Orlando, Fla., May 27, 2022 /PRNewswire/ — KINETIC GROUP (USOTC: KNIT) (“KNIT”) today announced that it has signed a binding Letter of Intent (“LOI”) with GSS INFRASTRUCTURE (“GSSI”) www.gssinfrastructure.com to acquire a 100% interest in GSSI. The Transaction remains subject to certain conditions being met and completion of definitive documentation.
Under the terms of the LOI signed on May 18, 2022 KNIT will acquire GSSI in an all stock purchase. As a result of the acquisition, KNIT will acquire all of GSSI’s assets, including the binding LOI signed between GSSI and NTEC on March 31, 2022. At the closing of the GSSI-NTEC transaction KNIT will effectively own and operate 50 telecom tower sites, 187 equipment overlays and 267km of fiber. KNIT would also acquire three separate long term contracts with Telefonica Ecuador (OTECEL) to operate active and passive telecom infrastructure in Ecuador.
Ana María Méndez, KNIT’s CEO stated, “The acquisition of GSSi provides KNIT with an important foothold in Latin America to expand our presence in the wireless infrastructure space. We strongly believe the region has additional long term opportunities and given GSSi’s experienced management team we will be able to continue our growth strategy. Undoubtedly, the rapid expansion of 5G in the region will provide enormous opportunities for KNIT revenue and footprint expansion.”
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute “forward-looking statements”, including with respect to proposed acquisitions or business combinations. No assurances can be given that the business combinations discussed above will be completed. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
SOURCE Kinetic Group
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