SOURCE: Unilava Corporation

Unilava Corporation

December 07, 2009 09:10 ET

Unilava Signs MOU to Acquire China Dragon Telecom

SAN FRANCISCO, CA--(Marketwire - December 7, 2009) - Unilava Corporation (Unilava) (OTCBB: UNLA), a provider of diverse communication products and services with a mission to enhance everyday communication practices for business and residential customers, announced today that the company has executed a Memorandum of Understanding (MOU) to acquire 80% interest in China Dragon Telecom (CDT). The transaction is expected to be paid in a combination of cash and stock. Completion of the transaction is subject to satisfactory due diligence and final approval by the Unilava Board of Directors and CDT executive members. The negotiation and execution of definitive agreements, regulatory approval and other customary conditions is expected to be completed in early 2010.

Headquartered in Hong Kong SAR, CDT is a comprehensive global telecommunication provider, offering data communications, mobile internet, voice, value-added and call center services through its backbone transmission and WiMax network in China's key cities, such as Beijing, Guangzhou and Shanghai. CDT has multiple licenses to operate telecommunication services including IPVPN, ISP, ICP, M-SMS, etc. The company has a proprietary cross-border cable from China to Hong Kong with 2.5G bandwidth with IPLG/IP-service, as well as independent IDC facility rooms in several major metropolitan cities in China (Shenzhen, Guangzhou, Shanghai and Dongguan). The company has existing long-term strategic relationships with major telecommunication companies, including China Telecom, China Netcom and China Motion.

"We are excited about the prospect of this acquisition, as it is aligned with Unilava's fundamental strategy of enhancing our global presence through acquisition so we can meet our business and residential customers' evolving telecommunication needs. The acquisition reflects Unilava's strong commitment in expanding its ability to offer comprehensive services to its customers on an international scale," commented Mr. Baldwin Yung, President and CEO of Unilava.

Mr. Kowkping Li, Chairman of CDT, commented, "We are delighted at the prospect of joining Unilava whose unparalleled infrastructure and market strategy in the US serves as a major stepping stone for us towards becoming part of a global team."

About Unilava Corporation

Unilava Corporation and its subsidiaries provide a variety of communications services, products, and equipment that address the needs of small to enterprise businesses and consumers. The company is licensed to provide long distance services in 41 States and local phone services in 11 States. Through its carrier-grade microwave wireless broadband infrastructure and broadband Internet access partners, the company offers mobile and high-definition IP-hosted voice services to residential, small and medium enterprises. The company delivers small businesses a comprehensive and integrated suite of fee-based online and mobile advertising and web services. Headquartered in San Francisco, the company has regional offices in Chicago, Seoul, Hong Kong, and Beijing.

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This News Release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.

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