Koala Goes Shopping

Koala International Wireless completes letter of intent to acquire IP Band Networks and Digiplates Software from DJ Union LLC

October 13, 2003

2 Min Read

POMPANO BEACH, Fla. -- Koala International Wireless, Inc. (OTCBB:KIWI), a developer and integrator of web-based, wireless network applications and wireless device technology, announced today that it has signed a Letter of Intent to acquire 100 percent of DJ Union subsidiaries Digiplates Software, (www.digiplates.com) and IP Band Networks (www.ipband.com) both of Hollywood, California, in a voluntary share exchange for three million five hundred thousand shares of common stock issued by Koala. Mr. Toby Morning, CEO and Founder of both IP Band and Digiplates, has been offered a position on the Board of Directors of Koala and a Senior Officer position in Koala as part of the Letter of Intent. The acquisition is subject to board approval by each company's Board of Directors.

Harold Fischer, CEO of Koala stated, "The acquisition of these two companies firmly establishes a foundation for the IMVNO strategy of Koala. The acquired companies and their subsidiaries offer a myriad of know-how and a proven revenue and business base from which to grow more effectively."

Toby Morning, CEO and Founder of Digiplates and IP Band stated, "The management skills, technology access, device expertise and structure of Koala significantly enhance the potential growth of Digiplates, IP Band and KIWI. Our collective company is an exceptional match."

Koala is developing an International Mobile Virtual Network Operator (IMVNO) platform to allow the delivery of voice, data and Short Messaging over multiple networks. Concurrent with the IMVNO development, Koala is pursuing the development of applicable devices to serve the network subscribers. The IMVNO strategy will enable subscribers to access the Internet, play and store MP3, utilize existing applications including calendaring, contact management systems, email and Short Messaging and additional functionality, some not currently available in the marketplace.

Koala International Wireless Inc.

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