Net One amalgamated with Algonet Telecommunications A.E. in April, 2008 and just recently announced that a further merger with On Telecom in Greece is pending, subject to final negotiations.

"We are, as a Company, very excited about this agreement with Net One and its use of our network in Greece. Our 4G WiMAX network represents what the Company believes is a new standard in broadband Internet access in its coverage areas and we are confident that users will enjoy the nomadic, fixed and ultimately mobile broadband Internet experience that they will get through our Network. This agreement with Net One is evidence of the demand for such wireless broadband access in the Greek market" said J. Drew Craig, Co-Chief Executive Officer of the Company.

WiMAX-enabled technology is designed to provide fast, simple and reliable broadband connections, both portable and mobile, to users anytime and anywhere within a specific coverage area. As a standards-based technology for broadband wireless equipment, WiMAX is expected to bring economies of scale to broadband wireless access equipment, delivering lower cost and higher performance than that achieved historically by proprietary approaches not based on open standards.

The Company's WiMAX Network in Greece consists two network operations centers ("NOCs") connecting base stations in the Athens and Thessaloniki regions of Greece, and together cover approximately 25% of the Greek population. The Network enables the Company to deliver fixed and nomadic wireless Internet broadband access to consumers, businesses and government departments and presents the Company with opportunities to wholesale excess capacity on the Network in the coverage area.

By Robert Hoskins

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