Vancouver, British Columbia–(Newsfile Corp. – April 10, 2018) – Rift Valley Resources Corp. (CSE: RVR) (the “Company“) advises that, further to its news release of March 22, 2017, it has signed a revised Letter of Intent (LOI) with Vancouver, B.C. based Metrolink Solutions Inc., (“Metrolink”) which replaces all previous LOIs.
The signed LOI sets out the indicative transaction terms with respect to the acquisition from Metrolink of the rights to manufacture, market, sell and distribute the mobile communications products and rapid deployment systems of QwikCom, Inc. in and to geographic areas of the United States of America, Gulf of Mexico and neighboring Atlantic islands and island countries.
QwikCom systems are rapidly-deployed, modular telecom platforms, which can be equipped to provide a wide range of standard or customized services. QwikCom, Inc. products provide telecom service and internet access in remote areas where telecommunications is non-existent or no longer functioning due to natural disasters.
Consideration for the “rights” subject to regulatory approval and the signing of a final definitive agreement, is payment of ten million (10,000,000) shares of the Company distributed proportionately to the shareholders of Metrolink and an ongoing 10% royalty from gross revenues payable to Metrolink. A finder’s fee will be paid on the transaction.
QwikCom systems offers governments, companies, disaster first-responders and others requiring immediate or long-term solutions for remote telecom, communications restoration, CSR solutions and video surveillance.
Once deployed and operational, QwikCom traffic is backhauled to telecom POPs and Internet NAPs using “best available” routing (fiber, terrestrial and or satellite) to provide reliable low-cost connectivity from virtually anywhere in the world. In addition, QwikCom units can be interconnected to provide reliable coverage for telecom, internet access, video surveillance for border control, oil pipeline integrity or other security applications over a wide area.
The Company announces a private placement offering of common shares to raise proceeds of up to $750,000 at a price of $0.075 per share. Proceeds will be used for completion of the QwikCom transaction, building QwikCom systems and general working capital.
ON BEHALF OF THE BOARD
Contact: Thomas Robertson at 604-682-7339
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