5BARZ INTERNATIONAL, INC. (OTCBB: BARZ) (the “Company”) president Mr. Daniel Bland is pleased to announce the acquisition of the master global marketing and distribution rights for 5Barz products, as well as a 50% interest in the intellectual property developed by CelLynx Group Inc. The 5Barz technology is the first one-step plug and play cellular network extender in the industry. The 5Barz product line combines high-performance hardware with extensive software development, integrating complex algorithms and intuitive interfaces resulting in a consumer friendly product which amplifies a cell signal as soon as you turn on the device.
The consideration paid for the assignment of the assets is comprised of a note payable in the amount of $370,000 USD to Dollardex Group Corp. In addition, 5Barz will issue 15,600,000 shares of the common stock of 5Barz International, Inc. to Dollardex Group Corp., representing 17.8% of the issued and outstanding common stock of the Company. The agreements provide for the acquisition of the intellectual property for $1.5 million USD payable in a series of payments to be completed by February 28, 2011. In addition the Company is making a revolving line of credit in the amount of $2.5 million USD available to CelLynx to be fully funded if required by March 31, 2011, which is secured by the balance of the intellectual property.
About 5Barz International, Inc. 5Barz International, Inc. has entered into an exclusive, international, marketing and distribution agreement with CelLynx Group Inc, a winner of the International CES Innovations 2010 Design and Engineering Awards for its new, patent pending 5Barz cellular network extenders. 5Barz International, Inc. acquired a 50% interest in that technology and aspires to service an international marketplace of some 4.8 billion mobile phone users. Built on breakthrough technology, 5Barz technology delivers faster data service and clearer phone calls in zones with even the weakest signals. Unlike competing technologies, the patent-pending 5Barz(TM) technology does not require any installation, outside antennas or cables. It capitalizes on widespread customer dissatisfaction with indoor and vehicular cell phone coverage, and on the phenomenal worldwide growth of voice, data and video applications on cellular networks. 5Barz International, Inc. will focus on the sales and marketing of the 5Barz products incorporating this cellular network extender technology globally once the Company has completed the acquisition of those assets referred to herein.
This news release includes forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company’s progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. Whereas management believes such representations to be true and accurate based on information available to the company at this time, actual results may differ materially from those described. The Company’s operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ include without limitation: the Company’s limited operational history; ability to raise capital; market acceptance of the Company’s products; dependence on key personnel, suppliers, manufacturers and other key vendors or partners; continued enforceability of patent and trademark rights; and competition.
These risk factors are set forth in the Company’s Form 8-K filed with the U.S. Securities and Exchange Commission in conjunction with this news release and may be covered in subsequent filings with the SEC. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as of the date of this press release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information or circumstances.
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SOURCE: 5Barz International, Inc.