DENVER, Sept. 7, 2010 (GLOBE NEWSWIRE) -- China Wi-Max Communications, Inc. ("China Wi-MAX") (OTCBB:CHWM) announces the signing of a letter of intent (LOI) to acquire a majority interest in a regional Chinese basic telecom partner. This operator, with $3M USD revenue, has significant growth potential within its region and throughout China. China Wi-Max anticipates beginning due diligence this month toward a definitive agreement that will utilize up to $1.8M, of the $10M Reserve Equity Financing Agreement with AGS Capital Group (AGS), to significantly expand operations in China.
Steven Berman, President and CEO of China Wi-MAX, noted, "This example of the intended use of the AGS funding is consistent with our fundamental investment objective of creating shareholder value through our business plan which includes Internet access, backhaul services, and value added services. We believe we have a first mover advantage in China, where the Internet market is now the largest in the world with the greatest growth potential."
About China Wi-MAX Communications, Inc.: (OTCBB:CHWM) is a multinational telecommunications and internet service company with plans to operate in ten cities in China which have rapidly expanding broadband communications needs by providing IP Transport, internet access, and value added internet services in China. The Company has acquired fiber assets in Beijing and Hangzhou, as well as option agreements to purchase fiber in Shanghai and has acquired licenses for 5.8 GHz wireless frequency in Beijing, Shanghai and Hangzhou. China Wi-MAX is headquartered in Denver, Colorado. It is an Over the Counter Bulletin Board Company which is dually reported on the OTCBB and OTCQB.
Safe Harbor Statement: This press release contains 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 which include among other things, product demand and market competition. Independent investigation with a full understanding if all risks before an investment decision is warranted.