$500 Million Chinese Contract for Wireless Video Phones and Networks

$500 Million Chinese Contract for Wireless Video Phones and Networks

Calypso Wireless announced it has signed a 3-year, $500 million contract with China Telecom, a world class telecom carrier, for the delivery of Calypso's cellular broadband video phones.

Inset is the Calypso 1250i Video Phone.

These phones will incorporate Calypso's proprietary ASNAPTM technology, which operates on either the wide area network (WAN) using existing GSM/GPRS or CDMA networks or the wireless local area networks (WLAN) such as WiFi. The phones will have the ability to deliver two-way broadband video conferencing when connected to a WiFi access point. Calypso Wireless, Inc. is currently pursuing additional contracts with major global carriers as it completes its first phase of testing of its switching system. Xavier Sarria, Vice President of Sales of Calypso Wireless, Inc. stated: "We are aggressively pursing new contracts in order to be able to launch our proprietary technology in several markets at once."

Calypso Wireless, Inc. (CLYW) is an innovator in bringing broadband functionally to wireless mobile devices (cellular phones and laptops). Its technology allows for seamless roaming between networks allowing the acceleration of the deployment of high bandwidth mobile handsets, PDAs and laptops.

The Company is in the process of bringing its filings current with the Securities and Exchange Commission. Consolidated financial statements for Calypso Wireless, Inc. and it's wholly-owned subsidiary, American Telecom Industries ATEL, S.A., (both private entities prior to the merger) will be completed and filed with the SEC by the end of February 2003.

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