PALM COAST, Fla., Nov. 2, 2011 /PRNewswire/ -- O2 Secure Wireless,
Inc. (Pink Sheets: OTOW) announces that the Company has embarked on
phase one of the LTE network penetration strategy. The Company
plans to provide coverage to over 500,000 customers in under-served
or un-served markets in Florida,
Kentucky, Mississippi, Alabama, North
Carolina, and South
Carolina.
The $33,000,000 loan will be
administered through the Rural Utilities Service Telecommunications
Program, a division of the US Department of Agriculture. In August
of this year, the Washington
office assigned the Company a Government Field Representative,
which has preliminarily approved all 65 cities and towns for Rural
Utilities Service (RUS) funding.
In addition, the company has retained Mr. George Bochis as in house general counsel.
Mr. Bochis was previously the SVP/General Counsel for a
private real estate development and management company. During his
tenure there he had oversight responsibility for a number of
individual limited partnerships (28 of which have been the
recipient of USDA loans and loan guarantees in excess of
$110,000,000). He also served on the
advisory board of a public REIT.
The terms are advantageously structured for the loan to be
amortized over the economic life of the network equipment and will
bear an interest rate equivalent to the ten year Treasury bond
presently at 2.0%. Val Kazia, CEO of O2 Secure Wireless
states, "The remarkably low interest rates are extremely
attractive, as compared to traditional commercial loans, whose
offers have been presented at prime plus 275 basis points. In
addition, the USDA offers interest only payments for the first 12
months during the construction of the network; we believe this will
enable exponential domestic growth. The application has been
submitted for review."
The goal of the Broadband Program is to ensure that rural
consumers enjoy the same quality and range of services that are
available in urban and suburban communities. This Program aims to
lend to entities that plan to offer broadband services at levels
that keeps pace with technological innovations while meeting the
demands of customers in rural America. O2 will construct the
most technologically advanced LTE network presently available,
capable of download speeds of 25 megabytes per second.
The Rural Broadband Access Loan and Loan Guarantee Program
(Broadband Program) furnishes loans and loan guarantees to provide
funds for the costs of construction, improvement, or acquisition of
facilities and equipment needed to provide service at the broadband
lending speed in eligible rural areas with a populations not to
exceed 20,000 residents.
About O2 Secure Wireless: O2 Secure Wireless is a Company
that is currently developing numerous wireless tower facilities in
the U.S. The Company is also instrumental in the development of
wireless broadband communication services domestically. Under a
recent merger with Earthcom Service Inc., the Company is currently
being structured to provide affordable flat rate pre-paid wireless
services in developing countries internationally.
Safe Harbor Act: This release may contain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans,
results, or strategies and are generally preceded by words such as
"may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company's annual report.
For more information visit our website at
http://o2securewireless.com or contact
Investor Relations: Gibraltan Financial (407)830-9777
SOURCE O2 Secure Wireless, Inc.