FOR IMMEDIATE RELEASE
PRIDE Network Receives Approval For Funding of Projects Under the Broadband Initiative Program of the American Recovery and Reinvestment Act
Lubbock, TX – March 4, 2010 – XFONE, Inc. (NYSE Amex and TASE: XFN) (“XFONE” or “the Company”) announced that its wholly owned subsidiary, PRIDE Network, Inc.’s applications for USDA (United States Department of Agriculture) RUS (Rural Utility Service) funding under the Broadband Initiative Program (BIP) for the Fiber To The Premise (FTTP) build out of the Company’s PRIDE Network in Texas, have been approved.
The Company’s Texas South Plains Project was selected to receive a $22,720,551 loan and a $21,829,549 grant. The funding will provide an FTTP telecommunications infrastructure, with a WiMAX service-extension overlay that will bring advanced broadband services to rural communities of the Texas South Plains region. The Burkburnett and Iowa Park Project was selected to receive a $12,811,071 loan and a $6,309,931 grant. The funding will provide an FTTP telecommunications infrastructure, with a WiMAX service-extension overlay, that will bring advanced broadband services to the rural communities of Burkburnett and Iowa Park (less than five percent of this network will serve an area in Oklahoma).
The funding is contingent upon PRIDE Network’s meeting the terms of the loan, grant, or loan/grant agreement.
About XFONE, Inc.
A U.S.-domiciled corporation, XFONE is a holding and managing company with operations in the United States, the United Kingdom and Israel, that offers a wide range of communications services which include: local, long distance and international telephony services; video; prepaid and postpaid calling cards; cellular services; Internet services; messaging services (Email/Fax Broadcast, Email2Fax and Cyber-Number); and reselling opportunities. The Company serves customers worldwide.
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." XFONE's financial and operational results reflected above should not be construed by any means as representative of the current or future value of its common stock. All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
| | US IR Contact John G. Nesbett/Jennifer Belodeau Institutional Marketing Services (IMS) Tel: 1.203.972.9200. E-mail: jnesbett@institutionalms.com | Company Contact Niv Krikov, CFO Tel: 1.806.771.1181 E-mail: niv@xfone.com |
