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CinemaWorks to Acquire 51% of Master Distributor of World Leading Broadband over Powerline Solutions
CinemaWorks to Acquire 51% of Master Distributor of World Leading Broadband over Powerline Solutions.
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[{"type":"text","content":"\n\n\n\nCWK:TSX.V\n\n\nVANCOUVER, Jan. 4 /CNW/ - (TSX.V: CWK) Cinema Internet Networks Inc.\n(\"CinemaWorks\") has signed an agreement, subject to regulatory approval, to\nacquire 51% of 3One Systems US Inc. (\"3One Systems\") for US$500,000 cash and\n2,000,000 shares of the Company's common stock. 3One Systems is the U.S.\nMaster Distributor of 3One Network's commercial in-building Broadband over\nPowerline access systems (BPL Access Systems). 3One Networks' BPL technology\nhas won the Geneva International Invention Award and is currently in use by\nover 100,000 customers worldwide.\n\n\nHeadquartered in Seattle, WA, 3One Systems US has satellite offices in\neight states with local installation and support capabilities across the\nentire US through its reseller partner network. Also in place is a robust\noperations and logistics infrastructure including 24/7 call center support for\ncustomers and installers. With 3One Systems recent successful deployments of\n3One's next generation BPL Access Systems into numerous large high-rises in\nthe US, the company is poised for full scale penetration into the U.S. and\ninternational markets.\n\n\n\"This acquisition is a rare opportunity for CinemaWorks and its\nshareholders. We think that 3One has a world-leading viable, secure,\ncost-effective and technically sound commercial BPL solution. Nothing less is\nrequired to serve a huge emerging market that includes timeshares,\ncondominiums, apartments, hotels and other multi-unit structures,\" commented\nBill Massey, CEO of CinemaWorks.\n\n\nMassey continued, \"Successful commercial BPL deployment requires that\nthree crucial criteria be met: 1) seamless, fast and uncomplicated\ninstallation requiring very little assistance by a licensed electrician; 2)\nBPL modems with true broadband capability to deliver the triple play of VoIP,\nemail/browsing, and IPTV; and 3) very competitive cost for equipment within\nthe marketplace. 3One meets these criteria with flying colours.\"\n\n\nAaron Young, CEO of 3One Systems noted \"CinemaWorks is the ideal company\nto fulfill our public market strategy because of its longevity and current\npositioning within the broadband market. CinemaWorks brings experienced\npersonnel and access to capital markets, which is essential for 3One Systems\nto execute its rapid growth strategy.\"\n\n\nAbout 3One Systems US, ...