LOUISVILLE, Ky ., June 8 /PRNewswire-FirstCall/ -- U.S. Wireless Online,
Inc. (OTC: UWRL) (website: www.uswirelessonline.com), which owns and operates
one of the nation's largest commercial-grade fixed wireless Internet broadband
networks, today announced that the Company has appointed
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In 2005 U.S. Wireless Online completed nine acquisitions amassing a fixed wireless broadband network with multiple points of presence in Florida, Mississippi, Alabama, Louisiana, Tennessee, Arkansas, Kentucky, Pennsylvania, Ohio and Indiana. As a result of the number of transactions and the related challenges associated with consolidating and integrating the various businesses, On March 31, 2006 the Company announced that it will require additional time to complete the preparation and filing of its annual report on SEC Form 10KSB. Since that time, the Company has retained the services of various professionals and is working closely with its auditors and attorneys to complete and file its annual and first quarter reports. The Company intends to file these reports along with its quarterly report for the period ending 6/30/06 during the upcoming quarter. On March 31, 2006 , the Company also announced that it had begun the process of restructuring its internal operations which may result in the divestiture of certain business units and that it was pursuing additional financing and other strategic alternatives. Since that time, the Company has been working toward the orderly divestiture of markets in Louisiana, Tennessee and Ohio with the goal of retaining only markets in which the Company is the dominant wireless broadband service provider and is generating positive operating income. During this period the Company has been able to obtain sufficient funding to maintain operations and has entered into a non-binding Letter of Intent (announced on May 4, 2006 ) with a publicly traded voice and data communications service provider whereby the assets and operations of the Company may be sold. The Company is currently engaged in a mutual due diligence process with the potential acquirer.
About U.S. Wireless Online, Inc.
U.S. Wireless Online owns and operates one of the nation's largest wireless Internet broadband networks with a coverage area of approximately 3,000 square miles. The Company provides commercial wireless Internet access and related applications and services in the rapidly growing wireless broadband industry. U.S. Wireless Online is headquartered in Louisville, Kentucky. More information can be found at www.uswirelessonline.com.
This press release contains certain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Factors that could cause or contribute to such differences include, but are not limited to, market acceptance of products and technologies, competitive factors, the Company's ability to continue to secure sources of financing and other factors described in the Company's filings with Securities and Exchange Commission. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
For more information on U.S. Wireless Online, Inc. please visit the Company's
website at www.uswirelessonline.com or call (502) 213-3700.
SOURCE U.S. Wireless Online, Inc.


