SOURCE: Unilava Corporation

Unilava Corporation

July 12, 2010 09:00 ET

Unilava Provides Update on Acquisition of China Dragon Telecom

SAN FRANCISCO, CA--(Marketwire - July 12, 2010) -  Unilava Corporation ("Unilava") (OTCBB: UNLA), a provider of diverse communication products and services across multiple devices and software platforms, provides an update on its recent announcement regarding the execution of a Memorandum of Understanding (MOU) to acquire 80% interest in China Dragon Telecom (CDT), a global telecommunication provider in China.

As part of the due diligence process, CDT has retained Deloitte Touche LLP ("Deloitte") as its independent auditor to provide audited financial statements for CDT's 2008 and 2009 fiscal years. The financials will be in accordance with U.S. GAAP standards.

"We are pleased that CDT has retained one of the world's top accounting firms to perform the audit on their financials. This is a necessary component to the due diligence process and we are confident that we will be able to execute definitive agreements once the audit is complete," commented Baldwin Yung, President and CEO of Unilava.

China Dragon Telecom is a comprehensive global telecommunication provider, offering data communications, mobile internet, voice, value-added and call center services through its backbone transmission and WiMax network in China's key cities, such as Beijing, Guangzhou and Shanghai. The company has existing long-term strategic relationships with major telecommunication companies, including China Telecom, China Netcom and China Motion.

About Unilava Corporation

Unilava Corporation and its subsidiary brands provide a variety of communications services, products, and equipment that address the needs of small to enterprise businesses and consumers. The company is licensed to provide long distance services in 41 States and local phone services in 11 States. Through its carrier-grade microwave wireless broadband infrastructure and broadband Internet access partners, the company offers mobile and high-definition IP-hosted voice services to residential, small and medium enterprises. The company delivers small business a comprehensive and integrated suite of fee-based online and mobile advertising and web services. Headquartered in San Francisco, the company has regional offices in Chicago, Seoul, Hong Kong, and Beijing. 

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This News Release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.

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