GRAND RAPIDS, Mich., March 23 /PRNewswire/ -- BestNet Communications Corp.
(OTC Bulletin Board: BESC) announced today that it has entered into a non-
binding letter of intent to acquire JDA Medical Technologies, Inc., a
privately held medical device company located in Clarksville, Maryland. JDA
holds an exclusive license from a prominent University to develop and use a
new technology, still in the process of development, for the treatment of
cancer.
The terms of the transaction are still under negotiation, but BESC
contemplates issuing a substantial amount of its common stock for this
acquisition. Although the terms of the deal have not been settled, BESC has
made a firm commitment to advance $350,000 to JDA to finance continued product
development activities. The advance will be convertible into a minority
interest in JDA if the business combination transaction is not consummated
with a six-month period.
As with the development of any new medical technology, there is a
significant risk that substantial amounts of money will be required in the
future and there is always the risk that development efforts will not result
in a commercially successful product.
The $350,000 advance will be made out of BESC's current funds. When
finalized, the acquisition is expected to require additional funding in excess
of $3,000,000, which BESC contemplates acquiring from investors, although
there are as yet no firm agreements for that financing.
About BestNet Communications Corp.
BestNet Communications is a global solutions provider of long distance;
conference calling, ClicktoPhone and custom application-based communication
services. BestNet's services are accessed worldwide via the Internet,
standard phones and wireless devices and are delivered using standard phone
lines and equipment. This results in a cost effective high quality service
for both businesses and consumers.
Under the brand name Bestnetcall(TM) (http://WWW.BESTNETCALL.COM) the patented
services offer subscribers premium quality calls and conference calling, at
significantly lower rates. Calls and conference calls can also be launched
via a desktop application or handheld devices including Palm(TM), Pocket PC(R)
and Blackberry(TM) and used with any standard or wireless phone. In addition
the company's new ClicktoPhone(TM) service (http://WWW.CLICKTOPHONE.COM) enables
clients to add secure and anonymous voice communication connectivity anywhere
in the world to web sites, web banners, pictures, electronic documents, and
customized e-mail calling buttons.
Contact BestNet at: investors@bestnetcom.com
This release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the "safe harbor" created thereby. These statements
include the plans and objectives of management for future operations,
including plans and objectives. The forward-looking statements herein are
based on current expectations that involve judgments with respect to, among
other things, future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond control of the company. Although the
company believes that the assumptions underlying the forward-looking
statements are reasonable, any one of the assumptions could be inaccurate and,
therefore, can be no assurance that the forward-looking statements included in
this release will prove to be accurate.
SOURCE BestNet Communications Corp.
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Related links:
http://WWW.CLICKTOPHONE.COM
CONTACT:
BestNet, +1-616-977-9933,
investors@bestnetcom.com
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