VelaTel Forms Corporations for Its Service Agreement in China
VelaTel Has Completed the Creation of Offshore Corporate Entities Contemplated Under Its Agreements With New Generation Special Network Communication Technology Co., Ltd. (NGSN) That Will Allow VelaTel to Commence Delivery of Services to NGSN Under the Agreements
(firmenpresse) - SAN DIEGO, CA -- (Marketwire) -- 04/04/12 -- VelaTel Global Communications (OTCQB: VELA) (PINKSHEETS: VELA), a leader in deploying and operating wireless broadband and telecommunication networks worldwide, is pleased to announce that it has finalized the formation of two new corporate entities -- NGSN Communications Network Co., Ltd. a Cayman Islands corporation ("NGSN Cayman"), as well as NGSN Communications Network (HK) Co., Ltd., a Hong Kong corporation ("NGSN HK"). With the corporate formations now complete, VelaTel will deposit funds into an NGSN HK bank account to fulfill its contractual obligations. The creation of these entities and payment of this deposit will enable the joint venture to start the business with office lease, hiring, project design and to secure equipment financing in Hong Kong. While waiting for manufacture and deployment of this equipment, VelaTel will begin providing services to NGSN through its existing wholly foreign owned enterprise (WFOE), Beijing Yunji Communications Technical Services Company, pending completion of the formation of a WFOE as a subsidiary to NGSN HK.
VelaTel acquires spectrum assets through acquisition or joint venture relationships, and provides capital, engineering, architectural and construction services related to the build-out of wireless broadband telecommunications networks, which it then operates by offering services attractive to residential, enterprise and government subscribers. VelaTel currently focuses on emerging markets where internet penetration rate is low relative to the capacity of incumbent operators to provide comparable cutting edge services, and/or where the entry cost to acquire spectrum is low relative to projected subscribers. VelaTel currently has project operations in People's Republic of China and Peru. Additional target markets include countries in Latin America, the Caribbean, Southeast Asia and Eastern Europe. VelaTel's administrative headquarters are in San Diego, California. For more information, please visit .
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results, events and performances could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results, expressed or implied, to differ materially from expected results. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making an investment decision.
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Datum: 04.04.2012 - 06:00 Uhr
Sprache: Deutsch
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