CALGARY, Alberta, Jun 4, 2001 /PRNewswire via COMTEX/ -- Remote Utilities Network, Inc. (OTC Bulletin Board: RMUN) The Board of Directors is pleased to announce that Remote has signed a letter of intent with TELUS Communications Inc. (Canada's second largest telecommunications company). TELUS had revenues in 2000 of $6.4 billion, coast to coast wireless coverage to 23.7 million of Canada's total population of 31 million and serves approximately 7 million customers (23% of Canada's population). Verizon Communications (NYSE: VZ) owns 26.6 per cent of Voting Shares and 14.3 per cent of Non-Voting shares for a 22 per cent combined ownership of TELUS.
As per the terms of the agreement, TELUS will be responsible 24 hours/day 365 days/year for the surveillance, monitoring, and dispatch of security resources in regards to the Autoeye Multi-vehicle Surveillance System that Remote intends to have in place initially with various auto dealerships throughout Canada and the United States of America. Although this is not a legally binding agreement, Management of both companies expect to have a binding agreement in place on or before the 30th June, 2001.
Remote Utilities Network is a Calgary, Alberta-based, publicly traded company currently in the process of assembling the capital, management resources, and marketing rights required to establish itself as a supplier of security systems for wireless multi-vehicle surveillance of motor vehicles. In June 1999, the Company acquired, through a license agreement with Autoeye, Inc., the use of the trademarks, trade names, insignia and other indicia for the technology known as the Autoeye Multi Vehicle Surveillance System. Please visit the Company's website at www.runcorp.com for further information.
In conjunction with the provisions of the Safe Harbor section of the Private Securities Litigation Reform Act of 1995, this news release may contain forward-looking statements pertaining to future anticipated projected plans, performance and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates of future results and there can be no assurance that actual results will not materially differ from expectation. Further information on potential factors that could affect Remote Utilities Network, Inc. is included in the Company's filings with the Securities and Exchange Commission.
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