Jon Daring Group, Inc.

March 09, 2005 09:00 ET

Jon Daring Group, Inc. to Acquire Indonesian Cellular Tower Company


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: JON DARING GROUP, INC.

PINK SHEETS SYMBOL: JNDR

MARCH 9, 2005 - 09:00 ET

Jon Daring Group, Inc. to Acquire Indonesian Cellular
Tower Company

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 8, 2005) - Jon Daring
Group, Inc. (PINK SHEETS:JNDR) ("the Company") announces that it has
entered into a Share Exchange Agreement to acquire 80% of the
outstanding shares of PT Huna Graha Sarana. ("Huna") in exchange for the
issuance 15 million treasury shares of the Company.

Huna has an exclusive agreement with PT Connectra Indonesia for the
purchase and installation of Tubular Towers and Monpoles for lease to
the data and telecom sectors in Indonesia. Huna will have the exclusive
right to use the tower design owned by Connectra b. v. of the
Netherlands, and has made appropriate agreements for the local
manufacture thereof, and for the marketing of the rental capacity to
telecom operators in Indonesia. The Company has been advised by Huna
that it has signed agreements concerning the installation of 600 towers
during the next year, and projects the completion of similar agreements
for the installation of up to 1,500 towers for each of the next five
years. Huna's President, Mr. Buyung Zulkifli, states that his company's
business model is built around the recovery of tower installation costs
after 2.5 years of each10 year lease (per tower) to telecom system
operators. Annual operator rentals are received in advance.

According to Huna, of the total Indonesian population of 250,000,000,
the country's 34 million cellular subscribers are expected to grow by
15% to 30% per year.

According to Company President Michael Kinley, the business combination
is expected to be completed by April 8, 2005 and is subject to the
Company's ongoing due diligence and the completion of adequate equity
and / or debt financing. The proposed transaction will require
shareholder approval to increase the authorized and unissued stock of
the Company's and to change the name of the Company to a name related to
the Company's business operations. Pursuant to the terms of the
agreement, Mr. Zulkifli will join the Company's Board of Directors.

Forward-Looking Statements:

The Private Securities Litigation Reform Act of 1995 provides a safe
harbor for forward-looking statements made on behalf of the Company and
its subsidiaries. All such forward-looking statements are, by necessity,
only estimates of future results and actual results achieved by the
Company may differ materially from these statements due to a number of
factors. Any forward-looking statements speak only as of the date made.
Statements made in this document that are not purely historical are
forward-looking statements, including any statements as to the above
potential acquisition, beliefs, plans, expectations, or intentions
regarding the future. Risk factors that may cause results to differ from
projections include, without limitation, inability to complete the
acquisition, loss of suppliers, loss of customers, inadequate capital,
competition, loss of key executives, declining prices, and other
economic factors. The Company assumes no obligations to update these
forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting such statements. You
should independently investigate and fully understand all risks before
making investment decisions.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Jon Daring Group, Inc.
    Michael Kinley
    (604) 434-5256