SAN ANTONIO, TX--(Marketwired - Oct 11, 2017) - Effective October 10th, 2017, Wytec International's Form S-1 Registration Statement, as filed with the Securities and Exchange Commission (SEC) for the spin-off of Wytec International (the "Company") from its parent company, Competitive Companies, Inc., "CCI", has been declared effective. "This is a powerful milestone in the history of Wytec and now allows us the ability to move forward with our planned spin-off Wytec from its parent, Competitive Companies, Inc. (
Wytec International is engaged in the 5G telecommunications race utilizing its network technologies in 5G network operations. Most recently, Wytec has received a "notice of allowance" from the United States Patent and Trademark Office (USPTO) for one of its key 5G technologies. The 5G race will include a multitude of existing and future technologies capable of supporting the much talked about multi-trillion dollar "Internet of Things" industry. To accelerate the commercialization of its 5G technology and network infrastructure, Wytec has launched the first of four operating divisions targeting high-growth customers in the small and medium size business market. Additional divisions to be launched will address the enterprise business market, cities and municipalities and a fourth wholesale division directed to telecom and cable carriers seeking to offer a white label 5G wireless Internet "failover" solution to their primary broadband services. This vertical integration offers Wytec International multiple growth paths for the future.
Wytec has raised over $17 million in capital funding for the development of 5G technologies which are just now being utilized in Wytec's existing networks. These technologies have become the foundation for Wytec to continue as a leader in the 5G race and evolve into a major contributor in the telecom industry throughout the U.S. and beyond. Wytec is continuing to raise capital from the exercise of its outstanding warrants and plans to seek additional investment capital for its business expansion in the future.
To learn more about Wytec International and its technologies, contact tellis@wytecintl.com.
About Wytec International, Inc.
Wytec, previously a subsidiary of Competitive Companies, Inc., was founded in 2011 as a Nevada-based corporation with corporate offices in San Antonio, Texas. The Company's primary business focus is developing next generation fixed and mobile wireless broadband technologies in support of the upcoming 5th Generation (5G) Networks designed to supplement the current 4G LTE Networks. The International Telecommunication Union's standards are aimed to support a minimum of one gigabit of data transfer to fixed and mobile wireless end users, utilizing a variety of licensed and unlicensed frequencies for hand-held smart devices such as smartphones, laptops and tablets. It is also designed to support Machine to Machine (M2M) applications and high-speed services included in the upcoming "Internet of Things" mobile data marketplace.
Forward-Looking Statements
This press release contains statements that are "forward-looking" and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. Since forward-looking statements address future conditions, they involve inherent risks and uncertainties. There is no assurance that any results expressed or implied by forward looking statements will actually be realized or accomplished. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.
Contact: Tina Ellis - Investor Relations 210-233-8980 tellis@wytecintl.com
