Majority of TNW Wireless debt converted to shares in UnitedCorp
MIAMI, March 25, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE–Following the March 22, 2019 announcement by Miami-based United American Corp (“UnitedCorp”)(OTC: UAMA) of the finalization of its acquisition of TNW Wireless Inc. (“TNW Wireless”) from Investel Capital Corp (Canada) (“Investel”), UnitedCorp announced today that the majority of TNW Wireless’ debt assumed as part of the transaction will be converted into equity in UnitedCorp.
The transaction will convert a CD $2.1 million promissory note held by RuralCom Capital Corporation (“RCAP”), plus accrued interest into common shares of UnitedCorp at a conversion rate of US 0.15 per share for a total issuance to RCAP of 11,500,000 shares.
Kyle Stevenson, President of RuralCom Capital Corporation, stated, “The conversion of our promissory note is a reflection of the high level of confidence we have in TNW Wireless and UnitedCorp, the accomplishments of their management in the past 2 years and the go forward plan for TNW Wireless. We also feel very positive about the overall future of its parent company, United American Corp, and so we believe this is a good transaction for RuralCom Capital Corp’s shareholders.”
The remaining $400,000 promissory note is held by a private Canadian equity firm and is due in December 2019.
The acquisition is subject to final regulatory approval and all necessary submissions have already been undertaken.
About United American Corp
Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications and information technologies. The company currently holds the rights to manage a portfolio of patents and proprietary technology in telecommunications, social media and Blockchain technology, and owns and operates the BlockchainDomes which are designed to provide heat for agricultural operations using computer equipment in naturally cooled data centers where efficiency and low-cost operations are a priority.
About TNW Wireless Inc.
TNW Wireless is a licensed wireless operator for wholesale and retail services in Canada and a wholly-owned subsidiary of United American Corp pending the acquisition by UnitedCorp. The company currently holds 25MHz bandwidth tier-2 850 MHz licences and is a registered wireless carrier. It is licensed to provide communication services to the Northwest region of Canada and can provide global communication services through its proprietary iPCS Smartphone-over-IP technology.
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company’s actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company’s control. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management’s expectations or opinions change.
United American Corp
Director, Investor Relations