LightSquared Signs AirTouch Communications
AirTouch Communications? This is a scam.
I'm going to go out on a limb and do Phonescoop a favor by editorializing that this is clearly a scam (think Zer01) to prop up LightSquared's legitimacy when in reality it is a ponzi scheme. LightSquared is signing up BS investment partners to prop up their own worth in order to sign IOU's to early investors. I question even if they own the brand name, which has long been ditched since the Verizon merger (they say they have it under license but I bet when this fails they won't have paid a dime) , but even if they do this is purely a BS press release.
Using the LightSquared network, AirTouch will offer its own branded wireless connectivity, opening up an important new revenue stream for the company. Consumers and businesses who purchase AirTouch products can now conveniently sign up for accompanying AirTouch wireless connectivity for those devices. AirTouch will also offer its devices through LightSquaredâ€™s other wholesale partners.
Through what retail channel? And "accompanying Airtouch Wireless Connectivity?" What wireless connectivity? They don't own a network. They don't have any tangible assets.
Okay, so maybe cutting through that lingo they're going to use LightSquared's network. They're going to bet the farm on an untested, non-functioning Wireless network that may or may not even be able to launch. Fine. butâ€¦.
They don't sell anything. And what "Airtouch Products?" They don't have any- they're all in the computer CG render phase. You mean to tell me an OTC traded company with no track record is going to be the next CLEAR?
This is one of the oldest scams in telecom. See: just about every WiMax Blimp venture or MVNO VOIP provider.