SOURCE: MediaG3, Inc.

September 14, 2009 08:30 ET

MediaG3 to Focus on Wimax Services Platform and Withdraws an Intent of Selling Certain Assets

SANTA CLARA, CA--(Marketwire - September 14, 2009) - MediaG3, Inc. (PINKSHEETS: MDGC), a leading developer of broadband wireless products and services, announced today that it has terminated its asset sales discussions with ZipGlobal Holdings, Inc., effective immediately. The letter of intent disclosed in May regarding the same subject has been mutually terminated.

"We plan to continue to explore business opportunities with the ZipGlobal leadership and hope to work with ZIPGlobal to develop a strategic partnership in the future," said Joseph L. Anzalone, President and COO of MediaG3, Inc.

"In the wake of our successful merger and acquisition of Imperial Wireless, we feel that we must focus all our resources on our plans for successful integration and execution, and our broadband wireless assets will be an important element in our planned roll-out and launch of the Imperial Wireless WIMAX service platform in the United States. We expect substantial broadband demand in the smaller cities and towns in the rural areas. We expect to be a leading service provider to serve these high growth markets," added Mr. Anzalone.

About MediaG3, Inc.

MediaG3, Inc. develops and markets broadband wireless technology products for today's fixed and mobile customers. MediaG3 is developing its integrated business and product lines to offer the best solutions for broadband wireless infrastructures. MediaG3 is based in Santa Clara, California, with an office in Shenzhen, China. For more information on the company, please visit www.mediag3.com. From MediaG3, Imperial Wireless, LLC. is an internet access and internet service provider; offering fixed and mobile wireless broadband, internet phone, and WiMax services in 19 states and over 500 cities in the U.S. market, with plans to expand into all 50 states by the end of 2010. For more information, visit www.imperialwimax.com

Safe Harbor: The Private Securities Litigation Reform Act of 1995 (the "Reform Act") provides a safe harbor for forward-looking statements made by us or on our behalf. We and our representatives may from time to time make written or oral statements that are "forward-looking," including statements contained in this news release, in filings with the Securities and Exchange Commission, in reports to our stockholders and in other news releases. All statements that express expectations, estimates, forecasts or projections are forward-looking statements within the meaning of the Act. In addition, other written or oral statements which constitute forward-looking statements may be made by us or on our behalf. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "may," "should," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors on which such statements are based are:·(i) assumptions concerning uncertainties associated with product development; (ii) the risk that we will not obtain approval to market our products; (iii) the risk that our products will not gain market acceptance; ·(iv) our ability to obtain additional financing; (v) our ability to attract and retain key employees; (vi) our ability to protect intellectual property; and (vii) our ability to adapt to economic, political and regulatory conditions affecting our industry.

Contact Information

  • Investor Relations Contact:
    Daniel Baldridge
    President of Gibraltan Financial
    (407) 830-9777