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Exhibit 20.02
Monday May 22, 9:51 am Eastern Time
Company Press Release
SOURCE: PPI Capital Group, Inc.
PPI Capital Group, Inc. Announces Letter of Intent to Acquire Utilicom Inc.,
Doing Business as UC Wireless
DENVER, May 22 /PRNewswire/ -- PPI Capital Group, Inc. (OTC Bulletin Board:
PPIK - news) today announced the signing of a letter of intent to acquire 100%
of the outstanding common stock of Utilicom Inc. (doing business as UC
Wireless) for newly-issued stock in PPI Capital.
UC Wireless, based in Santa Barbara, CA, is a wireless communications company
that designs, manufactures, and markets broadband wireless Internet access and
data transmission network communications products. The company's proprietary
VINE(TM) [Versatile Intelligent Network Environment] broadband Internet access
products provide T1 access to small and medium businesses over distances up to
15 miles. Because of the proprietary control of the RF medium and the use of
multiple, functionally partitioned antennas, VINE networks can be installed a
node-at-a-time, unlike cell-based networks that require a costly up front
investment for infrastructure.
UC Wireless's core competency is in direct sequence spread spectrum
communications, and its existing data communication products operate in the
900 MHz, 2.4 GHz and 5.8 GHz (soon) license-exempt ISM and U-NII frequency
bands. VINE broadband Internet access products initially operate in the
license-exempt bands, but can be readily adapted to licensed bands, such as
the 2.5 GHz Multi-channel Multi-point Distribution System [MMDS] band.
If this transaction is consummated, there will be approximately 200 million
shares of common stock outstanding, and UC Wireless will become a wholly-owned
subsidiary of PPI Capital. The parties have agreed to use their best efforts
to close no later than June 30, 2000.
As soon as possible after the closing, the Company intends to call a
shareholders meeting for the purpose of seeking shareholder approval of a one
for ten (1 for 10) reverse stock split and a change of the Company's name to
UC Wireless.
The closing of this transaction is subject to the execution of a definitive
agreement which will contain various representations and warranties of each
party and which will be subject to the approval of the directors of each
company.
CONTACT: Mark Scharmann, President of PPI Capital Group, Inc., 801-399-3632.
SOURCE: PPI Capital Group, Inc.
