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ChinaTel Group Announces LOI with Bamboo
MediaCasting
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Sep 08, 2008
ChinaTel Group, Inc. (¡°ChinaTel¡±) (OTCBB:CHTL) today
announced that it has signed a non-binding letter of intent to
acquire Bamboo MediaCasting Inc. (¡°Bamboo¡±), a leading mobile
content delivery solutions provider. This acquisition is part of
ChinaTel¡¯s worldwide strategy to market multimedia content solutions
to its telecommunications projects and partners around the globe.
Founded in 2001, Bamboo MediaCasting provides solutions and support
services for mobile content delivery. Bamboo provides the
highest-quality mobile-media experience, delivered automatically to
users' media devices. ¡°Bamboo¡¯s goal to lead the personalized media
convergence into mobile phones as a global provider of convenient,
cost-effective, user-friendly mobile entertainment is a perfect fit
to ChinaTel¡¯s current wireless broadband strategy,¡± said George
Alvarez, CEO of ChinaTel. ¡°Their SilverStripe solution will empower
us to conveniently deliver high-quality, affordable rich-media to be
played anytime, anywhere.¡±
SilverStripe is a complete and scalable end-to-end mobile media
solution enabling network operators, service providers and content
providers to deliver their customers an effortless, dynamic mobile
entertainment experience. Delivering regularly refreshed, full
track, rich-media content through self-selected channels,
SilverStripe can add highly-targeted advertising pushed to the
subscriber¡¯s phone and stored on its memory. Subscribers can enjoy
convenient access, independent of network availability.
Driven by anticipated 3G network adoption and broad consumer
interest, the number of mobile content subscribers is expected to
grow to 462 million worldwide over the next five years, according to
ABI Research. IDC, meanwhile, has estimated the U.S. audience for
mobile video at 25 million+ by 2011, while Juniper Research projects
mobile entertainment revenues to jump from $20 billion to $65
billion over the same period.
ChinaTel plans to acquire Bamboo through a stock purchase
transaction, which is subject to satisfactory completion of due
diligence currently underway. There can be no assurance that any
definitive agreement will be entered into, that any proposed
transaction will be approved by Bamboo or that any transaction will
be completed as a result of the execution of the letter of intent.
About ChinaTel Group, Inc.
ChinaTel, through its wholly-owned subsidiary Trussnet USA, Inc.,
currently provides telecommunications infrastructure engineering and
construction services in mainland China, with plans to expand into
select countries around the world. ChinaTel is a leading service
provider throughout Asia providing services to telecom companies in
China, Singapore, Taiwan, and Hong Kong. The management team has
provided architecture and engineering services for the wireless
telecommunications industry for more than 30 years and has been
involved in the design, construction and deployment of more than
20,000 wireless projects. For more information visit
www.chinatelgroup.com.
About Bamboo MediaCasting
Bamboo MediaCasting, Inc. (www.bamboomc.com) provides proprietary
solutions and support services for mobile content delivery and is
the leading provider of scheduled, push delivery of subscription
content to mobile customers. With Bamboo MediaCasting¡¯s SilverStripe
solution, mobile phone carriers and service providers can generate
recurring revenues by providing automatic delivery of user-selected
rich-media content, while minimizing data cost and network
congestion. For consumers, Bamboo MediaCasting automatically
delivers video and audio content that subscribers want with maximum
convenience and crystal-clear quality. The company, incorporated in
Delaware, is privately held and has a research & development
facility in Israel.
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