5BARz International, Inc. (“5BARz” or “the Company”) a technology leader in the cellular network extender industry, is pleased to announce that its subsidiary 5BARz India has signed an investment banking engagement agreement with Axis Capital Ltd. of Mumbai, India.
5BARz India has been working with several tier one telco’s in India conducting field trials of it’s breakthrough 5BARz Network Extender device. Based on the positive results from those field trials the company is now preparing for the commercial rollout of the product in the Indian market. 5BARz India intends to raise up to 20 million USD to fund operations.
Mr. Samartha Nagabhushanam, CEO of 5BARz India, stated, “We are very excited that India is the first region in the world to be commercializing the 5BARz network extender. We believe that our first generation device is the best cellular network extender in the market place today”.
Mr. Daniel Bland stated, “One of our fundamental strategies is to raise sufficient operating capital in each our subsidiary companies. We expect to continue this financing strategy as we bring the other subsidiaries on line in the future. We intend to form a total of ten subsidiaries that will represent ten specific marketing regions around the world. This financing strategy should provide us with sufficient capital to accelerate our growth and expansion around the world. The engagement of Axis is an important step in our strategy rollout.”
On receipt of the mandate Axis Capital Ltd. Investment Banking Managing Director, Dr. S. Subramanian said, “It’s a matter of pride that we are associated with 5BARz International, Inc., for fund raising for their subsidiary in India. Axis Capital is known for backing up great entrepreneurs and bringing new sectors to the market. We are excited to work with a company whose Management Team and Board of Advisors includes eminent personalities such as Dr. Gil Amelio (ex-CEO & Chairman, Apple Computer), and Mr. Finis Conner – Founder, Seagate Technologies”.
For further information about 5BARz International, Inc., visit www.5barz.com, read our SEC filings at http://ir.5barz.com/all-sec-filings and subscribe to Email Alerts at http://ir.5barz.com/email-alerts to receive company news and shareholder updates.
About 5BARz International Inc.
The 5BARz International Inc. business is focused on the global commercialization of a patented product technology branded under the name 5BARz™. 5BARz™ is a cellular network infrastructure device for use in the small office, home or for when users are mobile. 5BARz™ incorporates a patented technology to create a highly engineered, single-piece, plug ‘n play unit that strengthens weak cellular signals to deliver high quality signals for voice, data and video reception on cell phones and other cellular equipped devices. 5BARz™ represents a key solution for cellular network operators in providing clear, high quality signal for their subscribers with a growing need for high quality connectivity. 5BARz International Inc.’s shares are publicly traded on the OTCBB under the ticker symbol BARZ.
About Axis Capital Ltd.
Axis Capital Limited is a 100% subsidiary of Axis Bank Limited, a leading private sector bank in India. Axis Capital Limited is India’s leading financial service provider. It’s a registered Merchant Banker with SEBI and members of Bombay Stock Exchange Ltd. and National Stock Exchange Ltd.