Global Wireless Satellite Networks (USA), Inc. Announces the Acquisition of a Substantial Australian Property Developer MELBOURNE, Australia, Oct. 1 /PRNewswire/ -- On September 4, 2004, Global Wireless Satellite Networks (USA), Inc. (OTC:GWSN) (BULLETIN BOARD: GWSN) (the "Company") entered into an agreement with Australian Agriculture & Property Management Ltd, No 2 Holdings Pty Ltd and Victorian Land Development Pty Ltd (collectively, "AAPD Group"), to issue 85,000,000 shares of its common stock, in the aggregate, to: (i) the shareholders of the AAPD Group; (ii) Hemingway Corporate Ventures, S.A.; (iii) Mr. Gary Stewart; (iv) Mr. Benjamin Mauerberger; and (v) Mr. Barry Russell, in exchange for all of the issued and outstanding shares of the AAPD Group ("Exchange Agreement"). As a result, each of the AAPD Group shall become wholly-owned subsidiaries of the Company. As additional consideration, GWSN has transferred Two Hundred Fifty Thousand ($250,000) Australian Dollars to the AAPD Group. The Company is presently in the process of preparing an information statement to be filed with the Securities and Exchange Commission shortly, pursuant to which, the Company shall change its name to "Australian Agricultural and Property Development Corporation" and appoint Mr. Peter Voss to its board of directors. The Company is excited about the transaction with the AAPD Group as it will allow it take its first steps towards achieving its goal of becoming a worldwide presence in the business of commercial, residential and leisure developments. About the AAPD Group Presently, the AAPD Group is a property development company with approximately 15 commercial and residential properties under management. All of such properties are located in Australia. Each of their projects begins as unimproved land. After acquisition, the AAPD Group attempts to improve each property through infrastructure developments such as irrigation, electrical grid installation and sewage system installation. The AAPD Group does not perform any construction services; rather it subcontracts all aspects of the infrastructure development to local contractors. Through these efforts, the AAPD Group prepares its properties for construction development thereby enhancing the inherent value therein. On occasion the AAPD Group has directed its subcontractors to build a central school or place of worship on a particular property if such appears to be a value enhancing proposition. To date, the AAPD Group has found that its efforts significantly enhance the value of its projects. Within the next 12 months, the AAPD Group intends to assume much if not all of the sub-contractor duties directly as it believes that if managed properly, a substantial revenue channel may be developed. We will provide greater detail at the time the Exchange Agreement and the related transaction is closed and the information statement referenced above has been filed. Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission. These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements. This release was issued through Major Newswire (http://www.majornewswire.com/). DATASOURCE: Global Wireless Satellite Networks (USA), Inc. CONTACT: Global Wireless Satellite Networks (USA), Inc., 011-61-438-552-248 Web site: http://www.majornewswire.com/

Copyright