SOURCE: Recab International, Inc.

July 10, 2006 10:30 ET

Recab International Previews 2nd Quarter Results

FT. LAUDERDALE, FL -- (MARKET WIRE) -- July 10, 2006 -- Recab International, Inc. (PINKSHEETS: RCAB) (the "Company") today announced that the Company will report its financial results for the quarter ended June 30, 2006 on July 22, 2006. In advance of the full financial statements, the Company announced that Revenues for the quarter exceed $4.2 million USD, with Earnings of approximately $440,000 USD. This brings the Company's results for the first six months of this year to more than $9,000,000 USD of Revenues and in excess of $1,000,000 USD of Earnings.

"We are pleased that Recab has continued to demonstrate its operational success," noted David Carruthers, Chief Operating Officer. "Our executive team in Saudi Arabia continues to advance the Company's growth agenda. It is important to note that the fourth quarter period tends to be the busiest time for the Company, so full year 2006 financial results should be even more promising. Furthermore, these results do not include any revenues from the Company's recently announced contract for the Replacement of Water Network Project in Riyadh (announced on May 30, 2006)."

The Company also announced its intention to once again become a "Reporting Company" and return to the OTC Bulletin Board. Recab intends to file a Form 10 and apply for listing on the OTC Bulletin Board before the end of the fourth quarter of this calendar year.

"We endeavor to provide our shareholders with timely and valuable information on the state of Recab's operations," noted Carruthers. "Our overall business strategy includes full disclosure of our financial and operational status as often as it is available. We strongly believe that proper disclosure to our shareholders is as important as our operational results. As such, the Company intends to return to a status of a 'Reporting Company' as soon as practical."

ABOUT RECAB INTERNATIONAL, INC.

Recab International, Inc., f/k/a Reality Wireless Networks, Inc., a Nevada corporation, is the United States-based parent corporation of Arabian Recab. The 25-year-old Saudi Arabian-based company focuses primarily on the transportation, building materials supply and public works industries. Arabian Recab recently merged with Recab International, Inc., in order to expand and strengthen its investment opportunities within the United States.

This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) managing acquisitions and expansion of operations; (2) our ability to manage existing debt; (3) the risks inherent in the investigation, involvement and acquisition of a new business opportunity; (4) unforeseen costs and expenses; (5) potential litigation with our shareholders and/or former or current investors; (6) the Company's ability to comply with federal, state and local government regulations as well as the laws and treaties of other sovereign nations; (7) the risks associated with foreign currency; and (8) other factors over which we have little or no control.

Contact Information

  • Contact:
    Recab International, Inc.
    1314 E Las Olas Blvd #222
    Fort Lauderdale, FL 33301
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