Polar Wireless Corp.
OTC Bulletin Board : BCDI

Polar Wireless Corp.

January 05, 2011 09:20 ET

Polar Wireless Corp. to Acquire Patent-Pending Technology that Eliminates Mobile Roaming Fees Worldwide

True Carrier Quality, Not WiFi or Data

TORONTO, ONTARIO--(Marketwire - Jan. 5, 2011) -

Editors Note: There is a photo associated with this Press Release.

Polar Wireless Corp. (OTCBB:BCDI) (the "Company") announced today that it has entered into a definitive agreement to acquire all of the outstanding common shares of 2230354 Ontario Inc. ("2230354"). 2230354 is a privately-held Ontario, Canada company that has developed a proprietary solution that eliminates global roaming fees for all GSM mobile handsets for Voice, Data and SMS.

2230354's patent-pending solution will eliminate roaming fees that mobile GSM users incur while traveling outside of their home markets. With the advent of smart phones, demand for mobile usage is soaring yet the current high cost of mobile roaming creates a barrier to usage. Roaming rates currently account for approximately 2% of carrier revenue with an average 80% margin, representing a global market in excess of US$20 billion. Upon completion of the acquisition, it is estimated that the new service will provide savings of 60% to 80% and more over normal roaming fees.

2230354's solution requires an easy, one-time insertion of a micro thin wafer SIM (the "Global Key") between the carrier SIM and the handset. The Global Key is invisible while the user is in the home market and only activates when the user travels outside the home network. While outside the home network, the Global Key activates, allowing friends, family and associates to call the home number which will ring customers wherever they are in the world. Additionally, the traveling customer can seamlessly make and receive calls in every country without paying his or her mobile operator back home. In effect, every use of the customer's mobile device outside the home network becomes local.

2230354's solution is simple and easy to use - no new handset, no new telephone number, no contracts and no pre-dial numbers. Users simply make and receive calls on their existing GSM handset with the Global Key inserted.

Management of Polar Wireless believes that 2230354's solution is the only solution in the market today that can eliminate roaming fees while not requiring the user to use WiFi or data-enabled calls like Skype, Truphone or Google Talk. Additionally, the solution is the only solution that allows traveling customers to maintain their home number and handset with cell phone tower connectivity worldwide.

Polar Wireless's previously announced the acquisition of certain intellectual property from 2230354 in consideration for the issuance of 5,000,000 shares of common stock. The proposed amalgamation transaction (which will result in Polar Wireless acquiring all of 2230354's intellectual property) will supersede such transaction.

Until the earlier of completion of the transaction of the definitive agreement, 2230354 has agreed to exclusively license to Polar Wireless its intellectual property on a royalty-free, worldwide basis.

Completion of the transaction is conditional upon satisfactory completion of audited financial statements of 2230354. The transaction will be closed under the terms disclosed in the company's 8K filing today.

About Polar Wireless Corp.

The Company is a mobile virtual network operator (MVNO) that works in conjunction with your current provider. The Company intends to eliminate roaming charges while offering competitive calling card rates to its subscribers.

Safe Harbor Statement

Except for statements of historical fact contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may involve a number of risks and uncertainties. Forward-looking statements are based on information available to the Company's management as of the date hereof, and they involve judgments and estimates. There can be no assurance that the transaction with 2230354 as contemplated will be completed, if at all. The transaction is subject to certain closing conditions which may be outside of the control of the Company. Forward-looking statements include expressions such as "believe," "anticipate," "expect," "estimate," "intend," "may," "plan," "predict," "will," and similar terms and expressions and include but are not limited to, the ability of the Company to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of the Company to operate as a public company, the period of time during which its current liquidity will enable the Company to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of the operating results and financial condition of the Company, the ability to attract and retain qualified senior management personnel and research and development staff of the Company, and other risks and uncertainties disclosed in the filings of the Company with the Securities and Exchange Commission.

To view the photo associated with this Press Release, please visit the following link: http://media3.marketwire.com/docs/POL800.jpg.

Contact Information

  • Polar Wireless Corp.
    G. Kelly O'Dea
    Chairman and Chief Executive Officer
    (561) 623-5303

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