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Telecommunications Unwired aspires to WiMAX telephony with help from Mitsui
Telecommunications Unwired aspires to WiMAX telephony with help from Mitsui | Unwired aspires to WiMAX telephony with help from Mitsui |
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| Written by Stuart Corner | |
| Monday, 28 August 2006 | |
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Unwired has announced that Mitsui & Co will invest between $5 million and $8 million in Unwired, and the two companies have undertaken to share information and to work together on the development of mobile WiMAX and on mobile applications "that will be able to be used by Internet and mobile phone users on mobile WiMAX and mobile phone networks around the world." Unwired CEO David Spence, claimed that "This signals the start of mobile phone and broadband Internet network convergence. With mobile WiMAX, chips will become available not only for computers but handheld devices, including mobile phones. Eventually this means that customers will be able to access the internet and make mobile voice calls from a single device over mobile WiMAX networks." Spence added: "We believe there is huge potential for mobile WiMAX to become the predominant technology for mobile data and eventually voice." He claimed that the agreement would put Unwired at the forefront of WiMAX Internet access and, potentially at the forefront also of development of broadband mobile device applications and content services. Shigeru Dohi, general manager of the Mobile Business Division of Mitsui said: "This is an opportunity for us to learn from Unwired, who lead the world in the development of pre-WiMAX wireless broadband, and who also have a clear upgrade path to this global standard." Mitsui is Japan's largest Sogo Shosha, or general trading company. It is active energy, iron & steel, power, chemical, transportation, information technology, consumer services, etc and had total trade transactions of $35 billion in fiscal year of 2006. It has agreed to invest between $5 million and $8 million in Unwired. The investment will take the form of convertible notes to the value of $5 million with a five year term and Mitsui will have the option subscribe for an additional $3 million of convertible notes on the same terms by 16 December 2006. Mitsui is not required to submit the cash funds until Unwired completes the raising of an additional $18 million over the period to 16 January 2007. This is in alignment with Unwired's commitment made to Intel last year, when Intel invested $37 million for 25 percent of Unwired, to raise at least a further $23 million to expand its business.
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