2/9/2010-Shares of China Tel Group (OTC:CHTL) are trading 33% higher to $1.59 Tuesday after the company said it has signed and received the first combined installments of two stock purchase agreements calling for a total investment of $640 million into the company, representing 48% of the total outstanding shares and valuing the company in excess of $1.33 billion.

The company plans to use proceeds from the contracts to expand and deploy wireless broadband networks worldwide as well as repay existing financing notes.

ChinaTel's CEO, George Alvarez, commented, "With this infusion of capital, we can pursue our global expansion plans, and accelerate the deployment of the Chinacomm network in the Peoples Republic of China (PRC). We expect to complete build-out of the first twelve PRC cities by June, 2011. When completed, the Chinacomm network will be one of the largest wireless broadband networks in the world."

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