SOURCE: AIT Wireless Inc

October 12, 2005 11:15 ET

AIT Wireless Aligns Name to Strategy

LAKELAND, FL -- (MARKET WIRE) -- October 12, 2005 -- "AIT Wireless, Inc." (OTC: ATWL) has announced the name change from AIT Wireless, Inc. to Petroleum Communication Holdings, Inc.

Six months ago the company announced its intent to diversify from an exclusive telecom infrastructure supplier into the petroleum industry. The Company has recently acquired major oil and gas properties in the United States and Eastern Europe.

"The name change is a further reflection of our commitment to this diversified business strategy," commented Ernest Phillips, President Petroleum Communication Holdings, Inc.

Some of the world's most significant oil, gas and mineral reserves are in countries with the poorest telecommunication infrastructures. The government and business sector of these countries are leveraging their natural resources to help build basic infrastructure. They are looking for technology partners who understand both sides of the equation in exchange for joint venture arrangements that can add value to the immediate community and nation as a whole. This paradigm of partnership efficiently generates the development of natural resources and hard currency that pays for the deployment and maintenance of advanced technologies such as telecommunications.

According to recent government statistics, independently confirmed by USA Today and CNN, most of the world is surprisingly disenfranchised to basic telecommunications that we take for granted. The idea of calling mom, placing an order for parts or services or making an international phone call to establish import and export of goods and services is beyond the reach of most individuals, let alone small and medium-scale businesses in the world. Despite the tens of billions of dollars that comprises transactions on the Internet alone, more than 85% of the world is not connected and 90% don't have access to cell phones.

"Most encouraging to our dual strategy is that the oil rich nations of Africa and Eastern Europe have some of the poorest telecommunications infrastructures, yet vast riches in natural resources. We have already begun to demonstrate how to successfully leverage both sides of the business to complement the other," added Phillips.

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company's plans, intentions and expectations. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Such statements are inherently subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from those expected or implied by the forward-looking statements. These factors include general economic and business conditions nationally, internationally and in the regions and countries in which we operate; demographic changes; technology changes; increased competition; changes in business strategy or development plans; our high leverage and our ability to access capital markets; our ability to attract and retain qualified personnel; existing governmental regulations. Given these factors, investor and analysts should not place undue reliance on forward-looking statements.

Contact Information

  • Petroleum Communication Holdings, Inc. [Formerly AIT Wireless, Inc.]
    Ernest Phillips