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Wialan Technologies Signs Letter of Intent to Expand Business Into South America(September 16, 2013)
SUNRISE, FL -- (Marketwired) -- 09/16/13 -- Wialan Technologies (OTC Pink: ACYD) ("the Company"), a next generation wireless telecommunications provider, announced today that it has signed a non-binding Letter of Intent ("LOI") with Eugene Rostov to form a jointly-owned company to continue the expansion of business into South America with a joint venture in Brazil. The new joint venture company would be 50% owned by Wialan Technologies and 50% owned by Eugene Rostov.
Subject to due diligence and the subsequent signing of a definitive Joint Venture Agreement, the terms of the LOI anticipate the Company will provide training for the sales, use, and installation of its products and technology. Eugene Rostov would provide the funding and staff to sell the company's products and services in Brazil.
Timothy Peabody, CEO of Wialan, commented, "The Wialan-Rostov partnership reflects a powerful combination of Wialan's technological leadership and the impressive potential customer network and deep customer understanding that Mr. Rostov has achieved."
"We believe this new joint venture provides us with an ideal opportunity to enhance Wialan's growth in an area which we believe will be a key growth market in the future. This partnership is another step towards paving the way for Wialan to achieve the long-term vision of becoming a leading global supplier of WIFI technology," concluded Mr. Peabody.
About Eugene Rostov
Eugene A. Rostov is President and CEO of E. Rostov & Associates LLC. He has spent his career focused on advising clients on cross-border mergers and acquisitions, privatizations, and joint ventures.
Prior to founding E Rostov & Associates, Mr. Rostov worked thirty-eight years in the international law firm of Baker & McKenzie. He practiced in the São Paulo, Brazil office of Baker & McKenzie for fourteen years and then founded the Miami office of that Firm in 1984. His experience includes representing clients in mergers and acquisitions, international trade, export and import transactions, transfers of technology, aviation, transportation, telecommunications, and financing in both the public and private sectors with clients located in Latin America, the United States, Europe and Asia.
About Wialan Technologies
Wialan, a next generation wireless telecommunications provider, is poised for exponential growth from their five years of successful R&D, sales, and installations of their impressive WIFI solutions spanning10 countries. They have established a track record of successful installations in airports, municipalities, apartment buildings, parks, marinas and other locations that require a superior and more robust communication footprint than conventional WIFI providers. Among the outstanding features available with Wialan's wireless 802.11n 300 Mbps solutions is the capability of real-time live color video streaming for many simultaneous end users, which can help companies with video on demand services, like Netflix, to deliver wireless services without use of the Internet. For more information, please visit www.wialan.com.
Safe Harbor Statement
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
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