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OneFi Technology to Partner with Leading Saudi Arabian Company for Market Development of IPTV Distribution

^{Published on 2010-08-11 05:15:43 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--OneFi Technology, Inc. (Pink Sheets: ONFI) announces that they have signed an agreement to bring their advanced technologies to the Kingdom of Saudi Arabia. OneFi and Al Somiei and Shathry Company of Riyadh, Saudi Arabia have agreed to offer OneFia™s IPTV (internet protocol television) and BPL (broadband over power lines) technologies to selected principals within the Saudi Arabian Kingdom. The size of the Saudi Arabian market is estimated to be five million homes as well as business locations in excess of one million potential customers. The Kingdom currently has no cable television networks.

"We are excited to be able to help our society and our citizens have access to such splendid technology. We are confident that we will be successful and partnership with OneFi Technology will be beneficial to all."

Chet Noblett, President of OneFi Technology, stated: aOur engineering team was very pleased with the opportunity which Al Somiei and Shathry Company has brought to us. The size of the market and the fact they are so underserved in technology make this a wonderful opportunity for the growth of OneFi Technology, Inc. We have spent extensive time on-site analysis while inside Saudi Arabia, as well as, analyzing the most effective way to deploy our solutions and we are confident this venture can be a huge success.a

Mr. Somiei, President of Al Somiei and Shathry Company, stated: aWe are excited to be able to help our society and our citizens have access to such splendid technology. We are confident that we will be successful and partnership with OneFi Technology will be beneficial to all.a

About OneFi Technology, Inc.

OneFi Technology, Inc. is an IPTV solutions provider and company which develops broadband networks that are capable of 4G compatibility. OneFi Technologya™s focus is on rural communities and developing countries which lack infrastructure. Both WiMax and LDE are wireless technologies for the delivery of broadband internet signal that allows for VoIP, IPTV and general internet use.

For additional information, go to the website: [ www.onefitechnology.com ]

This press release contains certain "forward-looking statements" within the meaning of federal securities laws including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions. Although the Company believes that the statements were reasonable when made, these forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.