SkyBridge Wireless Inc. secures equity commitment from Globalvest Partners LLC for funding up to $4.5 million

October 5, 2004

1 Min Read

LAS VEGAS -- SkyBridge Wireless Inc. (OTC BB: SBWL) announced today that it has signed a $4.5 million equity line with New York-based Globalvest Partners, LLC. This funding will allow SkyBridge to complete its build-out and marketing plan for the Las Vegas Valley. The funding will begin after SkyBridge files a registration statement that is declared effective by the SEC.

Currently SkyBridge is being funded through a $1 million convertible debenture offering, which investment bankers May Davis Group has set in place. SkyBridge has received over $400,000 from these debentures. These funds will keep SkyBridge moving forward until the registration statement is declared effective by the SEC and SkyBridge can start drawing on the $4.5 million from Globalvest.

James Wheeler, SkyBridge Wireless Inc. CEO, stated, "We are pleased to have a quality firm such as Globalvest as a funding source. This will allow SkyBridge to have enough resources to complete its build-out of the Las Vegas Valley and give us the ability to cover over 95% of the Las Vegas Valley with Fixed Wireless High Speed Broadband which is currently needed by over 65,000 customers."

Owen May, chairman of the May Davis Group, stated, "We are excited about the opportunity to assist SkyBridge Wireless Inc. in positioning itself as the wireless broadband provider in the Las Vegas area. We are also pleased to find that one of our institutional clients (Globalvest) shares our optimism in SkyBridge Wireless' ability and likelihood to successfully implement its business plan."

SkyBridge Wireless Inc.

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