AMITELO SET TO LAUNCH GHANAIAN JV WITH CAPITAL TELECOM AND MOBICALL

Mergers, Acquisitions and Financial Results

Amitelo Communications Inc. (OTC: ALOC) is preparing to file the necessary paperwork for the incorporation of its subsidiary: Amitelo (Ghana) Ltd. The company is currently negotiating a Joint Venture Agreement with Capital Telecom Ltd. And Mobicall Ghana Telecom. The Joint Venture Agreement calls for the implementation of a Broadband Network in pre-defined regions in Ghana, with a capacity of 12.000 subscribers to be achieved in several phases.

After the implementation of the Network, Amitelo‘s future subsidiary will be able to deliver ADSL and Telephone Lines to its local subscribers. The company intends to invest USD15 Million in the coming three years, in Technology, Training, Promotion, Marketing, and Customer Services.

"We are confident that in the coming few weeks, Amitelo will achieve and finalise an official binding Joint Venture Agreement with Capital Telecom and with Mobicall for the implementation of the Broadband Network" said Amitelo‘s CEO Khaled M. Akid, he continued: " in Parallel we are negotiating with the Technology supplier L3 Communications, Inc., and we hope to reach soon an initial agreement in terms of payment modalities of the contemplated Technology".