China Tel Group, Inc. is thrilled to announce that they have entered into amendments to its Stock Purchase Agreements (SPA) with Excel Era Limited (Excel) and Isaac Organization (Isaac) and that it has received $10 million from Isaac. By March 31, 2010 Excel will pay an installment of $239 million and the remaining balance of $80 million by December 31, 2010. Isaac has elected to pay the $10 Million today March 5, 2010 instead of waiting until March 31, 2010. An additional $20 Million will be paid by Isaac by March 31st; $129 million by June 1, 2010; $80 million by September 30, 2010; and the balance of $80 million by December 31, 2010.
"We are excited by this increased opportunity to invest in ChinaTel. We strongly believe in the prospects that lie ahead for the Company and want to demonstrate our support to management and shareholders by accelerating our second installment payment and doubling our investment to 24%. ChinaTel is at an inflection point in its development, and we are fully committed to supporting the Company as it moves forward with its aggressive deployment schedule," commented Tony Isaac, CEO of Isaac.
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China Tel Group, Inc., through its subsidiaries, provides engineering and deployment services related to the development of a wireless broadband telecommunications networks.
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