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Reality Wireless Networks Executes Definitive Merger Agreement With $29 Million Diversified Trading Company
Thursday July 28, 10:00 am ET
GIG HARBOR, Wash.--(BUSINESS WIRE)--July 28, 2005--Reality Wireless Networks, Inc. (OTCBB:RWNW - News; "Reality") announced that on July 21, 2005 it entered into a definitive merger agreement with Arabian Recab For Trading Co. ("Recab International"). Recab International (and its predecessor organization) is a 25 year old Saudi Arabian company focused primarily on the transportation industry. For the year ended December 31, 2004, Recab International generated more than 111,750,000 Saudi Riyal (approximately $29 million USD).
Recab International operates four primary divisions:
Auto & Equipment
Transportation & Logistics
Private Transportation (Buses)
Building Materials & Concrete Products
The Auto & Equipment division imports and sells commercial vehicles from Mercedes Benz (among others), as well as commercial and passenger vehicles manufactured by Toyota, Mitsubishi, Hyundai and Volkswagen. Recab International sells through showroom facilities in Riyadh, Jeddah and Dammam. This division also supplies equipment to fleet owners and private dealers for auto maintenance.
The Transportation and Logistics division (Road Freight, International Freight Forwarding, Bulk Shipments) owns and operates nearly 300 tractor units (and similar equipment). Recab International has significant contracts with major firms such as SABIC, which is a leading global petrochemical company, HADDID, SAFOLA and others to carry goods within Saudi Arabia and throughout the Gulf. Additionally, Recab International has contracts with sole agents of Toyota, Nissan, Mitsubishi and others to transport new vehicles throughout Saudi Arabia and to and from other Arab nations.
The Private Transportation division operates approximately 250 buses (US School type) in Riyadh, Jeddah and Dammam (as well as other locations) under contract for the transportation of students, teachers, defense personnel and government employees.
The Building Materials & Concrete Products division operates concrete ready-mix facilities, cement block making, stone and granite crushing and polishing plants in Jeddah and Mecca.
The merger agreement provides that all of the shares of common stock of Recab International issued and outstanding at the time the merger becomes effective under applicable state law (the "Effective Time"), will be converted into common stock of Registrant such that the current holders of Arabian Recab common stock will hold 98% of all shares of Reality's common stock outstanding immediately after the closing of this merger transaction.
About Reality Wireless Networks Inc.
Reality Wireless Networks, Inc., a publicly-traded Nevada corporation, previously offered broadband wireless services through hybrid networks including fixed wireless, 802.11, and fiber to markets either underserved or not served by DSL and cable modem technologies. Reality has shifted focus to seek growth opportunities in the wireless marketplace and related product industries
ir@realitynetworks.com. More information about Reality Wireless Networks Inc. can be found at
www.sec.gov.
NOTE: Information contained in this press release, other than historical information, should be considered forward-looking in nature and is subject to various risks or uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the operating results, performance or financial condition are the company's ability to achieve and manage growth; the company's success in securing third-party commitments, production agreements and/or licensing contracts; the company's ability to comply with federal, state and local government regulations and/or unforeseen changes in federal or and government regulation; the company's ability to complete acquisitions or integrate the acquired business into its operations and to successfully identify suitable acquisition candidates; the company's ability to attract and retain qualified personnel; the company's ability to secure necessary financing; potential litigation by shareholders and/or former or current advisors against the company; and the company's ability to develop new services; and other factors discussed in Reality's filings with the Securities and Exchange Commission.
For further information, please contact Steve Careaga at 253-853-3632, or send correspondence to 4916 Point Fosdick Dr., Suite 102, Gig Harbor, WA 98335
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Contact:
Reality Wireless Networks, Inc.
Steve Careaga, 253-853-3632