SOURCE: VelaTel Global Communications Inc.

VelaTel Global Communications Inc.

April 03, 2012 11:01 ET

VelaTel Receives Legal Opinion for Sino Crossings

SAN DIEGO, CA--(Marketwire - Apr 3, 2012) - VelaTel Global Communications (OTCQB: VELA) (PINKSHEETS: VELA), a leader in deploying and operating wireless broadband and telecommunication networks worldwide, today announced that Azur Capital (NBD) SDN BHD, VelaTel's joint venture partner in its Sino Crossings project to light up and monetize 34,000 km of fiber optic cable in the Peoples' Republic of China, has obtained the legal opinion ZTE Corporation requires to conclude its due diligence to approve equipment financing for the Sino Crossings project. The legal opinion is under review by ZTE. VelaTel has completed engineering required to identify the scope and specifications of equipment needed, and expects to conclude a contract with ZTE as soon as financing approval is obtained. VelaTel will utilize the fiber network to provide national transport for its wireless broadband access networks in China, including its exclusive services agreements with New Generation Special Network Communication Technology Company (NGSN) and Aerostrong Limited, a subsidiary of China Aerospace Science and Technology Group.

About VelaTel Global Communications, Inc.
VelaTel acquires spectrum assets through acquisition or joint venture relationships, and provides capital, engineering, architectural and construction services related to the build-out of wireless broadband telecommunications networks, which it then operates by offering services attractive to residential, enterprise and government subscribers. VelaTel currently focuses on emerging markets where internet penetration rate is low relative to the capacity of incumbent operators to provide comparable cutting edge services, and/or where the entry cost to acquire spectrum is low relative to projected subscribers. VelaTel currently has project operations in People's Republic of China and Peru. Additional target markets include countries in Latin America, the Caribbean, Southeast Asia and Eastern Europe. VelaTel's administrative headquarters are in San Diego, California. For more information, please visit www.velatel.com.

Safe Harbor
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results, events and performances could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results, expressed or implied, to differ materially from expected results. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making an investment decision.

Contact Information

  • VelaTel Contacts for Retail Investors:

    Tim Matula
    Investor Relations
    (Toll Free) 1-877-260-9170
    Email Contact