VelaTel Has Reached Key Milestones With VN Tech's Hydrogen Back Up Power Devices
(Marketwire Via Acquire Media NewsEdge) SAN DIEGO, CA -- (Marketwire) -- 04/26/12 --
VelaTel Global Communications (OTCQB: VELA) (PINKSHEETS: VELA), www.velatel.com, a leader in deploying and operating wireless broadband and telecommunication networks worldwide, is pleased to announce several key milestones related to VN Technologies (VN Tech), its hydrogen fuel cell green energy division in China. China's Ministry of Industry and Information Technology has granted approval of VN Tech's hydrogen fuel cells for use in telecommunications base transceiver stations (BTS).
As of March 2012, both China Mobile and China Telecom began third-party trial testing with VN Tech's hydrogen fuel cells paired with their BTS on several test sites to determine functionality and dependability of the devices to provide back up power under extreme climate conditions. The test hydrogen fuel cells have been successfully installed and have passed a variety of test criteria so far, including durability, longevity, and reliability tests. Everything is on track for completion of the trials by June 2012 in accordance with VelaTel's previously announced projected timeline. These test trials are significant, as they will pave the way for future sales of hydrogen fuel cell systems to Chinese telecommunications carriers, including VelaTel's own joint venture projects. Proving the model in China is expected to lead to sales to other telecommunications carriers worldwide.
George Alvarez, CEO of VelaTel, said, "We strongly believe the market for hydrogen fuel cells is a multi-million dollar proposition. For example, in China alone there are estimated to be more than 1 million BTS requiring back up power, with over 100,000 additional BTS projected to come on line each year. By leveraging VelaTel's relationships and networks, we expect that VN Tech will capture a significant share of this enormous market. Accordingly, increasing our stake in VN Tech from 51% to 75% was a no-brainer, and enables us to consolidate more revenue on VelaTel's books."
CO-Founder of ZTE and Chairman of VN Tech, Luo Hongye, added, "During my days at ZTE it had become apparent that green energy was one of the next big opportunities for growing revenue and cutting costs. This was the reason I started VN Tech, and why we're so excited about delivering our fuel cell systems to the entire telecommunications industry."
Additional updates will be released when the trial tests are completed, at which time marketing materials and videos will be available on VelaTel's website.
About VelaTel Global Communications, Inc.VelaTel acquires spectrum assets through acquisition or joint venture relationships, and provides capital, engineering, architectural and construction services related to the build-out of wireless broadband telecommunications networks, which it then operates by offering services attractive to residential, enterprise and government subscribers. VelaTel currently focuses on emerging markets where internet penetration rate is low relative to the capacity of incumbent operators to provide comparable cutting edge services, and/or where the entry cost to acquire spectrum is low relative to projected subscribers. VelaTel currently has project operations in People's Republic of China, Peru, Croatia and Montenegro. Additional target markets include countries in Latin America, the Caribbean, Southeast Asia and Eastern Europe. VelaTel's administrative headquarters are in San Diego, California. For more information, please visit www.velatel.com.
Safe HarborThis press release may contain forward-looking statements that involve risks and uncertainties. Actual results, events and performances could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results, expressed or implied, to differ materially from expected results. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making an investment decision.
VelaTel Contact for Retail Investors:
(Toll Free) 1-877-260-9170
Source: VelaTel Global Communications Inc.
[ Back To TMCnet.com's Homepage ]