SWIFT NETWORKS Acquires the 4G Business of DIRECT ON PC

The Managements of SWIFT NETWORKS Limited (SWIFT) and Direct On PC Limited (DOPC), both leading providers of wireless and fibre-based broadband services to business and residential customers are pleased to announce that both companies have mutually agreed to and that SWIFT has completed the acquisition of the 4G Wireless business of DOPC.

With this transaction, SWIFT will acquire all the terrestrial wireless / 4G infrastructure and co-related customers of DOPC located in Lagos, Abuja and Port Harcourt. The satellite and enterprise business of DOPC remains unaffected by this transaction. For SWIFT, this acquisition is a significant milestone in its journey to advance its competitive position in the high quality broadband segment and footprint in the Nigerian market.

It will help it to improve its customers' broadband experience and overall operating results due to the cost efficiencies arising from the economies of scale of a streamlined operation. The ultimate winners will be its current, future and DOPC's customers who will now be served by a network operator with a larger network coverage and exceptional focus on customer relationships. DOPC feels that SWIFT is a perfect fit for this transaction as both companies share a common passion for innovation and customer satisfaction.

Mr. Sadhwani feels happy that DOPC found the SWIFT home for its 4G WiMAX customers as they will join an operator that has become the undisputed leader in broadband network quality and customer service. The financing for this transaction was provided by the revitalised Union Bank and FCMB. It has also received the full and expeditious approval of Nigeria Communications Commission (NCC).

This transaction and SWIFT's planned all-IP 4th Generation (4G) wireless broadband network will make an unprecedented contribution towards improving the quality and penetration of high quality broadband services at a more affordable price for many Nigerian businesses and homes, in line with the recently launched National Broadband Plan of the Nigerian Federal Government. SWIFT Networks is also pleased to announce that it has contracted a consortium of equipment vendors and service providers led by Huawei, IHS, Helios, SWAP and Porta One to rollout a new superfast broadband network in the cities of Lagos, Abuja and Port Harcourt, based on the new 4th Generation Long Term Evolution (4G LTE) technology.

This will run alongside its current 4G WiMAX and fibre networks, using some of the assets from the DOPC acquisition. SWIFT's LTE networks will go live from the third quarter of this year. SWIFT Networks will deliver its 4G LTE service under the brand of "SWIFT 4G LTE", reflecting the fastest wireless broadband standard allowed by today's technology. The services provided will cover a broad spectrum of user needs aimed at meeting any business or lifestyle requirement for very fast and consistently reliable broadband speed.

Overall, SWIFT Networks will continue to back its services with superior and world class customer service. In a separate communication, the current 4G and co-related customers of DOPC to this transaction will be advised on how to be migrated to the unified SWIFT network.