Yahoo! July 28, 2000
Finline and Grupo De La Electronica to Form t Venture
Thursday July 27, 12:25 pm Eastern Time. Company Press Release.
WATERLOO, Canada--(BUSINESS WIRE)--July 27, 2000-- Finline Technologies Ltd. (CDNX:FIN - news; ``Finline'' or the ``Company'') is pleased to announce that it has signed a Memorandum of Understanding with Grupo de la Electronica (``Grupo'') of Havana, Cuba, under which Finline and Grupo will form
a t venture to market and own MMDS Wireless Cable solutions and other wireless technologies within Cuba and internationally.
Sponsored by the Cuban government, Grupo de la Electronica is a multinational technology organization operating in 6 countries which owns companies in the areas of consumer electronics, telecommunications, informatics, and automatics.
Finline's proposed t venture with Grupo is expected to produce the following benefits for Finline Technologies Ltd.:
- Deployment in Cuba of MMDS systems for the provision of voice, video
and high-speed data services;
- Access to key international markets to deploy and own MMDS systems;
- Procurement of key technical, sales and marketing and
product development resources;
``We chose to partner with Finline in this initiative because of their advanced technology and international depth and experience in wireless systems. Finline's MMDS and wavelet compression technology will position Cuba as a world leader in communications infrastructure. We look forward to a
very prosperous relationship with Finline in Cuba and other countries which we have relationships with.'', said Ramiro Valdez Menendez, President of Grupo de la Electronica.
``It is extremely exciting to report this agreement with Grupo de la Electronica, which we believe is a milestone in the growth of the Company. Cuba is a country in need of modern communications infrastructure for telephone, video and data services, and Finline's MMDS Wireless Cable solutions
are the ideal platform for delivering these services. GRUPO has an excellent presence in Cuba and other emerging markets and the s necessary to secure system deployment contracts,'' said Einar Fiskvatn, President of Finline Technologies Ltd.
Finline and Grupo will now focus on finalizing the of the t venture agreement, which they expect to sign by October 16, 2000.
Finline Technologies Ltd. is a designer and manufacturer of broadband wireless systems, focusing on MMDS ``Wireless Cable'' solutions for the provision of video, voice, and high speed internet services. Based in Waterloo, Ontario, Canada, Finline has successfully deployed its systems and
components worldwide to operators in fourteen countries on five continents.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
:
Finline Technologies Ltd.
Einar Fiskvatn, President & CEO,
519/746-1023
519/746-1131 (FAX)
[email protected]
www.finline.com
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