print SANTA CLARA, Calif.--(BUSINESS WIRE)--MediaG3, Inc. (OTCBB: MDGC - News), a leading developer of broadband wireless products and interactive rich-media content delivery applications, today announced that its deployment schedule for the Philippines market has been finalized for timely execution.
MediaG3 is pleased to report significant progress in moving from the planning stage to the execution stage, with specific timelines and revenue objectives from our network implementation project in the Philippines. The schedule calls for 24 MediaG3 LMDS broadband wireless systems and 7,303 customer premise equipment packages (known as CPE’s), worth an estimated $7 million in revenue to MediaG3 to be delivered in 2009. The revenue will be recognized as the system equipment is successfully delivered to customers providing services for businesses as well as consumers in the Philippines.
“While we are very excited about this major milestone, we also recognize some challenges ahead of us, including engineering resources, manufacturing cycles and time to delivery,” said William Yuan, CEO of MediaG3. “However, we are confident that we can deploy sufficient resources to fulfill the contract requirements in 2009,” added Yuan.
MediaG3 will also have a stake in the Philippines venture in addition to being an equipment supplier. This will allow MediaG3 to benefit from recurring service-based revenues from the ongoing operations in the future.
Joseph Anzalone, MediaG3’s SVP of Operations, will be directly involved with the management of the Philippines venture. “Successful execution is the key to meeting our revenue objectives both from hardware sales and the resulting services platform,” said Mr. Anzalone. “We will play a critical role in the business development of the Philippines’ market.”
About MediaG3, Inc.
MediaG3, Inc. develops and markets broadband wireless technology products and online applications that empower interactive content delivery to today's fixed and mobile consumers. With a well-defined business model of "U.S. Technologies, China Market," MediaG3 is developing its integrated business and product lines to offer the best solutions for broadband wireless infrastructures, online and mobile rich-media content delivery. MediaG3's three complementary products and applications, mg3 wireless, mg3 mobile and mg3 web 2.0, generate incremental revenue both independently and collectively. MediaG3 is based in Santa Clara, California, with operations in Shanghai and Shenzhen, China. For more information on the company, please visit www.mediag3.com.
Forward-Looking Statements
Forward-looking statements such as "believe," "expect," "may," "plan," "intend," "project," etc., contained herein are within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and are based on the Company's beliefs and assumptions it made using information currently available to it and which reflect current views concerning those future events. Actual results could differ materially. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the volatility of trading markets, the Company's limited operating history, the inability to obtain additional capital, the Company's unproven business model, the risks of doing business in Asia, and other factors discussed in filings made by the Company with the Securities and Exchange Commission.
