Shannon Targets Fixed Wireless

Shannon International Resources plans to enter broadband wireless services industry, reaches Agreement In Principle to invest in $500,000 in Rainbow Broadband

August 4, 2004

1 Min Read

CALGARY, Alberta -- Shannon International Resources, Inc. (OTCBB:SHIR) announces plans to enter broadband wireless services industry and has reached Agreement In Principle to invest in Rainbow Broadband, Inc., New York-based company providing "Last Mile" Internet Connectivity to the media field.

Shannon International Resources, Inc. ("Shannon") and Rainbow Broadband Inc. ("Rainbow") today announced that they have reached Agreement In Principle for Shannon to invest up to $500,000 in cash and stock in Rainbow over the next six months. Shannon will initially hold a minority ownership position in Rainbow but will have an objective of acquiring at least a 51% position in Rainbow by year-end 2005.

Blair Coady, Chairman and CEO of Shannon, said, "Our investment in Rainbow is another very important step in our program to 'Find Value, Add Value' in the technology field." Rainbow will be Shannon's third investment in major information technology markets. Shannon already has important stakes in Logical Sequence, Inc. a leader in automotive dealer management software ("DMS") systems and in Helical Systems, Inc., developer of the Helical Software Platform for Very Large Data Base management for advanced technology applications. Coady added, "We see broadband wireless as a major new field, with some exceptionally favorable market opportunities in the service sector!" He noted that an Intel spokesman recently stated, "The next ten years will be defined by broadband wireless. The opportunity looks like the Internet in 1994!"

Shannon International Resources Inc.

Rainbow Broadband Inc.

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