The 12-10 PR statement from OneFi provides few details (no surprise). How can a company use $20 million in a sentence without the details of where the money would come from? I do know that NTIA has not published news of any BTOP infrastructure funding awards as the 12-10 PR. Its also public knowledge that OneFi did not directly apply for Broadband Stimulus BTOP or BIP Funds. A project valued at $20M would almost certainly need to be funded by the US Government. If the stimulus funds have not been awarded, There is some uncertainty that the project will ever be valued at $20M.
Take a look at the Press Release, exactly as its written, without making any assumptions or adding speculation.
LOS ANGELES, CA--(Marketwire - December 10, 2009) - OneFi Technology, Inc.
OneFi is not located in Los Angeles. In Fact, the company is located in a different county altogether, Orange County.
(PINKSHEETS: ONFI) announces the initial installation of WiMax/BPL Technology in the Hogback Region of the Navajo Nation is scheduled to begin in Jan. 2010.
"scheduled to begin" is a "forward looking" statement and does not outline any commitment by OneFi or the Navajo Nation. The use of "Navajo Nation" is very broadly used by OneFi in this and previous OneFi Press Releases. Here is a portion of an email I received on May 20 from the Director of Information Technology when provided a link to the OneFi May 19 Press Release. "Navajo Nation Department of Information Technology (NNDIT) does not have an agreement with OneFi. You might check with other entities such as schools, township, or casinos. "Navajo Nation" is used broadly in the news release".
To be fair, the Director only denied OneFi involvement with the NNDIT, and could not confirm or deny OneFi involvement with smaller entities within the Navajo Nation such as schools, township, or casinos
"...The network will be valued at $20,000,000 when it is completed...."
This is another "forward looking" statement. The Press Release does not provide definition of how much revenue OneFi would receive when the network is completed. You have already mentioned your concern on that point. The PR only provided a network value when completed. Since OneFi did not use the word revenue, I will not make the assumption all $20M will be revenue to OneFi.
In my opinion, this is another Fluff PR without details or Navajo Nation contact for shareholders to make an inquiry to. Who is paying the bill for this project? Find who holds the purse strings, then you will be able to verify if this project is likely to become a reality and who the real players are. In many ways this is no different than most of the other news published by the company. Most of OneFi's Press Releases also lack the details to easily confirm the information given. If researching information in a PR is HARD, there may be a reason.
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