switch over to ett entitlement offer

Team,
Just noticed a stock also into satalite Broadband servicing...

They are offering a 1 for 1 rights offer at 1c

Stock is trading at 3.4c

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On 30 October 2007, ETT Limited signed an agreement with IPSTAR Asia to become the National Service Operator (NSO) for the Internet Broadband Satellite IPSTAR 1 in Australia.

The IPSTAR satellite is particularly suited to the task of satisfying the increased satellite internet demand created by the Government subsidies and an increased requirement for higher speed internet technologies to all geographical locations across Australia.

The Government’s strategies for the rollout of internet broadband are highly publicised and ETT will be servicing a market of unsatisfied commercial demand for broadband services which is latent in the Australian market. In addition, ETT will facilitate the creation and growth of a number of new additional services.

In addition, IPSTAR currently have 9 service providers within the Australian Market currently using the satellite. On signing of the NSO Agreement, ETT assumed the existing supply and service operations of IPSTAR Australia. This consumer market will be driven through a distribution network established by the existing service providers. This market will be initially underpinned through the provision of Federal Government subsidies, small business operators and niche consumers where provision of high speed
satellite services support technologies required that will ensure broadband services are provided to metropolitan, regional and other "black spot" regions of Australia.

Separately, under the agreement ETT contracts to pay IPSTAR an agreed monthly sum for the purchase of bandwidth. This financial commitment is exceeded by revenue generated under the contract in the first month of operation and continues to move positively forward for the duration of the contract.

Pursuant to the agreement, ETT has committed to purchase a volume of satellite dishes from IPSTAR over 5 years. The commitment to purchase satellite dishes is currently supported by government subsidies additional to other commercial and retail opportunities.

In addition, ETT Limited through its wholly owned subsidiary Ultimate Internet Pty Limited continues to provide Patloc, a Prepaid Public Access Computer system, and Broadband services to business centres in hotels and other hospitality and leisure facilities. During 2006, Ultimate Internet Pty Limited integrated captive portal Wi-Fi Hotspot technology to its prepaid billing platform diversifying its product offering.

Through marketing initiatives Ultimate Internet Pty Limited identified an opportunity to provide satellite Broadband to regional and remote areas of Australia. The NSO role creates an opportunity for the Patloc application to be marketed to Service Providers, expanding our reach to regional hotels and motels, caravan parks and camping sites, roadhouses, resort islands and providing wireless hotspots in remote towns and community centres.

The Directors firmly believe that the IPSTAR NSO Agreement is the right strategic direction for ETT Limited and is a solid opportunity for ETT Limited to start generating improved returns and generate positive shareholder value.